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Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SOFT ROSE INTERNATIONAL FOR PAPER AND PLASTIC
CONVERTING SAE |
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Registered Office : |
3 Farkhanda
Hasan Street, El Ard El Iraneya, El Bassatin, Maadi, Cairo 11432 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1988 |
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Com. Reg. No.: |
251823, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of
sanitary paper products including, tissue paper boxes, pocket tissues,
napkins, sanitary towels and toilet paper. |
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No. of Employees : |
275 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
TATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 : SOFT ROSE INTERNATIONAL FOR PAPER AND PLASTIC
CONVERTING SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1988
Commercial Registration Number : 251823, Cairo
Industrial Registration Number : 4704
Tax Card Number : 100-049-257
Issued Capital : £E 12,000,000
Paid up Capital : £E 12,000,000
Total Workforce : 275
Activities : Manufacturers of sanitary paper products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SOFT ROSE
INTERNATIONAL FOR PAPER AND PLASTIC CONVERTING SAE
Registered &
Physical Address
Street : 3 Farkhanda Hasan Street
Area : El Ard El Iraneya, El
Bassatin, Maadi
Town : Cairo 11432
Country : Egypt
Telephone : (20-2) 27035001 / 27035006 / 27035003
Facsimile : (20-2) 27035009
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Maadi.
Branch Office (s)
Location Description
·
127 Misr/Helwan
Road Factory
premises
Dar El-Salam
Maadi
Cairo 11431
Tel: (20-2) 25240700
Mob: (20-10) 1159604 / (20-12) 2100197
Name Position
·
Mohamed
Mahmoud Mohamed Soliman Managing
Director
·
Mohamed
Abd El Aal Finance Manager
·
Magda
Beshry Sales
Manager
·
Hany
Badawy Administration
Manager
Date of Establishment : 1988
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 251823, Cairo
Industrial Reg.
No. : 4704
Tax
Card No. : 100-049-257
Issued Capital : £E 12,000,000
Paid up Capital : £E 12,000,000
Name of Shareholder
(s) Percentage
·
Mohamed
Mahmoud Mohamed Soliman 58%
·
Heba
Mohamed Mahmoud 20%
·
Hoda
Bayoumy Ismail 20%
·
Hany
Badawy 1%
·
Farida
Bayoumy Ismail 1%
Activities: Engaged in the manufacture of sanitary
paper products including, tissue paper boxes, pocket tissues,
napkins, sanitary towels and
toilet paper.
Import
Countries: China
Brand Names: SOFT ROSE
Operating Trend: Steady
Subject has a
workforce of approximately 275 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 Revenue £E 36,200,000 £E 37,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Abu Dhabi
Nile Tower, 18th Floor
21, Giza Street
Cairo
Tel: (20-2) 33609724
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations met
in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
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 |
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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 |
|
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.