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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
PORTA EGYPT FOR PACKAGING MATERIALS
SAE |
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Registered Office : |
4th Industrial Zone, Plot 78, Giza, Sixth of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
98097 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of polypropylene film and cassettes and polyester. |
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No. of Employees : |
180 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
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 – 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 |
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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 :
PORTA
EGYPT FOR PACKAGING MATERIALS SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1994
Commercial Registration Number :
98097
Tax Card Number :
100-475-787
Authorised Capital :
£E 100,000,000
Issued Capital :
£E 40,000,000
Paid up Capital :
£E 40,000,000
Total Workforce :
180
Activities :
Manufacturers of polypropylene film and cassettes and polyester.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ayman Abd El Alim, Marketing Manager
PORTA EGYPT FOR PACKAGING MATERIALS
SAE
Registered &
Physical Address
Location : 4th
Industrial Zone, Plot 78, Giza
Town : Sixth of
October City
Country : Egypt
Telephone : (20-2) 38334997
/ 38334996 / 38330674 / 38324145 / 38331228
Facsimile : (20-2)
38331228
Mobile : (20-100)
1112634 / 0084877
Email : portaegypt@portaegypt.com
/ a.abdelalim@portaegypt.com
/ karen.samir@portaegypt.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of the Sixth of October City.
Name Position
Mohamed El Hady El Zaghal Chairman
Sellim Mohamed El Hady El Zaghal Vice
Chairman
Aldo Jee Director
Abd El Fattah Abd El Aziz Finance
Manager
Walid Mekkawy Accounts
Manager
Mohamed Abd El Hakim Treasury
Manager
Mena Nessim Purchasing
Manager
Mohamed Ibrahim Technical
Manager
Ayman Abd El Alim Marketing
Manager
Kareb Samir Assistant
Marketing Manager
Date of Establishment : 1994
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 98097
Tax Card No. : 100-475-787
Authorised Capital : £E 100,000,000
Issued Capital : £E 40,000,000
Paid up Capital : £E 40,000,000
Name of
Shareholder (s) Percentage
Altea Packaging Group 99.98%
Tunisia
Cogitel 0.01%
Tunisia
Sied 0.01%
Tunisia
Roto Pack Misr SAE
10th of Ramadan City
Tel: (20-15) 413170
Fax: (20-15) 413108
Activities: Engaged in the
manufacture of polypropylene film and cassettes and polyester.
Production Capacity: 800 tons per
month.
Clients: Henkel,
Nestlé, PepsiCo, Danone, Master Foods, Cadbury and Coca-Cola.
Import Countries: India,
China, France and the United Arab Emirates.
Export Countries: Morocco,
Libya and Sudan
Operating Trend: Steady
Subject has a workforce of approximately 180 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
135,000,000 £E
138,450,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Ayman Abd El Alim, Marketing
Manager
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.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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.