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Report Date : |
25.02.2012 |
IDENTIFICATION DETAILS
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Name : |
FIRST FOR INDUSTRIAL DEVELOPMENT SAE |
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Registered Office : |
28 Mohamed El Ghazaly Street Dokki, Giza Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
2003 |
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Com. Reg. No.: |
3669, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of corrugated cardboard and paper. |
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No. of Employees : |
2,500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
US$ 1,750,000 |
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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 – September 30, 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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : FIRST FOR INDUSTRIAL DEVELOPMENT SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2003
Commercial Registration Number : 3669, Cairo
Tax Card Number : 205-143-407
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Total Workforce : 2,500
Activities : Manufacturers of corrugated cardboard and paper.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,750,000
FIRST FOR INDUSTRIAL DEVELOPMENT SAE
Street : 28 Mohamed
El Ghazaly Street
Area : Dokki, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 33375350
Facsimile : (20-2)
33386427
Mobile : (20-122)
3136803
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
· Plot No. 11/12/13 Factory
premises
Block 13003
Industrial Zone
El Obour City
Tel: (20-2)
46100620
Fax: (20-2)
46100621
Name Position
· Mohamed Mahmoud
Hamdy Mansour Chairman
· Loay Ali Abd El
Wahed Managing
Director
· Ali Hamed Shams Director
· Mohamed Abd El
Wahab Finance
Manager
· Ahmed Kamal Abd El
Motagly Marketing
Manager
· Mahmoud El Gazar Factory
Manager
Date of
Establishment : 2003
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 3669, Cairo
Tax Card No. : 205-143-407
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
· Packline for
Industrial Development 92.50%
Cairo
· Mohamed Mahmoud Hamdy
Mansour 3.75%
· Loay Ali Abd El
Wahed 3.75%
Activities: Engaged in the manufacture of corrugated cardboard and paper.
Import Countries: Sweden, Austria, Spain, Brazil, Thailand, South
Korea and the United States of America
Operating Trend: Steady
Subject has a workforce of approximately 2,500 employees.
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
317,067,140 £E
385,474,568
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2)
33924175
Fax:
(20-2) 33924143
No complaints regarding subject’s payments have been reported.
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.49.06 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.57 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.