|
Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL CO FOR PRESS SUPPLIES |
|
|
|
|
Registered Office : |
73 El Horreya Road, Eastern Gate Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1997 |
|
|
|
|
Com. Reg. No.: |
145605, Alexandria |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacture of printing inks. |
|
|
|
|
No. of Employees : |
52 |
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
Company Name : INTERNATIONAL CO FOR PRESS SUPPLIES
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1997
Commercial Registration Number : 145605, Alexandria
Industrial Registration Number : 270940
Issued Capital : £E 4,718,000
Paid up Capital : £E 4,718,000
Total Workforce : 52
Activities : Manufacture of printing inks.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
INTERNATIONAL CO FOR PRESS SUPPLIES
Location : 73 El Horreya
Road, Eastern Gate
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4955711
/ 4944586
Facsimile : (20-3) 4941766
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
· 3rd Industrial
Zone, Block 16, Plot 8 Owned
factory premises
Borg El
Arab El Gedida
Alexandria
Tel:
(20-3) 4592423 / 4590930
Fax:
(20-3) 4590931
Name Position
· Mohamed Adel Abd
El Rahman Ghoneim Managing
Partner
· Amr Mohamed Adel
Abd El Rahman Ghoneim Partner
· Aza Mohamed Adel
Abd El Rahman Ghoneim Partner
· Wafaa Abd El Salam Partner
· Ahmed Ramy Finance
Manager
· Sayed El Hammamsy Sales
Manager
· Ahmed Abu Salama Administration
Manager
· Amany Tharwat Purchasing
Manager
· Tarek Abu Zahra Maintenance
Manager
· Dr Mahmoud El
Shenawy Production
Manager
Date of
Establishment : 1997
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 145605, Alexandria
Industrial Reg. No. : 270940
Issued Capital : £E 4,718,000
Paid up Capital : £E 4,718,000
· Mohamed Adel Abd
El Rahman Ghoneim 51%
· Amr Mohamed Adel
Abd El Rahman Ghoneim 25%
· Aza Mohamed Adel
Abd El Rahman Ghoneim 15%
· Wafaa Abd El Salam 9%
Activities: Engaged in the manufacture of printing inks as well as the distribution
of press supplies such as chemicals and
dyes.
Production Capacity: 70 tons per year
Import Countries: Germany, Italy, Finland, Greece and India.
International Suppliers:
· Sapici SpA Italy
Brand Names: ATC
Operating Trend: Steady
Subject has a workforce of 52 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
14,100,000 £E
14,450,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Al Watany Bank of Egypt
601 Horreya Road
Alexandria
Tel: (20-3) 5745621
Fax: (20-3) 5703282
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.