MIRA INFORM REPORT

 

 

 

 

Report Date :

17.08.2012

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN CO FOR PLASTIC INDUSTRY SAE (EGYPLAST)

 

 

Registered Office :

El Obour Building, 1st Floor, 13 Salah Salem Street, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

2005

 

 

Com. Reg. No.:

3957

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

line of business :

Manufacture and export of plastic PVC pellets, master batches, and   PVC cables compounds used in the cables industry.

 

 

No. of Employees :

600

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                         : EGYPTIAN CO FOR PLASTIC INDUSTRY SAE (EGYPLAST)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2005

Commercial Registration Number            : 3957

Tax Card Number                                   : 327-905-743

Issued Capital                                        : £E 50,000,000

Paid up Capital                                      : £E 27,500,000

Total Workforce                                     : 600

Activities                                               : Manufacture and export of plastic PVC pellets, master batches, and   PVC  cables compounds used in the cables industry.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

EGYPTIAN CO FOR PLASTIC INDUSTRY SAE (EGYPLAST)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : El Obour Building, 1st Floor

Street               : 13 Salah Salem Street

Area                 : Nasr City

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22623411

Facsimile          : (20-2) 24023683 / 22605405

Email                : eg.factory@elsewedy.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

 

A6, 3rd Industrial Zone, Plot 36,37,38                                                       Factory premises

El Robeky Region

Sharkeya

10th of Ramadan City

Tel: (20-15) 411631 / 411627 / 361255 / 363246

Fax: (20-15) 411629 / 363249

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Sadek Ahmed Sadek El Sewedy                                                             Chairman

 

Ahmed Ahmed Sadek El Sewedy                                                            Director

 

Amr Labib                                                                                             Director

 

Mohamed Sadek Ahmed El Sewedy                                                        Director

 

Hassan Abd El Salam                                                                            Director

 

Ahmed Hussein Metwaly                                                                        General Manager

 

Ahmed Ibrahim Mansour                                                             Finance Manager

 

Seif El Din Adel                                                                                     Sales Manager

 

Alaa Abdallah                                                                                        Operations Manager

 

Hafez Bahgat                                                                                         Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2005

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 3957

 

Tax Card No.               : 327-905-743

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 27,500,000

 

Name of Shareholder (s)                                                       Percentage

 

El Sewedy Cables Group                                                            99.97%

 

Sadek Ahmed Sadek El Sewedy                                                   0.01%

 

Ahmed Ahmed Sadek El Sewedy                                                  0.01%

 

Hassan Abd El Salam                                                                 0.01%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the El Sewedy group of companies which consists of the following concerns:

 

Sewedy Est

4 El Dabtia Street

Attaba

Cairo

Tel: (20-2) 33911633

 

Arab Cables & Electrical Industries

1st Industrial Zone

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 3363861

 

Egytech Telecom Cables Co SAE

14 Baghdad Street

Korba, Heliopolis

Cairo

Tel: (20-2) 24182703

Fax: (20-2) 22905489

 

Arab Cement Company SAE

14 Baghdad Street

Korba, Heliopolis

Cairo

Tel: (20-2) 24182701

 

El Sewedy Engineering & Distribution Co (Sedco)

El Obour Buildings, No. 5

12 Salah Salem Street

Nasr City

PO Box: 136

Cairo

Tel: (20-2) 22614796 / 22623776

Fax: (20-2) 22639155

 

United Industries Company El Sewedy Ltd (UIC El Sewedy)

14 Baghdad Street

Korba, Heliopolis

PO Box: 388

Cairo

Tel: (20-2) 24144380 / 24144381

Fax: (20-2) 22905844 / 24144382

Email: uic@elsewedy.com

 

El Sewedy Electrical Equipment & Cables

14 Saray El Azbakia Street

PO Box: 1604

Cairo

Tel: (20-2) 25912310 / 25911299 / 25911545

Fax: (20-2) 25910583

Email: elsewedy@link.com.eg

 

Egy Lux

21 Cleopatra Street

Heliopolis

Cairo

Tel: (20-2) 24195104

Fax: (20-2) 24195107

 

Arab Company for Iron Industries

Heliopolis

Cairo

 

El Sewedy Electrical Supplies (Zaki El Sewedy & Co)

Alfy Street

El Azbakiya

Cairo

Tel: (20-2) 25741088 / 25918905 / 25741197 / 25890316

Fax: (20-2) 25771959

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of plastic PVC pellets, master batches, and PVC cables compounds used in the cables industry.

 

Production Capacity: 120,000 tons per year of PVC compound.

 

Import Countries: India, South Korea, Japan, Romania, Turkey and Saudi Arabia.

 

Export Countries: Ethiopia, Yemen, Sudan, Syria, Kenya, Jordan, and Tanzania.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 600 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/10:              Year Ending 31/12/11:

 

Total Sales                                £E 439,929,912                         £E 543,451,320

 

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) 25703043

Fax: (20-2) 25703172 / 25072691

 

Suez Canal Bank

PO Box: 2620

Cairo

Tel: (20-2) 25769296

Fax: (20-2) 25322064

 

Egyptian American Bank

4 & 6 Hassan Sabri

Zamalek

PO Box: 1825

Cairo

Tel: (20-2) 33416150

Fax: (20-2) 33420265

 

Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

American Express Bank Ltd

PO Box: 1824

Cairo

Tel: (20-2) 33608228

Fax: (20-2) 33608227

 

BNP Paribas Egypt

Sinco Centre

10th of Ramadan City

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2005, subject is a member of the well known El Sewedy group of companies and is involved in the manufacture and export of plastic PVC pellets, master batches, and PVC cables compounds used in the cables industry.

 

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.55.99

UK Pound

1

Rs.87.55

Euro

1

Rs.68.69

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.