MIRA INFORM REPORT
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Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ALEX CONVERTA FOR PAPER SAE |
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Registered Office : |
2nd
Industrial Zone, Plot 1, Block 13, Borg El Arab, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
November 1978 |
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Com. Reg. No.: |
109489, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of paper products. |
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No. of Employees
: |
240 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,250,000 |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Egypt |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 : ALEX CONVERTA FOR PAPER SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : November 1978
Commercial Registration Number : 109489, Alexandria
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Total Workforce : 240
Activities : Manufacture and export of paper products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,250,000
COMPANY NAME
ALEX CONVERTA FOR
PAPER SAE
company ADDRESS
Registered &
Physical Address
Location : 2nd
Industrial Zone, Plot 1, Block 13
Area : Borg
El Arab
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4593212
/ 4593605 / 4591347 / 4592465 / 4593625
Facsimile : (20-3) 4592464 /
4596464
Mobile : (20-12) 3990785
Email : info@alexconverta.com / alexconverta@link.net
Premises
Subject operates
from a suite of offices and a factory covering an area of 40,000 square metres
that are owned and located in the Industrial Area of Alexandria.
Branch Office (s)
Location Description
·
658 Qanat El Mahmoudeya Sales
Office
Smouha
Alexandria
Tel: (20-3) 4278641 / 4274269
Fax: (20-3)
4272667
·
10 El Malek El Moez Street Sales
Office
Matariya,
Hadayek El Qobba
Cairo
Tel: (20-2)
26500260 / 26500192
Fax: (20-2)
26500260
·
5 El Tayssir Street Distribution
centre
Pyramids,
Giza
Cairo
Tel: (20-2)
33835055
·
El Nady Street Distribution
centre
Tanta
Gharbeya
·
El
Omalya Distribution
Centre
University Street
Smouha, Alexandria
KEY PRINCIPALS
Name Position
·
Antoine Noaman El Chaer Chairman
·
Nabil Antoine Noaman El Chaer Vice
Chairman
·
Sabry Habib Awad Managing
Director
·
Nadim Antoine Noaman El Chaer Director
·
Ezz El Din Abd El Aziz Ali Director
·
Ali Moustafa Ahmed Director
·
Hassan Mohamed El Khattib Director
·
Engy Tarek Director
·
Hoda Wally Director
·
Ahmed Abd El Moteleb Shehatta General
Manager
·
Naem Nassef Finance
Manager
·
Medhat Maurice Sales
Manager
·
Magda Abd El Rahman Accounts
Manager
·
Atef Fattouh Export
Manager
·
Emam Abd El Samie Purchasing
Manager
·
Samir Abu El Fath Technical
Manager
LEGAL FORM & OWNERS
Date of Establishment : November 1978
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 109489, Alexandria
Industrial Reg. No. : 2532
Authorised
Capital : £E 50,000,000
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Name of Shareholder
(s) Percentage
·
Members
of the Chaer family 40.0%
·
Commercial for Investment Co 20.0%
Egypt
·
Private
Investors 19.5%
·
Commercial
Int’l Bank CIB 8.0%
·
Moltaka El Arabi Investment 7.6%
Egypt
·
Dallah El Baraka Co 4.9%
Egypt
OPERATIONS
Activities: Engaged in the
manufacture and export of paper products, including toilet paper, scented and
non scented tissue paper and ladies sanitary towels.
Subject is ISO 9001:14001:18001 accredited.
Import
Countries: Canada, United
States of America and Europe
Export
Countries: Bahrain, Kuwait, Qatar, United Arab Emirates, Libya,
Algeria, Kenya Tanzania and Saudi Arabia
Brand Names: HANDY, SKY and
DALIA
Operating Trend: Steady
Subject has a
workforce of approximately 240 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 39,149,978 £E 40,032,650
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
·
HSBC
Bank Egypt
Azhar El Saraya Towers
Smouha
Alexandria
Tel: (20-3) 4210003
·
Alexandria
Commercial & Maritime Bank
551 El Horreya Road
Alexandria
Tel: (20-3) 5845622
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction September
2006 September 2007
Credit amount 1,117,200 528,350
Amount overdue 0 0
Payment terms 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars
GENERAL COMMENTS
Established in
November 1978, Alex Converta Company SAE
enjoys a good reputation for the quality of its products.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
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UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.