MIRA INFORM REPORT

 

 

Report Date :           

05.07.2011

 

IDENTIFICATION DETAILS

 

Name :

EL SALAM LATEX & PLASTIC WORKS CO

 

 

Registered Office :

4th Industrial Zone, Block 34, Plot 11, Borg El Arab, P O Box 57, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

323, Borg El Arab

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of toothbrushes

 

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$ 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : EL SALAM LATEX & PLASTIC WORKS CO

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1997

Commercial Registration Number            : 323, Borg El Arab

Industrial Registration Number                 : 274550

Tax Card Number                                   : 202-484-777

Issued Capital                                        : £E 7,000,000

Paid up Capital                                      : £E 7,000,000

Total Workforce                                     : 50

Activities                                               : Manufacture and export of toothbrushes

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 100,000

 

 

 

COMPANY NAME

 

EL SALAM LATEX & PLASTIC WORKS CO

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 4th Industrial Zone, Block 34, Plot 11

Area                 : Borg El Arab

PO Box             : 57

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4594121

Facsimile          : (20-3) 4594121

Mobile               : (20-12) 7352197 / 2132327

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       445 Canal El Mahmoudyia Street                                                        Factory premises

Smouha

     Alexandria

     Tel: (20-3) 4291485

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Camilia Mohamed Farag El Banna                                                      Chairman

 

·       Mohamed Naguib El Banna                                                                Managing Director

 

·       Hanan Mohamed El Azaly                                                                  Director

 

·       Reham Mohamed El Azaly                                                                 Director

 

·       Ahmed Mohamed El Azaly                                                                 Director

 

·       Ahmed Sadek Amar                                                                          Director

 

·       Roushdy Farag                                                                                 Finance Manager

 

·       Ahmed Mohamed El Azaly                                                                 Factory Manager

 

·       Hanan Mohamed El Azaly                                                                  Quality Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1997

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 323, Borg El Arab

 

Industrial Reg. No.       : 274550

 

Tax Card No.               : 202-484-777

 

Authorised Capital       : £E 20,000,000

 

Issued Capital              : £E   7,000,000

 

Paid up Capital            : £E   7,000,000

 

Name of Shareholder (s)                                               Percentage

 

·       Mohamed Naguib El Banna                                             33%

 

·       Ahmed Mohamed El Azaly                                              26%

 

·       Camilia Mohamed Farag El Banna                                   15%

 

·       Hanan Mohamed El Azaly                                               13%

 

·       Reham Mohamed El Azaly                                              13%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of toothbrushes under their own brand and for third parties.

 

Production Capacity: 5,500,000 brushes per annum

 

Import Countries: Italy, Germany and India.

 

Export Countries: Saudi Arabia, Libya, Lebanon, France, Kuwait, Syria, and the United Kingdom.

 

Brand Names: BAROUN and EAMA PROFESSIONAL

 

Operating Trend: Steady

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 5,835,000                             £E 6,700,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

 

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 and the above credit figure is within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.46

UK Pound

1

Rs.71.53

Euro

1

Rs.64.63

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.