MIRA
INFORM REPORT
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Report Date : |
13th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL CO FOR GLASS & CRYSTAL SAE |
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Registered Office : |
16
Abd El Khalek Tharwat Street,
Cairo, Egypt. |
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Country : |
Egypt |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
1645, South Cairo |
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Legal Form : |
Societe Anonyme
Egyptienne – SAE (Egyptian Joint Stock Company) |
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Line of Business : |
Engaged
in the manufacture and export of all kinds of glass containers used in the
food industry. |
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
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Company Name |
NATIONAL CO FOR GLASS & CRYSTAL SAE |
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Country of Origin |
Egypt |
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Legal Form |
Egyptian Joint Stock Company |
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Registration Date |
1984 |
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Commercial
Registration Number |
1645, South Cairo |
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Authorised Capital |
£E 300,000,000 |
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Issued Capital |
£E 150,000,000 |
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Paid up Capital |
£E 150,000,000 |
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Total Workforce |
380 |
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Line of Business |
Manufacture and export of glass containers. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
NATIONAL CO FOR
GLASS & CRYSTAL SAE
ADDRESS
Registered & Physical Address
Location : 16 Abd
El Khalek Tharwat Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 3926615
/ 3931067 / 3954424
Facsimile : (20-2) 3931067
Premises
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
·
A1
Industrial Zone, Plot No.3 Owned factory premises
Sharkeya
Tenth of Ramadan
Tel: (20-15)
410367 / 410937 / 410938
Fax: (20-15)
410369
KEY PRINCIPALS
·
Mohamed
Ahmed Abd El Karim Chairman
·
Ahmed
Hamza Managing
Director
·
Mohamed
Ibrahim Hassan Director
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Salah
El Din Sayed Okely Director
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Hassona
Hassan Hasib Director
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Kamal
El Din Mohamed Makarim Director
·
Nehad
Abd El Hamid Khalaf Director
·
Magdy
Hashish Director
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Mohamed
El Sayed Nasr Finance
Manager
·
Farouk
Mahmoud Ammar Purchasing
Manager
·
Ihab
Badr Ali Export
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1984
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 1645, South Cairo
Authorised
Capital : £E 300,000,000
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Name of Shareholder (s)
·
National
Bank for Development
·
Alex
For Securities
·
Holding
Co For Metallurgical Industries
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Cairo
National For Investment & Securities
·
Upper
Land Glass (Germany)
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National
Bank of Egypt
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Assiut
National Islamic For Trade & Development
·
National
For Trade & Development
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Coca
Cola Egypt
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Ahram
Beverages
·
Mohandes
National For Food Stuffs
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South
Band (Netherlands)
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National
Investment Bank
·
National
Youth For Investment
·
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.
LINE OF BUSINESS
Operations : Engaged in the
manufacture and export of all kinds of glass containers used in the food
industry.
Import Countries
: Germany, Netherlands and
India.
Export Countries
: Saudi
Arabia, Jordan, Turkey, Libya, Cyprus, Lebanon, Greece, United
States of America, Algeria, Syria, Sudan, and Oman.
Subject has a
workforce of approximately 380 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside sources.
BANKERS
·
National Bank
for Development
52 Kasr El Nil Street
Cairo
Tel: (20-2) 3900205
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
National Co For
Glass & Crystal SAE has been in business for over 20 years and is a leading
concern in the manufacture and export of glass
containers.
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%)