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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TECHNOLOGY FOR
CHEMICAL INDUSTRIES SAE |
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Registered Office : |
3rd
Industrial Zone, Plot 130/1, Giza, 6th of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
2000 |
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Com. Reg. No.: |
1678, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
· manufacturer of printing inks, wood coatings, polyester sealer and decorative paints. Subject also manufactures automotive refinish paints &
colour matching system under license from BASF Coating AG Co (France). |
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No of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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 : TECHNOLOGY FOR CHEMICAL INDUSTRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2000
Commercial Registration Number : 1678, Cairo
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Total Workforce : 150
Activities : Manufacturer of printing inks, wood coatings, polyester sealer and
decorative paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
TECHNOLOGY FOR CHEMICAL INDUSTRIES SAE
Registered &
Physical Address
Location : 3rd Industrial Zone,
Plot 130/1
Area : Giza
Town : 6th of October
City
Country : Egypt
Telephone : (20-2) 38320162 / 38320178 / 38820180
/ 38320160 / 38320164
Facsimile : (20-2) 38320160 / 38320164
Mobile : (20-12) 6481190
Email : h_darwish4@hotmail.com / tcicoatings@elgammalgroup.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of 6th of October City.
Name Position
·
Mohamed Essam El Gammal Chairman
·
Mohamed
Ali Nassef Managing
Director
·
Alaa Abd El Dayem Finance
Manager
·
Taha El
Sherif Administration
Manager
·
Mohamed El Deeb Marketing
Manager
·
Hesham
Mohamed IT
Manager
·
Ahmed
El Sayed Purchasing
Manager
Date of Establishment : 2000
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 1678, Cairo
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Name of Shareholder
(s)
·
Mohamed Essam El Gammal Group
·
Egyptian
businessmen & private investors
Activities: Engaged in the manufacture of printing
inks, wood coatings, polyester sealer and decorative paints. Subject also manufactures
automotive refinish paints & colour matching system under license from
BASF Coating AG Co (France).
Import
Countries: France, Malaysia
and Germany
Export Countries: Libya, Kenya and Saudi Arabia
Brand Names: TECHNOPAINT, TECHNO PRINT and RM-BASF
Operating Trend: Steady
Subject has a
workforce of 150 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 31,850,000 £E 32,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
Plot No. 1/1, Giza
6th of October City
Tel: (20-2) 38330620
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s operating
history or the manner in which payments are fulfilled. As such the company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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 |
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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 |
|
<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.