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Report No. : |
330262 |
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Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Nogom Tower, El Kodaa Building, Street No. 314 Smouha Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
117481 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of specialized paints used for decorative purposes and car coatings. |
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No. of Employee : |
1,680 |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name : INTERNATIONAL GROUP FOR MODERN COATING SAE (IGMC)
Also Known As : INTERNATIONAL COMPANY FOR MODERN COATINGS (MIDO)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1979
Commercial Registration Number : 117481, Alexandria
Industrial Registration Number : 143270
Tax Card Number : 202-499-154
Issued Capital : £E 47,000,000
Paid up Capital : £E 47,000,000
Total Workforce : 1,680
Activities : Manufacturers of specialized paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME: INTERNATIONAL GROUP FOR MODERN COATING SAE
(IGMC)
ALSO KNOWN AS: INTERNATIONAL COMPANY FOR MODERN COATINGS
(MIDO)
Building : Al Nogom Tower, El Kodaa Building
Street : Street No. 314
Area : Smouha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4210316 / 4210317
Facsimile : (20-3) 4210315
Mobile : (20-12) 3917990 / 9234505
Email : contact@midoco.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office
(s)
Location Description
·
2nd
Industrial Zone, Plot No. 5A, Block 33 Factory
premises
Borg El Arab
Alexandria
Tel: (20-3) 4593390 / 4593555
Fax: (20-3) 4592655
·
24
Belhars Street Office
premises
Sidi Bishr
Alexandria
Tel: (20-3) 5503939
·
3 El
Hamamsy Street Office
premises
Shebin El Kom
Menoufeya
Tel: (20-48) 2237985
·
2 El
Shorta Buildings Office
premises
Bab El Harf
El Nahda Street
Damietta
Tel: (20-57) 2342091
·
Mahmoud
Hassanien Street Office
premises
Mansoura
Tel: (20-50) 2234582
·
653
Gamila Abu Hreid Street Office
premises
Moharram Bey
Alexandria
Tel: (20-3) 5019112
·
10 Lotfy
El Manfalouty Street Office
premises
Smouha
Alexandria
Name Position
·
Dr Ali
Mohamed Mohamed Ghaly Chairman
·
Amr Ali
Ghali Mohamed Vice
Chairman
·
Yehia
Ismail Director
·
Ahmed
Fathi Ibrahim Finance
Manager
·
Mohamed
Ali Mohamed Ghaly Factory
Manager
·
Ashraf
Ahmed Ali Accounting
Manager
·
Atef
Abd El Nabi Production
Manager
·
Hossam
El Kashef IT
Manager
·
Ahmed
Khalifa Sales
Manager
Date of Establishment : 1979
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 117481,
Alexandria
Industrial Reg. No. : 143270
Tax Card No. :
202-499-154
Issued Capital : £E 47,000,000
Paid up Capital : £E 47,000,000
·
Dr Ali
Mohamed Mohamed Ghaly
·
Members
of Dr Ali Mohamed Mohamed Ghaly’s family
·
Euro Co
For Modern Coatings
10 Lotfy El Manfalouty Street
Smouha
Alexandria
Tel: (20-3) 5226060 / 5226069
Fax: (20-3) 5226067
Activities: Engaged in the manufacture of specialized paints used for decorative purposes and car coatings.
Subject is ISO 9001 accredited.
Import
Countries: Switzerland,
Turkey and the United States of America
Export
Countries: Ethiopia, Ghana,
Jordan, Iraq, Saudi Arabia, Kenya, Lebanon, Kuwait, Libya, Madagascar,
Iceland, Nigeria, Pakistan, Qatar and
Algeria
Brand Names: VERA VERA, SUPERELASTIC, AUTOSTOCK and
VNICLAS
Operating Trend: Steady
Subject has a workforce
of approximately 1,680 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 119,929,503 £E 121,401,667
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Citibank
95, 26th July Street
Azarita
Alexandria
Tel: (20-3) 4834363 / 4840342
Fax: (20-3) 4884363
·
Bank of
Alexandria
19 Salah Salem Street
El Gomrok, Mansheya
Alexandria
Tel: (20-3) 4827995
No complaints
regarding subject’s payments have been reported.
Credit amount US$
100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Local sources
report that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
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|
1 |
Rs.99.20 |
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Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
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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.