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MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ALEXANDRIA
COMPANY FOR INDUSTRIAL PACKAGES SAE (ACIP) |
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Registered Office : |
4th
Industrial Zone - Sector 4 Block 21, Borg El Arab El Guedidah, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture
and export of plastic closures for plastic and glass containers for the
packaging of chemicals, insecticides, petroleum & juices products. It is
also engaged in the pre-processing of transparent bottles (mineral water
& juice bottles). |
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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Maximum Credit Limit : |
US$ 800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ALEXANDRIA COMPANY FOR INDUSTRIAL PACKAGES SAE (ACIP)
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 2001
Industrial Registration Number : 293300
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 150
Line of Business :
Manufacture and export of plastic closures for
plastic and glass containers
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ALEXANDRIA COMPANY
FOR INDUSTRIAL PACKAGES SAE (ACIP)
ADDRESS
Registered & Physical Address
Location : 4th
Industrial Zone - Sector 4 Block 21
Area : Borg
El Arab El Guedidah
Town :
Country :
Telephone : (20-3) 4595841
/ 4595260
Facsimile : (20-3) 4596059
Email : info@acipegypt.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Alexandria.
KEY PRINCIPALS
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Mahmoud Ahmed Ali Awad Chairman
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Awad Mohamed Awad Director
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Youssry Nour General
Manager
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Shahinaz Hassan Finance
Manager
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Mervat Moustafa Abd El Wahab Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2001
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Industrial Reg. No. : 293300
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Name of Shareholder
(s)
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Mahmoud Ahmed Ali Awad
·
Awad Mohamed Awad
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Egyptian
businessmen & private investors
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe
Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are
offered to the public and £E 250,000 if not. If shares are offered to the
public they are freely transferable, if not, transfer may be restricted.
Liability of shareholders is limited.
AFFILIATED COMPANIES
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ABCO
United
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Alexandria
Detergents & Chemicals Co
LINE OF BUSINESS
Operations : Engaged in the
manufacture and export of plastic closures for plastic and glass containers for
the packaging of chemicals, insecticides, petroleum & juices products. It
is also engaged in the pre-processing of transparent bottles (mineral water
& juice bottles).
Clients include Exxon Mobil, Total, Co-Op, Shell, Quest, Greif,
Fuchs, Castrol, Abd El-Karim Group(
Production
Capacity: 20 million tonnes
per annum
Import Countries
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Export Countries
: Subject exports
throughout Africa and the
Operating Trend
: Steady
Subject has a
workforce of approximately 150 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 37,800,000 £E 41,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Export Development
Bank of
Roushdy
Tel : (20-3) 5450018 / 5440428
Fax : (20-3) 5450009
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000
Established in
2001, Alexandria Company For Industrial Packages SAE (ACIP) has made excellent
progress in the local market and deals with many prestigious clients.
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 and the above credit figure is
within subject’s financial means.
Maximum suggested
credit figure: US$ 800,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)