MIRA INFORM REPORT

 

 

Report Date :

10.01.2014

 

IDENTIFICATION DETAILS

 

Name :

EL OBOUR PAINTS & CHEMICAL INDUSTRIES SAE

 

 

Registered Office :

Cairo - Ismailia Road, 1st Industrial Zone, Obour City, P O Box 1, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1999

 

 

Com. Reg. No.:

1063

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

manufacturer and distributor of all kinds of paint, printing inks wrapping and metals

 

 

No. of Employees :

800

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

egypt ECONOMIC OVERVIEW

 

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.

 

Source : CIA

SUMMARY

 

Company Name                                     : EL OBOUR PAINTS & CHEMICAL INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1999

Commercial Registration Number            : 1063

Industrial Registration Number                 : 28315

Tax Card Number                                   : 205-034-586

Issued Capital                                        : £E 200,000,000

Paid up Capital                                      : £E 200,000,000

Total Workforce                                     : 800

Activities                                               : Manufacture and distribution of paints, printing inks, wrapping and

metals.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

EL OBOUR PAINTS & CHEMICAL INDUSTRIES SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Cairo - Ismailia Road

Area                 : 1st Industrial Zone, Obour City

PO Box             : 1

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 46100260 / 46100261 / 46100263

Facsimile          : (20-2) 46100555

Email                : shawkatm@intouch.com

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       1 Massanaa El Ameryia Street                                                           Rented office premises

El Matariya

Cairo

Tel: (20-2) 22574047 / 24546731 / 22586938 / 22825642

Fax: (20-2) 22574473 / 24539953

 

·       110 El Fostat Street                                                                          Owned factory premises

     Misr El Qadima

     Cairo

     Tel: (20-2) 33639609 / 33639549

 

·       27 Victor Emanuael City                                                                    Rented office premises

Smouha

     Alexandria

     Tel: (20-3) 4274466

     Fax: (20-3) 4274466

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hoda Ahmed Salah El Din Shehata                                                     Chairman

 

·       Mohi El Din Abd El Razek                                                                  Managing Director

 

·       Ayman Fouad                                                                                   Director

 

·       Dr Naglaa Saad Nasar                                                                       Director

 

·       Adel Fatouh Hamad                                                                           Director

 

·       Mohamed Saleh Youness                                                                  Director

 

·       Magdy Kamel                                                                                   Director

 

·       Mohi El Din Abd El Razek                                                                  General Manager

 

·       Ashraf El Khaky                                                                                Finance Manager

 

·       Moustafa Abd El Rahman                                                                  Marketing Manager

 

·       Heyam Mohamed Sedik                                                                     Sales Manager

 

·       Mohamed Refaat                                                                               Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1063

 

Industrial Reg. No.       : 28315

 

Tax Card No.               : 205-034-586

 

Issued Capital              : £E 200,000,000

 

Paid up Capital            : £E 200,000,000

 

Name of Shareholder (s)                                              Percentage

·       Pachin Paints & Chemicals Co                                      99.93%

·       Employee’s Association of Pachin                                   0.05%

·       Insurance Fund of Pachin Employees                              0.02%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of all kinds of paint, printing inks wrapping and metals.

 

                 Subject is ISO 9000 and 9002 accredited.

 

Production Capacity: 50,000 tonnes per annum

 

Import Countries: India, Belgium, Denmark and Saudi Arabia.

 

Export Countries: Tunisia, Kenya, Sudan, Syria and Libya.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 800 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Revenue                            £E 542,000,000                         £E 550,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       Export Development Bank of Egypt

71 Messadak Street

Dokki

Cairo

Tel: (20-2) 33386810 / 33386811

Fax: (20-2) 33386814 / 33386813

 

·       Societe Arabe Internationale de Banque

PO Box: 124

Cairo

Tel: (20-2) 33499464 / 33603489

Fax: (20-2) 33603497 / 33603487

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.18

UK Pound

1

Rs.102.31

Euro

1

Rs.84.50

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

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