MIRA INFORM REPORT

 

 

Report Date :

19.06.2013

 

IDENTIFICATION DETAILS

 

Name :

EL AHRAM CO FOR PRINTING AND PACKAGING SAE

 

 

Registered Office :

1/2, Industrial Zone, Plot No.6A, Block 11, Borg El Arab, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1991

 

 

Com. Reg. No.:

129336, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and printing of all kinds of packaging and wrapping materials

 

 

No. of Employees :

170

 

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

A2

A2

 

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                                    : EL AHRAM CO FOR PRINTING AND PACKAGING SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1991

Commercial Registration Number           : 129336, Alexandria

Tax Card Number                                  : 100-443-687

Industrial Registration Number                : 24347

Issued Capital                                       : £E 26,000,000

Paid up Capital                                     : £E 26,000,000

Total Workforce                                     : 170

Activities                                               : Manufacture and printing of all kinds of packaging and wrapping

materials

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

EL AHRAM CO FOR PRINTING AND PACKAGING SAE

 

 

Company ADDRESS

 

Registered & Physical Address

Location           : 1/2, Industrial Zone, Plot No.6A, Block 11

Area                 : Borg El Arab

Town                : Alexandria

Country             : Egypt

Telephone         : (20-3) 4591441 / 4592047 / 4592213

Facsimile          : (20-3) 4592059

Mobile              : (20-100) 1493448 / (20-122) 9132223

Email                : elahram@ahramco.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       7 Methak Street                                                                                Rented sales office

Victoria

     Alexandria

     Tel: (20-3) 5832016 / 5837739

     Fax: (20-3) 5827407

 

·       9 Tahrir Street                                                                                   Rented sales office

Dokki, Giza

Cairo

Tel: (20-2) 3351905 / 3351906

Fax: (20-2) 3351905

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Saleh Abd El Aziz Ismail                                                                   Chairman

·       Dr Mohamed Rashad Mohamed El Ghitany                                        Managing Director

·       Mohamed Idris Ahmed El Senoussy                                                  Director

·       Ahmed Mohamed Idris                                                                      Director

·       Mohamed Saleh                                                                               Director

·       Mohamed Salah Abd El Aziz                                                             Director

 

·       Abbas El Ghaiani                                                                              Director

·       Sameh Abd El Wahed                                                                       Finance Manager

·       Ahmed Adel                                                                                     Accounts Manager

·       Onsi Fawzy                                                                                      Sales Manager

·       Halim Francis                                                                                   Production Manager

·       Hani Edward                                                                                     Maintenance Manager

·       Abdallah Abd El Latif Abu Samra                                                      Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1991

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 129336, Alexandria

 

Tax Card No.                : 100-443-687

 

Industrial Reg. No.       : 24347

 

Issued Capital              : £E 26,000,000

 

Paid up Capital            : £E 26,000,000

 

Name of Shareholder (s)                                               Percentage

 

·       Saleh Abd El Aziz Ismail                                                18.99%

·       Dr Mohamed Rashad Mohamed El Ghitany                     12.75%

·       Mohamed Idris Ahmed El Senoussy                               11.08%

·       Mohamed Saleh Abd El Aziz                                            3.51%

·       Jihan Saleh Abd El Aziz                                                   2.92%

·       Ahmed Mohamed Idris Ahmed El Senousy                       1.95%

·       Local businessmen and private investors                        48.80%

 

 

AFFILIATED COMPANIES

 

·       Delta Co for Printing and Packaging SAE

Borg El Arab El Gedida, Land No. 8, Block No. 35

2nd Industrial Zone

Alexandria

Tel: (20-3) 4597277 / 4597276

Fax: (20-3) 4597274

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and printing of all kinds of packaging and wrapping materials, including multi layer paper, aluminium foils, plastic films multi layer and cardboard for foodstuffs and other industries.

 

Subject is ISO 9001, 14001 and 18001 accredited.

 

Import Countries: France, Belgium, China, Saudi Arabia, Qatar and United Arab Emirates

 

Export Countries: Libya and Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of approximately 170 employees.

 

FINANCIAL DATA

 

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 37,180,000                           £E 38,467,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

·       National Societe Generale Bank

15 Mina Street

Kafr Abdou

Alexandria

Tel: (20-3) 5224611

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

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.58.45

UK Pound

1

Rs.91.60

Euro

1

Rs.77.91

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.