MIRA INFORM REPORT

 

 

 

Report Date :

17.10.2008

 

IDENTIFICATION DETAILS

 

Name :

ARAB MEDICAL PACKING CO SAE

 

 

Registered Office :

63 a, Port Said Street, El Waily El Kabir, Hadayek El Qobba, PO Box 137, Cairo 11331

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

23.09.1983

 

 

Com. Reg. No.:

229154, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of pharmaceutical and foodstuff packaging, paper and aluminium foils

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 1,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

Issued Capital                                        : £E 59,511,270

Paid up Capital                                      : £E 59,511,270

Total Workforce                         : 380

Activities                                               : Manufacture and export of pharmaceutical and foodstuff packaging, paper and aluminium foils

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Hussam Fektri, Finance Manager

 

 

 

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

Facsimile          : (20-2) 24221880

Email                : marketing@flexipack_eg.com

  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, Street No. 91, Plot 46                                           Owned factory premises

Giza

Sixth of October City

Tel: (20-2) 38320581 / 38320582 / 38320583

Fax: (20-2) 38346429 / 38331966

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hani Abdulaziz Al Qatan                                                                    Chairman

 

·       Dr Majdi Gadullah                                                                              Marketing Manager

 

·       Hussam Fektri                                                                                  Finance Manager

 

·       Shareef Salah                                                                                   Accounts Manager

 

·       Mahmoud El Sayed                                                                           Production Manager

 

·       Saad El Din Mahmoud                                                                       Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23rd September 1983

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 229154, Cairo

 

Industrial Reg. No.       : 0159750

 

Authorised Capital       : £E 70,000,000

 

Issued Capital              : £E 59,511,270

 

Paid up Capital            : £E 59,511,270

 

Name of Shareholder (s)                                                                      Percentage

 

·       Acdima                                                                                                60.00%

24 El Fawala Street

Cairo

Tel : (20-2) 3914576

 

·       Saudi Egyptian Co For Industrial Investment                                            16.80%

 

·       Holding Co for Food Industries                                                                13.38%

20 Salem Salem Street

Mohandessin, Giza

Cairo

Tel: (20-2) 7494823

 

·       Holding Co for Pharmaceutical Chemicals & Medical Appliances                 9.82%

 

 

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

 

 

OPERATIONS

 

Activities: 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 DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                                        Year Ending 31/12/07:

 

Total Sales                                                        £E 128,500,000

 

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

 

The above financial figures were confirmed by Hussam Fektri, Finance Manager.

 

 

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 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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.68

UK Pound

1

Rs.84.37

Euro

1

Rs.65.70

 

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