MIRA INFORM REPORT

 

 

Report Date :           

17.11.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SOCIETE INDUSTRIELLE DES CRAYONS ET PLASTIQUES SAE (SICEP)

 

 

Registered Office :

Kalioub El Mahata Street, El Tareek El Batee, Kaliobeya, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

1976

 

 

Com. Reg. No.:

174729, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of pens, crayons and plastic products

 

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$ 700,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

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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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : SOCIETE INDUSTRIELLE DES CRAYONS ET PLASTIQUES SAE

(SICEP)

Also Known As                                      : PENS & PLASTIC INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1976

Commercial Registration Number            : 174729, Cairo

Issued Capital                                        : £E 15,000,000

Paid up Capital                                      : £E 15,000,000

Total Workforce                                     : 340

Activities                                               : Manufacturers of pens, crayons and plastic products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

Person Interviewed                                 : Osama Mohamed Hosny Jendiya, Finance Manager

 

 

 

COMPANY NAME

 

SOCIETE INDUSTRIELLE DES CRAYONS ET PLASTIQUES SAE (SICEP)

 

 

ALSO KNOWN AS

 

PENS & PLASTIC INDUSTRIES

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Kalioub El Mahata Street

Area                 : El Tareek El Batee, Kaliobeya

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 42156039

Facsimile          : (20-2) 42156846

Mobile               : (20-122) 3158327

Email                : sicep@tedata.net.eg

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sayed Ahmed Kamel                                                             Chairman

 

·       Mohamed Gouda Othman                                                                  Factory Manager

 

·       Osama Mohamed Hosny Jendiya                                                       Finance Manager

 

·       Nabil Tawfiq                                                                                      Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1976

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 174729, Cairo

 

Issued Capital              : £E 15,000,000

 

Paid up Capital            : £E 15,000,000

 

Name of Shareholder (s)                                        Percentage

 

·       Al Ahram Investment                                                 66%

Cairo

 

·       French Company for West Africa                                34%

France

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pens, crayons and plastic products.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 340 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 29,180,000                           £E 32,800,000

 

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

 

The above figures were provided by Mr Osama Mohamed Hosny Jendiya, Finance Manager

 

 

BANKERS

 

·       National Societe General Bank

5 Champillion Street

Cairo

Tel: (20-2) 27707000

Fax: (20-2) 27707099

 

 

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.50.90

UK Pound

1

Rs.80.30

Euro

1

Rs.68.48

 

 

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%)

 

 

 

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.