MIRA INFORM REPORT

 

 

Report Date :

01.03.2011

 

IDENTIFICATION DETAILS

 

Name :

ALEXANDRIA COMPANY FOR INDUSTRIAL PACKAGES SAE (ACIP)

 

 

Registered Office :

4th Industrial Zone, Sector 4, Block 21, Borg El Arab El Guedidah, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

2002

 

 

Com. Reg. No.:

1107, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of plastic closures for plastic and glass containers

 

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$ 800,000

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : ALEXANDRIA COMPANY FOR INDUSTRIAL PACKAGES SAE (ACIP)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2002

Commercial Registration Number            : 1107, Alexandria

Industrial Registration Number                 : 29330

Authorised Capital                                  : £E 10,000,000

Issued Capital                                        : £E   6,000,000

Paid up Capital                                      : £E   6,000,000

Total Workforce                                     : 175

Activities                                               : Manufacture and export of plastic closures for plastic and glass

containers.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 800,000

 

 

COMPANY NAME

 

ALEXANDRIA COMPANY FOR INDUSTRIAL PACKAGES SAE (ACIP)

 

 

company address

 

Registered & Physical Address

Location            : 4th Industrial Zone, Sector 4, Block 21

Area                 : Borg El Arab El Guedidah

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4595841 / 4595260 / 4595276

Facsimile          : (20-3) 4596059

Mobile               : (20-12) 5866611

Email                : info@acipegypt.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mahmoud Selmy Mahmoud Awad                                                       Chairman

 

·       Mahmoud Ahmed Ali Awad                                                                Managing Director

 

·       Zainab Samy Abu El Fotouh                                                               Director

 

·       Shahinaz Hassan                                                                              Finance Manager

 

·       Mahmoud Tarek Mahmoud Awad                                                        Human Resources Manager

 

·       Asharf Salem                                                                                    Purchasing Manager

 

·       Ayman Zein El Din Sheaira                                                                Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2002

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1107, Alexandria

 

Industrial Reg. No.       : 29330

 

Authorised Capital       : £E 10,000,000

 

Issued Capital              : £E   6,000,000

 

Paid up Capital            : £E   6,000,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Mahmoud Ahmed Ali Awad                                                    70.0%

 

·       Mahmoud Samy Mahmoud Awad                                           21.6%

 

·       Mahmoud Tarek Mahmoud Awad                                              3.3%

 

·       Egyptian businessmen & private investors                                 5.1%  

 

 

AFFILIATED COMPANIES

 

·       ABCO United

 

·       Alexandria Detergents & Chemicals Co

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of plastic closures for plastic and glass containers for the      packaging of chemicals, insecticides, petroleum & juices products. It is also engaged in the pre-processing of transparent bottles (mineral water & juice bottles).

 

Clients include Exxon Mobil, Total, Co-Op, Shell, Quest, Greif, Fuchs, Castrol, Abd El-Karim Group (Syria), General Plastics (Syria), Metal Plast (Tunisia), Nefrtary (Egypt), Petnomin (Saudi Arabia), Siclam (Egypt), and Palestinian Co for Mineral Oils.

 

Production Capacity: 20 million tonnes per annum

 

Import Countries: United States of America and Europe

 

Export Countries: United Kingdom, Ivory Coast, Kenya, Kuwait, Libya, Morocco, Nigeria, Saudi Arabia, Senegal,

      Sudan, Syrian, Tunisia, United Arab Emirates, Malawi and Mauritius

 

Operating Trend: Steady

 

Subject has a workforce of approximately 175 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 21,880,000                           £E 23,231,000

 

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

 

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

 

 

BANKERS

 

·       Export Development Bank of Egypt

     16 Syria Street

Roushdy

Alexandria

Tel: (20-3) 5450018 / 5440428

Fax: (20-3) 5450009

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.72.79

Euro

1

Rs.62.15

 

 

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

 

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.