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MIRA
INFORM REPORT
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Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SWISSPACK FOR PRINTING & PACKAGING (REDIMPEX) |
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Registered Office : |
49 Shehab Street, 4th Floor, Mohandessin, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
36288 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production of Paper and related products, as well as Offering Printing
Services |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
SWISSPACK FOR PRINTING & PACKAGING (REDIMPEX)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1985
Commercial Registration Number :
36288
Issued Capital :
£E 1,500,000
Paid up Capital :
£E 1,500,000
Total Workforce :
250
Line of Business :
Production of paper and related products, as well
as offering printing services.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
SWISSPACK FOR PRINTING & PACKAGING (REDIMPEX)
ADDRESS
Registered & Physical Address
Street : 49 Shehab
Street, 4th Floor
Area : Mohandessin
Town : Cairo
Country : Egypt
Telephone : (20-2) 3466855
/ 3469522 / 3059126 / 3486855
Facsimile : (20-2) 3469523
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
· 2 Arab El Tal Owned
factory premises
Tamoh
Hawamdeya
Tel :
(20-18) 370938
Fax :
(20-18) 372298
KEY PRINCIPALS
· Ashraf Ahmed El
Sokkary Managing
Director
· Ibrahim Darwish General
Manager
· Safwat Sobhi Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1985
Legal Form : Societe Anonyme
Egyptienne – SAE (Egyptian Joint Stock
Company)
Commercial Reg.
No. : 36288
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Name of Shareholder (s)
· Ashraf Ahmed El
Sokkary
· Abeer El Sokkary
· Alia Mohamed
Lashin
· Howaida Mohamed
Bayoumi
· Ola Ahmed Reda
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
· Redimpex
International Agencies & Local Services
49 Shehab Street
Mohandessin, Giza
Cairo
Tel : (20-2)
3466855 / 3449480
Fax : (20-2)
3469523
LINE OF BUSINESS
Operations : Engaged in the production of telephone directories,
various types of paper,
paper rolls, books, notebooks and plastic
covers, stationery and office articles as well as aluminium foil and related
metal products.
Subject also offers printing services, including
flatbed printing, letterpress and off-set photolithography.
Import Countries : Germany, Switzerland and Thailand.
Operating Trend : Steady
Subject has a workforce of approximately 250 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
53,780,000 £E
56,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of Egypt
24, Sherif Street
Cairo
Tel :
(20-2) 3924175
Fax :
(20-2) 3924143
·
Misr International Bank (MIBANK)
14, Alfy Street
PO Box :
631
Cairo
Tel :
(20-2) 5931002
Fax :
(20-2) 5912306
·
American Express Bank
Mohandessin
Cairo
Tel: (20-2)
3608228
Fax:
(20-2) 3608227
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction February
2003
Credit amount 270,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000:
Swisspack For Printing & Packaging (Redimpex) was established in
1985 and has gained a good reputation for the quality of its products.
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 deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 400,000
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%)