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Report No. : |
301715 |
|
Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EL SHARK CO FOR
TRADE & INDUSTRY |
|
|
|
|
Registered Office : |
El Hegaz Street, 6th Floor, 72B Square B2, Roxy, Heliopolis, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishment : |
1952 |
|
|
|
|
Com. Reg. No.: |
251, 6th
of
October City |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacture of wall paints and varnishes, including water and oil
based paints, exterior paints, primers, lacquers, stains, and distempers. |
|
|
|
|
No. of Employees : |
550 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Egypt |
B2 |
B2 |
|
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 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 SHARK
CO FOR TRADE & INDUSTRY
Doing Business As
: EAGLE RESINS
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Registration Date : 1952
Commercial
Registration Number : 251, Sixth
of
October City
Tax Card Number :
100-497-829
Issued Capital : £E
5,000,000
Paid up Capital : £E
5,000,000
Total Workforce : 550
Activities :
Manufacturers
of wall paints and varnishes.
Financial Condition : Good
Payments : Nothing
detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hani Reda,
Accountant
EL SHARK CO FOR
TRADE & INDUSTRY
EAGLE RESINS
Location : El Hegaz Street, 6th
Floor, 72B
Square B2
Area : Roxy, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 25106349 / 22596609
/ 22596601
Facsimile : (20-2) 25128402 / 22596602
Mobile : (20-122) 2105086 / (20-100) 2165086 / 0018724
Email : markmourad@eagle-chemicals.com
/ hani.reda@eagle-chemicals.com /
marth.lotfy@eagle-chemicals.com
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
·
4
Sarpakis Street Rented
showroom premises
Gamaa El Banat El Banatel Azhar
Cairo
Tel: (20-2) 25106349 / 251284402
Fax: (20-2) 25128402
·
2nd Industrial Zone, Plot No. 233,
Street No. 6 Owned
factory premises
6th of October City
Tel: (20-2) 28330679 / 38329871 / 38329872
Fax: (20-2) 28330679 / 28329872 / 38311481
·
14 El Shahid Ibrahim Salem Street Rented
showroom premises
Kolleyet El Banat, Heliopolis
Cairo
Tel: (20-2) 24155284
Fax: (20-2) 24174512
·
Sixth Industrial Zone Warehouse
premises
Basateen, El Qalaa
Cairo
Tel: (20-2) 25183250 / 27020828
Fax: (20-2) 25181640
Name Position
·
Yasser Wadie Bishay Managing
Partner
·
John Wadie Bishay Partner
·
Rafik
Refaat Factory
Manager
·
Dr
Ahmed Ayoub Administration
Manager
·
Dr Halla Onsy Marketing
Manager
·
Wael
William Finance
Manager
·
Amir
Fawzy IT
Manager
·
Martha
Lotfy Purchasing
Manager
·
Mark Mourad Zakaria Export
Manager
·
Hani
Reda Accountant
Date of Establishment : 1952
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 251, 6th
of
October City
Tax Card No. : 100-497-829
Industrial Reg. No. : 2489
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
·
Yasser Wadie Bishay 37.50%
·
John Wadie Bishay 37.50%
·
Fawzya
Abd El Shehid 8.33%
·
Iilian
Wadie Bishay 8.33%
·
Nevein
Wadie Bishay 8.33%
Activities: Engaged in the manufacture of wall paints and
varnishes, including water and oil based paints, exterior paints, primers,
lacquers, stains, and distempers.
Subject is ISO 9001 accredited.
Production Capacity: 100,000 tonnes per annum
Import
Countries: Germany, United
States of America, China, Italy, France, Greece and India.
International
Suppliers:
·
SABIC Saudi Arabia
Brand Names: EAGLE
Export Countries: Sudan, Libya, Kuwait, United Arab Emirates
and Qatar.
Operating Trend: Steady
Subject has a
workforce of approximately 550 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 396,000,000 £E 423,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Hani Reda, Accountant
·
Banque
du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
·
Misr
American International Bank
12 Shooting Club Street
Dokki, Giza
Cairo
Tel: (20-2) 27616613
Fax: (20-2) 27616610
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.94.28 |
|
Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.