MIRA INFORM REPORT

 

 

Report No. :

321523

Report Date :

12.05.2015

 

IDENTIFICATION DETAILS

 

Name :

KAPCI COATINGS SAE

 

 

Registered Office :

2nd Industrial Zone, El Raswa, South Port Said 118 Port Said

 

 

Country :

Egypt

 

 

Date of Incorporation :

1985

 

 

Com. Reg. No.:

31818, Ismailia

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture and export of paints and varnishes for vehicles and buildings, as well as industrial paints, glue and polishes for furniture.

 

 

No. of Employee :

1,700

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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 limitedFOREIGN EXCHANGEhttps://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.png 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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : KAPCI COATINGS SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1985

Commercial Registration Number           : 31818, Ismailia

Industrial Registration Number                : 29154

Tax Card Number                                  : 205-134-394

Issued Capital                                       : £E 200,000,000

Paid up Capital                                     : £E 200,000,000

Total Workforce                                     : 1,700

Activities                                               : Manufacturers of paints, varnishes and adhesives.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Abd El Hakim Ratib, Sales Manager

 

 

COMPANY NAME

 

KAPCI COATINGS SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 2nd Industrial Zone, El Raswa, South Port Said

 

PO Box            : 118

 

Town                : Port Said

Country             : Egypt

 

Telephone         : (20-66) 3770000 / 3770003 / 3770004 / 3770005 / 3770006 / 3770007 / 3770008 / 3770009

Facsimile          : (20-66) 3770010 / 3770011 / 3770012

Mobile              : (20-100) 2220996 / 2220968 / (20-106) 8844901 / 8844842

Email                : info@kapci.com / Mohamed.hafez@kapci.com

 
Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Port Said.

 

Branch Offices

 

Location                                                                                           Description

 

·       Khantara Gharb                                                                                Office premises

Ismailia

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Mohamed Ahmed El Sayed                                               Managing Director

 

·       Hassan El Badrawy Hassan                                                               Director

 

·       Lotfy El Badrawy Hassan                                                                  Director

 

·       Adel El Sayed                                                                                  Director

 

·       Mohamed Mosaad El Shamy                                                            Director

 

·       Mohamed Abd El Hakim Ratib                                                           Sales Manager

 

·       Mohamed Kourish                                                                            Purchasing Manager

 

·       Mohamed Hafez                                                                               Export Manager

 

·       Mohamed Shaaban                                                                           Financial Manager

 

·       Ahmed Shalaby                                                                                Treasury Manager

 

·       Mohamed Sidiqqi                                                                             Assistant Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 31818, Ismailia

 

Industrial Reg. No.       : 29154

 

Tax Card No.                : 205-134-394

 

Issued Capital              : £E 200,000,000

 

Paid up Capital            : £E 200,000,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Mohamed Mohamed Ahmed El Sayed                                   38%

 

·       Hassan El Badrawy Hassan                                                   38%

 

·       Lotfy El Badrawy Hassan                                                      10%

 

·       Adel El Sayed                                                                        4%

 

·       Mohamed Mosaad El Shamy                                                  4%

 

·       Mohamed Mohamed El Sayed                                                4%

 

·       Shimaa Mohamed El Sayed                                                    2%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of paints and varnishes for vehicles and buildings, as well as

     industrial paints, glue and polishes for furniture.

 

                 Subject is ISO 9001 & ISO 14001 & ISO IEC 17025/1999 & OHSAS 18001 accredited.

 

Production Capacity: 120,000 tons per year

 

Import Countries: Germany, Italy, France, China and the United States of America

 

International Suppliers:

 

·       Akzo Nobel Coating Intl BV               Netherlands

·       Dupont                                            France

·       Bayer AG                                         Germany

·       Degosa                                            Germany

 

Export Countries: Saudi Arabia, Jordan, Syria, Lebanon, Kuwait, Yemen, Kenya, Uganda, Singapore, Pakistan,

 Libya, Republic of Ireland, South Africa, Israel, United Kingdom, United Arab Emirates, Bahrain,

 Sudan, Madagascar, Mauritius and Gabon.

 

Brand Names : KAPCI

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,700 employees.

 

 

FINANCIAL DATA

 

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 1,205,000,000                       £E 1,312,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Mohamed Abd El Hakim Ratib, Sales Manager

 

 

BANKERS

 

·       Commercial International Bank (CIB)

El Gomhouria Street

Port Said Free Zone

Port Said

Tel: (20-66) 336801

Fax: (20-66) 325956

 

·       National Bank of Egypt

52 El Gomhouria Street

Port Said

Tel: (20-66) 224816 / 226637

Fax: (20-66) 327008

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

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.63.85

UK Pound

1

Rs.98.47

Euro

1

Rs.71.51

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.