MIRA INFORM REPORT

 

 

 

Report Date :

13.11.2008

 

IDENTIFICATION DETAILS

 

Name :

MISR PACKAGING MATERIALS CO SAE

 

 

Registered Office :

23A, Ismail Mohamed Street, Zamalek, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2007

 

 

Year of Establishment :

1983

 

 

Com. Reg. No.:

235480, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and Export of PVC Films

 

 

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

 

Maximum Credit Limit :

US$ 600,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                                     : MISR PACKAGING MATERIALS CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1983

Commercial Registration Number            : 235480, Cairo

Issued Capital                                        : £E 21,500,000

Paid up Capital                                      : £E 21,500,000

Total Workforce                         : 250

Activities                                               : Manufacture and export of PVC films

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 600,000

 

 

 

 

 

COMPANY NAME

 

MISR PACKAGING MATERIALS CO SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 23a, Ismail Mohamed Street

Area                 : Zamalek

Town                 : Cairo

Country : Egypt

Telephone         : (20-2) 27363933 / 27351409

Facsimile          : (20-2) 27370364

Email                : info@misrpack.com

 

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

 

·       El Gabal El Asfar                                                                              Owned factory premises

El Khanka

Kaliubeya

Tel: (20-2) 44698117 / 44698127 / 44686148

Fax: (20-2) 44697201

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Atef Ahmed El Moulled                                                       Chairman

 

·       Hesham Adel Abd El Aziz Kamel                                                       Managing Director

 

·       Hossam Mohamed Mohamed Lasheen                                                Director

 

·       Mahy Mohamed Mohamed Lasheen                                                    Director

 

·       Ahmed Mohamed Atef Ahmed El Moulled                                            Director

 

·       Hesham Kamel Abd El Aziz                                                               Director

 

·       Magdy Hashish                                                                                 Director

 

·       Magdy Youssef                                                                                 Finance Manager

 

·       Magdy Lasheen                                                                                Sales Manager

 

·       Ahmed El Maadawy                                                                          Purchasing Manager

 

·       Yehia Farrag                                                                         Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1983

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 235480, Cairo

 

Authorised Capital       : £E 30,000,000

 

Issued Capital              : £E 21,500,000

 

Paid up Capital            : £E 21,500,000

 

Name of Shareholder (s)

 

·       Mohamed Atef Ahmed El Moulled

 

·       Hossam Mohamed Mohamed Lasheen

 

·       Mahy Mohamed Mohamed Lasheen

 

·       Abbass Mohamed Abbas

 

·       Ahmed Mohamed Atef Ahmed El Moulled

 

·       Youssef Hesham Kamel

 

·       Geidaa Hossam Mohamed Mohamed Lasheen

 

·       Hana Hossam Mohamed Mohamed Lasheen

 

·       Farah Hesham Kamel

 

·       Nehal Mohamed Atef Ahmed El Moulled

 

·       Samia Sayed Afifi

 

·       Fayka Mahmoud Mohamed

 

·       Atef Mohamed Atef Ahmed El Moulled

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of PVC films in different shapes, including calendared, semi-rigid, rigid and flexible, for use in the packaging of pharmaceuticals, foodstuffs, consumer goods, stationary requisites and other technical uses

 

Import Countries: India and Europe

 

Export Countries: Pakistan, Jordan, Saudi Arabia, Kuwait, and Algeria

 

Brand Names: MISR PACK

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Sales                                £E 56,520,000                           £E 60,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box : 2430

Cairo

Tel : (20-2) 35703043

Fax : (20-2) 35703172 / 35072691

 

·       National Bank of Egypt

24, Sherif Street

     Cairo

     Tel : (20-2) 33924175

     Fax : (20-2) 33924143

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

 

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.48.79

UK Pound

1

Rs.75.41

Euro

1

Rs.61.48

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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