MIRA
INFORM REPORT
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Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
QUENA PAPER INDUSTRY CO |
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Registered Office : |
3
Mamar Behler, Kasr El Nil Street, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
32005, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and Export of Paper |
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$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : QUENA PAPER INDUSTRY CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1995
Commercial Registration Number : 32005, Cairo
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
Total Workforce : 1,000
Activities : Manufacture and export of paper
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,000,000
Person Interviewed : Jamal Hanefy, Finance Manager
COMPANY NAME
QUENA PAPER INDUSTRY CO
ADDRESS
Registered & Physical Address
Location : 3 Mamar
Behler, Kasr El Nil Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 23960784
/ 23924009 / 23929268 / 23924187
Facsimile : (20-2) 23921816
Email : info@qpicpaper.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
·
Kous Owned
paper mill
Qena
Tel: (20-96) 6842776
/ 6842775 / 6843762
Fax: (20-96)
6843761
Mob: (20-12)
3236300
·
17
El Gomhoria Street Rented
sales office
Cairo
Tel: (20-2) 23957084 / 23960782
Fax: (20-2)
23960785
KEY PRINCIPALS
Name Position
·
Mahmoud
Daoud Chairman
·
Mohamed
Al Sharouni Managing
Director
·
Zayed
Ahemd Mokhtar Director
·
Jamal
Hanefy Finance
Manager
·
Helmy
Zayed Purchasing
Manager
·
Hassan
Abd El Aziz Administration
Manager
·
Gamal
Hashim Production
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1995
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 32005, Cairo
Authorised
Capital : £E 700,000,000
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
Name of Shareholder (s) Percentage
·
Holding
Company for Food Industries 25%
Egypt
·
Misr
Insurance 20%
Egypt
·
National
Bank of Egypt 18%
Egypt
·
Egyptian
Sugar & Integrated Industries (ESIIC) 15%
Egypt
·
National
Investment Bank 15%
Egypt
·
National
Insurance Co of Egypt 7%
Egypt
OPERATIONS
Activities: Engaged in the
manufacture and exporter of different kinds of paper for various uses including
newspaper printing, photocopying, writing and typewriting.
Subject is ISO 9001 & ISO 14001 accredited.
Production
Capacity: 120,000 tonnes per annum
Import
Countries: India and Europe
Export
Countries: Jordan, Yemen, Kenya, Greece and Italy
Operating Trend: Steady
Subject has a
workforce of approximately 1,000 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 532,041,452 £E
406,277,702
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Egypt
24, Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Arab Bank Plc
28, Talaat Harb Street
PO Box: 2006
Cairo
Tel: (20-2) 35746218
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Quena Paper Industry Co is a leading concern in the
Egyptian paper market specialising in the manufacture and export of paper
for uses including printing, photocopying, writing and typewriting.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.72 |
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UK Pound |
1 |
Rs.84.81 |
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Euro |
1 |
Rs.67.60 |
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%)