MIRA
INFORM REPORT
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Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARAB MEDICAL PACKING CO SAE |
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Registered Office : |
63a, Port Said Street, El Waily El Kabir, Hadayek El Qobba, PO
Box 137, Cairo 11331 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
23.09.1983 |
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Com. Reg. No.: |
229154, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of Pharmaceutical and Foodstuff Packaging |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 850,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
ARAB MEDICAL PACKING CO SAE
Doing Business As :
FLEXIPACK
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
23rd September 1983
Commercial Registration Number :
229154, Cairo
Industrial Registration Number :
0159750
Authorised Capital :
£E 70,000,000
Issued Capital :
£E 46,000,000
Paid up Capital :
£E 46,000,000
Total Workforce :
380
Line of Business :
Manufacture of pharmaceutical and foodstuff packaging.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ARAB MEDICAL PACKING CO SAE
DOING BUSINESS AS
FLEXIPACK
ADDRESS
Registered & Physical Address
Street : 63a, Port
Said Street
Area : El Waily El
Kabir, Hadayek El Qobba
PO Box : 137
Town : Cairo 11331
Country : Egypt
Telephone : (20-2) 24221881
/ 24221882 / 24221883 / 24241616
Facsimile : (20-2)
24221880
Email : flxipack@intouch.com
Premises
Subject operates from a suite of offices covering an area of 300 square
metres that are rented and located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
· 1st Industrial
Zone, Plot 46 Owned
factory premises
Giza
Sixth of October
City
Tel: (20-2)
38320581 / 38320582 / 38320583
Fax: (20-2)
38331966
KEY PRINCIPALS
· Hani El Qatan Managing
Director
· Ashour Raslan Finance
Manager
· Saad Mohamed Ali Administration
Manager
· Saad El Din
Mahmoud Factory
Manager
· Mahmoud El Sayed Purchasing
Manager
· Ali Hassan Ibrahim Projects
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 23rd
September 1983
Legal Form : Societe Anonyme
Egyptienne – SAE (Egyptian Joint Stock
Company)
Commercial Reg.
No. : 229154, Cairo
Industrial Reg.
No. : 0159750
Authorised Capital : £E 70,000,000
Issued Capital : £E 46,000,000
Paid up Capital : £E 46,000,000
Name of Shareholder (s) Percentage
· Acdima 72.12%
24 El Fawala
Street
Cairo
Tel : (20-2)
3914576
· Holding Co for
Food Industries 16.07%
20 Salem Salem
Street
Mohandessin, Giza
Cairo
Tel: (20-2)
7494823
· Holding Co for
Pharmaceutical Chemicals & Medical Appliances 11.81%
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
Subject is a member of the ACDIMA Group of
companies, which comprises the following concerns :
· Pharmaceutical
Solutions Industries Ltd
Riyadh Industrial
City
PO Box : 17476
Amman
Jordan
Tel : (962-6)
6361383
· Saudi
Pharmaceutical Industries & Medical Appliances Corp (SPIMACO)
Al Akaria
Building, 7th Floor, Tower 2
Salah Aldin Street
PO Box : 20001
Riyadh 11455
Saudi Arabia
Tel : (966-1)
4774481 / 4774483
Fax : (966-1)
4773961
· Medical Union
Pharmaceuticals SAE (PHARMA)
36 Dr Mohamed
Hassan El Gamal Street
6th
District, Nasr City
PO Box : 7010
Cairo
Egypt
Tel : (20-2)
2607418 / 2607419
Fax : (20-2) 2607419
· Arab Anti-Biotic
Manufacturing Co Ltd
ACAI Building
Al Mansoura
PO Box : 6218
Baghdad
Iraq
Tel : (964-1)
7766096
Fax : (964-1)
7768561
· Arab Medical
Packaging Co SAE (FLEXIPACK)
63 Port Said
Street
Waily El Kebir
Cairo
Egypt
Tel : (20-2) 4221881
/ 4221882
Fax :(20-2)
4221880
· Arab Co for
Medical Appliances (ACMA)
8 El Obour
Building
Salah Salem Street
Cairo
Egypt
Tel : (20-2)
2609081 / 2608222
Fax : (20-2)
2634445
· South Egypt
Industries Co SAE (SEDICO)
3 El Khalifa
Street
PO Box : 43
Cairo
Egypt
Tel : (20-2)
5852319 / 5861778
Fax : (20-2)
5852319
· National X Ray
Films Co Ltd (ASHAA)
Saudi Arabia
· Arabian Medical
Products Manufacturing Co (INAYA)
Saudi
Arabia
· Arab Chemical
Investments Company (ACIC)
Saudi
Arabia
· Saudi Venture
Capital Group (SVGG)
Saudi
Arabia
LINE OF BUSINESS
Operations : Engaged in the manufacture and export of
pharmaceutical and foodstuff packaging,
paper and
aluminium foils.
Import Countries : France, Italy, Germany and India.
Export Countries : Kuwait and Yemen.
Operating Trend : Steady
Subject has a workforce of approximately 380 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue £E
88,900,000 £E
92,685,000
Local sources consider subject’s financial condition to be Good.
BANKERS
·
National Societe Generale Bank SAE
Evergreen Building
10 Talaat Harb
Street
Cairo
Tel : (20-2)
5749376
Fax : (20-2)
5776249 / 5782838
·
National Bank of Egypt
24, Sherif Street
Cairo
Tel :
(20-2) 3924175
Fax :
(20-2) 3924143
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel : (20-2)
3912711 / 3912106
Fax : (20-2)
3919779
·
National Bank of Abu Dhabi
Nile Tower, 18th Floor
21, Giza Street
Cairo
Tel : (20-2) 3609724
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction July
2004 September
2005
Credit amount 100,000 50,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Pounds
Sterling
GENERAL COMMENTS
Arab Medical Packing Co SAE has been in business for almost 25 years and
is a leading concern in the manufacture of pharmaceutical and foodstuff
packaging.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk and the above
credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 850,000
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. |
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%)