MIRA INFORM
REPORT
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Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
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Name : |
LASHEEN PLAST CO |
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Registered Office : |
22 Nehru Street,
Heliopolis, Roxy, P O Box 251, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1975 |
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Com. Reg. No.: |
233073, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturer of woven
plastic sacks, sheet and other plastic products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Egypt |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : LASHEEN PLAST CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1975
Commercial Registration Number : 233073, Cairo
Issued Capital : £E 66,000,000
Paid up Capital : £E 66,000,000
Total Workforce : 1,255
Activities : Manufacture of woven plastic sacks, sheet and other plastic products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
LASHEEN PLAST CO
company ADDRESS
Registered & Physical Address
Street : 22 Nehru Street
Area : Heliopolis, Roxy
PO Box : 251
Town : Cairo
Country : Egypt
Telephone : (20-2) 24530983 / 22587451
Facsimile : (20-2) 22582986 / 22585580 /
22582989
Email : lasheen@lasheen.com / lasheen@lasheen-group.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch
Offices
Location Description
·
1st
Industrial Zone Factory
premises
10th of Ramadan City
Sharkeya
Tel: (20-15) 410340 / 410341 / 410342
Fax: (20-15) 410343 / 410344
KEY PRINCIPALS
Name Position
·
Mohamed Mahmoud Yonas Lasheen Managing
Director
·
Amal Ahmed Mahmoud Lasheen Director
·
Sameh Mahmoud Mohsen Lasheen Director
·
Mahmoud Mohamed Lasheen Director
·
Mahmoud Ahmed Mahmoud Lasheen Director
·
Hesham
Ahmed Labib Director
·
Hassan
Ahmed Qotb Finance
Manager
·
Magda
Said Abd El Rahman Sales
Manager
·
Amer
Badr Export
Manager
·
Kamal
El Bolky Production
Manager
·
Ahmed
Solmin Factory
Manager
·
Sherif
Samy Mohsen Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : 1975
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 233073, Cairo
Issued Capital : £E 66,000,000
Paid up Capital : £E 66,000,000
Name of Shareholder
(s) Percentage
·
Safwan Ahmed
Thabet 27.91%
·
Mahmoud Mohamed Lasheen 17.35%
·
Amal Ahmed Mahmoud Lasheen 13.36%
·
Mohamed Mahmoud Yonas Lasheen 10.98%
·
Hoda
Mohamed Mahmoud Lasheen 8.67%
·
Mahmoud Ahmed Mahmoud Lasheen 5.76%
·
Somia
Mahmoud Mohsen Lasheen 5.72%
·
Mohamed
Sameh Mahmoud Mohsen 5.25%
·
Sameh Mahmoud Mohsen Lasheen 5.00%
AFFILIATED COMPANIES
Subject is a member of the Lasheen Group of Companies, which consists of
the following concerns:
·
Lasheen
Supplies
22 Nehru Street
Roxy, Heliopolis
Cairo
Tel: (20-2) 24530983 /
22587451
Fax: (20-2) 22582986
Email: info@lasheen-group.com
·
Lasheen
Plastic Industries Co SAE
22 Nehru Street
Roxy, Heliopolis
PO Box: 251
Cairo
Tel: (20-2) 22587451 /
24530983
·
Lasheen
Trading & Contracting
22 Nehru Street
Roxy, Heliopolis
PO Box: 251
Cairo
Tel: (20-2) 22587451 /
24530983
·
Cairo
Leather Industries
22 Nehru Street
Roxy, Heliopolis
PO Box: 251
Cairo
Tel: (20-2) 22587451 /
24530983
·
Cleopatra
Hospital
OPERATIONS
Activities: Engaged in the manufacture of woven plastic sacks, sheet
and other plastic products for agricultural
needs.
Import
Countries: Germany, France,
Kuwait, Qatar and the United States of America.
Brand Names: LAPLANCO
Export
Countries: Europe, Jordan,
Saudi Arabia and Iran
Operating Trend: Steady
Subject has a
workforce of approximately 1,255 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 144,800,000 £E 174,000,000
Local sources
consider subject’s financial condition to be Good.
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
·
Al Watany
Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2) 33379363
Fax: (20-2) 33772959
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Incorporated in
1975, Lasheen Plast Co is well established in the local market engaged in the
manufacture of woven plastic sacks, sheet
and other plastic products.
Subject is a member
of the Lasheen Group of Companies that has interests in a number of concerns
located throughout Egypt.
Local sources report
that nothing detrimental has been uncovered regarding subject’s operating
history and payment obligations are met in a timely manner. As such the company
is deemed a sound trade risk and the above credit figure is considered to be
admissible.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.69 |
|
UK Pound |
1 |
Rs.73.12 |
|
Euro |
1 |
Rs.64.39 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.