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Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
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Name : |
EL MOHANDES JOTUN FOR PAINTS SAE |
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Registered Office : |
Florida Mall, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1984 |
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Com. Reg. No.: |
13335 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture and export of paints for use in
the construction, maritime and decoration industries, under licence from |
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No of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency
|
Source
: CIA |
Company Name : EL MOHANDES JOTUN FOR PAINTS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1984
Commercial Registration Number : 13335, Ismailia
Industrial Registration Number : 9751
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Total Workforce : 300
Activities : Manufacturers of paint.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EL MOHANDES JOTUN FOR PAINTS SAE
Building : Florida Mall
Street : Sheikh Ali Gad El Haq Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22651800 / 22651852 / 22651856
/ 22651810
Facsimile : (20-2) 22651801 / 22651803
Email : jotun@jotun.com.eg / ram.ramnath@jotun.ae
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office
(s)
Location Description
·
Industrial
Zone Factory
premises
PO Box: 203
Ismailia
Tel: (20-64) 3481030 / 3481031
/ 3481032
Fax: (20-64) 3320946
·
67 Armed Forces Buildings Office
premises
Moustafa Kamel
Alexandria
Tel: (20-3) 5467442
Fax: (20-3) 5457616
·
14
Ahmed Hosny Street Warehouse
premises
Nasr City
Cairo
Tel: (20-2) 24010006
Fax: (20-2) 24010005
·
Baya
Centre Office premises
45 El Nasr Street
El Gazayer Square
Maadi
Cairo
Tel: (20-2) 27548736
·
Tiba
Centre Office premises
112 Sudan Street
Mohandessin
Giza
Cairo
Tel: (20-2) 33368608
Fax: (20-2) 33380599
·
30C El
Nour Tower Office premises
151/153 In Front of Toun Centre
Maadi
Cairo
Tel: (20-2) 23780912
Fax: (20-2) 23596366
·
137 Abd
El Aziz Al Seoud Street Office premises
Manial
Cairo
Tel: (20-2) 25324707
Name Position
·
Knut Almestrand Chairman
·
Mohamed Ahmed Wasfy Director
·
Rady Abdel Hamid Rady Director
·
Samy Mekheimar Director
·
Oystein Rismyhr Director
·
Teor
Johansen General
Manager
·
Saad Fathi Finance
Manager
·
Ashraf Maged Sales Manager
·
Khaled Atta Factory
Manager
·
Adel Tawakol Administration
Manager
·
Sabry Sherine Human
Resources Manager
·
Yasser Gabr IT
Manager
·
Hassan
Yasser Marketing
Manager
Date of
Establishment : 1984
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 13335, Ismailia
Industrial Reg.
No. : 9751
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
·
Jotun Paints A/S 65%
PO Box: 2021
Hasle
N-3235 Sandefjord
Norway
Tel: (47-33)
457000
Fax: (47-33)
464613
·
Suez Canal Authority ]
]
·
Al Watany Bank ]
] 35%
·
Engineers Syndicate ]
]
·
Egyptian businessmen and private investors ]
Mohandes Jotun For Paints SAE is a member of the well known Jotun A/S of Norway, which is one of the world’s leading industrial and heavy duty marine paints and coatings manufacturers and suppliers. The group operates in 5 continents and in over 40 countries.
The Jotun Group in the Middle East includes the
following concerns:
·
Jotun (Muscat) LLC
Rusayl Industrial
Estate
PO Box: 1672
Muscat
Oman
Tel: (968)
24626100
·
Red Sea Paints Co Ltd
PO Box: 34698
Jeddah 21478
Saudi Arabia
Tel: (966-2)
6361271
Fax: (966-2)
6362483
·
Ratinjat Saudia Co Ltd
PO Box: 34698
Jeddah 21478
Saudi Arabia
Tel: (966-2)
6361271
Fax: (966-2)
6362483
·
Corro-Coat Saudi Arabia Ltd
PO Box: 10830
Dammam 31443
Saudi Arabia
Tel: (966-3)
8121259
Fax: (966-3) 8121226
·
Jotun Powder Coatings UAE (LLC)
PO Box: 51033
Dubai
United Arab
Emirates
Tel: (971-4)
3472515
Fax: (971-4)
3472815
·
Jotun Saudi Arabia Ltd
Al Gosaibi
Building
PO Box: 2038
Jeddah 21451
Saudi Arabia
Tel: (966-2)
6532968
·
Jotun Polymer Inc
Jebel Ali Free
Zone
Dubai
United Arab
Emirates
Tel: (971-4)
8835215
Fax: (971-4)
8835887
·
Jotun Paints
Al Moayyed
Building
Manama
Bahrain
Tel: (973-17)
533944
Fax: (973-17)
533482
·
Jotun Abu Dhabi LLC
Al Salam
Street
PO Box:
3714
Abu Dhabi
United
Arab Emirates
Tel:
(971-2) 6771697
Fax:
(971-2) 6781710
Email: jotunadh@emirates.net.ae
·
Hepworth Plastic Gulf (HPG)
Al Ramoul
Industrial Area
PO Box: 2345
Dubai
United Arab
Emirates
Tel: (971-4)
2852670
Fax: (971-4)
2857553
·
Bin Ham Hepworth Plastic Gulf
PO Box: 6820
Abu Dhabi
United Arab
Emirates
Tel: (971-2)
727585
·
Ajay Enterprises-Hepworth Plastic Gulf
PO Box: 1667
Jeddah
Saudi Arabia
Tel: (966-2)
6990890
·
Y.K. Al Moayyed & Sons Hepworth Plastic Gulf
PO Box: 143
Manama
Bahrain
Tel: (973-17)
211518
Activities: Engaged in the manufacture and export of
paints for use in the construction, maritime and decoration
industries, under licence from Jotun,
Norway.
Import
Countries: Norway, France,
United Kingdom, and Germany
Export
Countries: Libya and Palestine
Brand Names: JOTUN
Operating Trend: Steady
Subject has a
workforce of approximately 300 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E 305,100,000 £E 330,000,000
Local sources
consider subject’s financial condition to be Good.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
·
Suez
Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 35769296
Fax: (20-2) 35322064
·
Bank of
Alexandria
49 Kasr El Nile Street
Cairo
Tel: (20-2) 24824056 /
24836073
Fax: (20-2) 24837468
No complaints
regarding subject’s payments have been reported.
Mohandes Jotun For Paints SAE was established in 1985 and is engaged in the manufacture of paints.
The company is the market leader in the protective and marine coating segments. In the decorative paint segment Jotun started in 1995 and has already taken the position as number 4 in the market behind the established companies in the segment. The introduction of Multicolour in shop tinting of colours has given Jotun a flying start, and the company is steadily developing to be one of the leaders in the market segment.
Subject is run in a professional manner and is a member of the well known Norwegian Jotun Group, which has operations throughout the world.
According to local sources subject’s financial position is healthy and profitable with payment obligations met in a timely manner. As such the company is deemed trustworthy for respecting its financial trade commitments.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.72 |
|
|
1 |
Rs. 102.35 |
|
Euro |
1 |
Rs. 81.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.