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Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SADKO ELECTRICAL AND PLASTIC INDUSTRIES |
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Formerly Known As : |
SADKO PLAST |
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Registered Office : |
1123 Coriche El Nil Street Maspiro, Shubra Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1992 |
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Com. Reg. No.: |
68968, Zagazig |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of plastic packaging. |
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No. of Employees : |
115 |
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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Status : |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
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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 |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent,
Egypt is bisected by the highly fertile Nile valley, where most economic
activity takes place. Egypt's economy was highly centralized during the rule of
former President Gamal Abdel NASSER but opened up considerably under former
Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008
aggressively pursued economic reforms to attract foreign investment and
facilitate GDP growth. Despite the relatively high levels of economic growth in
recent years, living conditions for the average Egyptian remained poor and
contributed to public discontent. After unrest erupted in January 2011, the
Egyptian Government backtracked on economic reforms, drastically increasing
social spending to address public dissatisfaction, but political uncertainty at
the same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
Source
: CIA
Company Name : SADKO ELECTRICAL AND PLASTIC INDUSTRIES
Also Known As : SADKO PLAST
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1992
Commercial Registration Number : 68968, Zagazig
Issued Capital : £E 6,500,000
Paid up Capital : £E 6,500,000
Total Workforce : 115
Activities : Manufacture of plastic packaging.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SADKO ELECTRICAL AND PLASTIC INDUSTRIES
ALSO KNOWN AS: SADKO PLAST
Street : 1123 Coriche
El Nil Street
Area : Maspiro,
Shubra
Town : Cairo
Country : Egypt
Telephone : (20-2) 25794647
/ 25794648 / 24586060
Facsimile : (20-2) 25748227
/ 25788050
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 3rd 1/A
Industrial Zone, Plot IXM Factory
premises
10th of
Ramadan
Sharkeya
Tel: (20-15)
410386
Fax: (20-15)
412670
Name Position
· Hadia Sadek
Ghabbour Chairman
· Heba Awad Naguib Director
· Ashraf Mounir Financial
Manager
· Maher Halim Marketing
Manager
· Mahfouz Youssef Factory
Manager
· Raafat Fawzy Maintenance
Manager
· Hana Saber Human
Resources Manager
Date of
Establishment : 1992
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 68968, Zagazig
Authorised Capital : £E 10,000,000
Issued Capital : £E 6,500,000
Paid up Capital : £E 6,500,000
· Hadia Sadek
Ghabbour
· Heba Awad Naguib
Activities: Engaged in the manufacture of plastic packaging.
Import Countries: India and China
Export Countries: Saudi Arabia
Brand Names: SADKO
Operating Trend: Steady
Subject has a workforce of 115 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E
5,600,000 £E
7,700,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab African Bank
5, El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax:
(20-2) 33558493
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
No complaints regarding subject’s payments have been reported.
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.60.82 |
|
|
1 |
Rs.92.96 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.