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Report No. : |
331382 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL GROUP FOR MODERN COATING SAE |
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Formerly Known As : |
PHAROS FOR PAINTS & CHEMICAL INDUSTRIES |
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Registered Office : |
Burj Al Noujom Building, 314
Street, Takseem Al Kodaa , Smouha,
Alexandria |
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Country : |
Egypt |
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Date of Incorporation : |
21.10.2004(However activities date back to 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 : |
Subject is engaged in the manufacture of decorative and industrial paints, including primers, alkyd paints,
varnishes,synthetic products and universal colorants |
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No. of Employee : |
500 |
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 : |
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, 2015
|
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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.
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Source
: CIA |
Company Name :
INTERNATIONAL GROUP FOR MODERN COATING SAE
Previously Known As :
PHAROS FOR PAINTS & CHEMICAL INDUSTRIES
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
21st October 2004
Commercial Registration Number :
117481
Tax Card Number :
208-170-499
Issued Capital :
£E 121,087,000
Paid up Capital :
£E 121,087,000
Total Workforce :
500
Activities :
Manufacturers of decorative and industrial paints.
Financial Condition :
Good
Payments :
Regular
Operating Trend :
Steady
Person Interviewed :
Ahmed Fathi, Finance Manager
INTERNATIONAL GROUP FOR MODERN COATING SAE
PREVIOUSLY KNOWN
AS:
PHAROS
FOR PAINTS & CHEMICAL INDUSTRIES
Building : Burj Al Noujom Building
Street : 314 Street
Area : Takseem Al Kodaa , Smouha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4210316
/ 4210317
Facsimile : (20-3) 4210315
Mobile : (20-122)
3917990 / 0230045
Email : yahia.ismail@midoco.com / marketing@midoco.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
· New Borg El Arab City Office
and factory premises
2nd Industrial Zone
Alexandria
Tel:
(20-3) 4593555
Fax: (20-3) 4592655
Name Position
· Dr Ali Ghaly Managing
Director
· Omar Ali Ghaly Director
· Mohamed Ali Ghaly Director
· Ahmed Fathi Finance
Manager
· Yasser Salah Purchasing
Manager
· Samy Galal Sales
Manager
· Abdul Nabi Abu Qumsan Factory
Manager
Date of
Establishment : 21st
October 2004 However activities date back to 1979
History : Subject began in
1979 as a Limited Liability Partnership. However it changed legal form on 1st January 2013 and became
an Egyptian Joint Stock Company called “International
Group for Modern Coating SAE”.
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 117481
Tax Card No. :
208-170-499
Issued Capital : £E 121,087,000
Paid up Capital : £E 121,087,000
· Dr Ali Ghaly
· Omar Ali Ghaly
· Mohamed Ali Ghaly
· International Group For Modern Coating SAE
Alexandria
CR No. 117481
· Euro for Paints
Alexandria
CR No. 949
Activities: Engaged in the manufacture of decorative and
industrial paints, including primers, alkyd paints, varnishes,synthetic products
and universal colorants.
Import Countries: Germany and Italy.
International
Suppliers:
·
Bayar Germany
·
BYK Germany
·
IMIFABI Italy
Export Countries: Turkey, China, GCC countries and Africa
Operating Trend: Steady
Subject has a workforce of approximately 500 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales £E
617,000,000 £E 650,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Ahmed Fathi,
Finance Manager
·
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
Regular
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.47 |
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|
1 |
Rs.98.47 |
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Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
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 |
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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.