MIRA INFORM REPORT

 

 

Report Date :

24.08.2013

 

IDENTIFICATION DETAILS

 

Name :

SUPER PLAST CO

 

 

Registered Office :

Cairo - Alexandria Agricultural Road, Km 12, Mit Halfa, Kaliubeya, Cairo

 

 

Country :

Egypt

 

 

Year of Establishment:

1977

 

 

Com. Reg. No.:

24580

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

manufacturer of plastic packages for food products and duplex cardboard.

 

 

No. of Employees :

250

 

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

 

Status :

Satisfactory

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

 

SUMMARY

 

Company Name                                     : SUPER PLAST CO

Also Known As                                      : FAROUK OSMAN & CO

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1977

Commercial Registration Number            : 24580

Issued Capital                                        : £E 2,500,000

Paid up Capital                                      : £E 2,500,000

Total Workforce                                     : 250

Activities                                               : Manufacture of plastic packages for food products and duplex

cardboard

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

SUPER PLAST CO

 

 

ALSO KNOWN AS

 

FAROUK OSMAN & CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Cairo - Alexandria Agricultural Road, Km 12

Area                 : Mit Halfa, Kaliubeya

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 42155155 / 42155521 / 42157927 / 42156255

Facsimile          : (20-2) 42157565 / 42157567 / 42156575

Mobile               : (20-12) 9032901 / 7424445

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       37 Ismail Ramzy Street                                                                     Rented sales office

Heliopolis

     Cairo

     Tel: (20-2) 26903760

     Fax: (20-2) 26903763

 

·       501-503 Port Said Street                                                                    Rented sales office

Bab El Shaaria

       Cairo

       Tel: (20-2) 25916716 / 25922660 / 25922666

       Fax: (20-2) 25939779

 

·       76 El Merghany Street                                                                       Rented sales office

Heliopolis

Cairo

Tel: (20-2) 26903760

Fax: (20-2) 26903763

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Farouk Ali Osman                                                                             Managing Partner

·       Amr Ali Osman                                                                                 Partner

·       Mohamed Youssef                                                                            Finance Manager

·       Sherif Farouk Ali Osman                                                                    Administration Manager

·       Abd El Fattah Ali Arafa                                                                      Public Relations Manager

 

 

lEGAL FORM & OWNERS

 

Date of Establishment  : 1977

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 24580

 

Issued Capital              : £E 2,500,000

 

Paid up Capital            : £E 2,500,000

 

Name of Shareholder (s)

·       Farouk Ali Osman

·       Amr Ali Osman

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic packages for food products and duplex cardboard.

 

Import Countries: India and Europe

 

Brand Names: SUPER PLAST

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Egyptian American Bank

4 & 6 Hassan Sabri

Zamalek

PO Box: 1825

Cairo

Tel: (20-2) 33416150

Fax: (20-2) 33420265

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.69

UK Pound

1

Rs.100.79

Euro

1

Rs.86.30

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.