MIRA INFORM REPORT

 

 

Report Date :

29.06.2013

 

IDENTIFICATION DETAILS

 

Name :

ROTO PACK MISR COMPANY FOR PRINTING PACKAGING MATERIAL  SAE

 

 

Registered Office :

Industrial Zone A2, 8A/4A 18/4B El-Madina Street, Cairo / Ismailia Desert Road

Sharkeya PO Box 434Tenth of Ramadan City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1985

 

 

Com. Reg. No.:

52385

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of polypropylene and polyethylene flexible films

 

 

No. of Employees :

186

 

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                                    : ROTO PACK MISR COMPANY FOR PRINTING PACKAGING MATERIAL  SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1985

Commercial Registration Number           : 52385

Industry Registration Number                 : 93170

Tax Card Number                                  : 100-258-301

Issued Capital                                       : £E 27,000,000

Paid up Capital                                     : £E 27,000,000

Total Workforce                                     : 186

Activities                                               : Manufacturers of polypropylene and polyethylene flexible films

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

ROTO PACK MISR COMPANY FOR PRINTING PACKAGING MATERIAL SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Industrial Zone A2, 8A/4A 18/4B

Street               : El-Madina Street, Cairo / Ismailia Desert Road

Area                 : Sharkeya

 

PO Box            : 434    

 

Town                : Tenth of Ramadan City

Country             : Egypt

 

Telephone         : (20-15) 413099 / 413110 / 413170

Facsimile          : (20-15) 413108

Mobile              : (20-10) 5269518

Email                : rotopack@link.net

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Tenth of Ramadan City.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       4th Industrial Zone, Plot No. 78                                                           Factory premises

6th of October City

Tel: (20-2) 38334996 / 38330674 / 38334997

Fax: (20-2) 38331228

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed El Hady Zaghal                                                                 Chairman

 

·       Selim Mohamed El Hady Zaghal                                                        Vice Chairman              

 

·       Mohamed Abd El-Salam El Bakary                                                    Managing Director

 

·       Hany Jean Tanous                                                                            Director

 

·       Fawzy Elias Farag                                                                            Director

 

·       Ayad El Dogy                                                                                  Director

 

·       Amr Nabil Shetta                                                                              Director

 

·       Rafal Pires                                                                                      General Manager

 

·       Abd El Fattah Abd El Aziz                                                                 Finance Manager

 

·       Mohamed Hassan                                                                             Accountant Manager

 

·       Shaaban El Sayed                                                                            Production Manager

 

·       Yaccoub Fayez                                                                                Engineering Manager

 

·       Mohamed Ibrahim                                                                             Technical Manager

 

·       Mahmoud Attwa                                                                               Human Resources Manager

 

·       Emad Helmy                                                                                    Maintenance Manager

 

·       Ayman Abd El Alim                                                                          Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 52385

 

Industry Reg. No.         : 93170

 

Tax Card No.                : 100-258-301

 

Issued Capital              : £E 27,000,000

 

Paid up Capital            : £E 27,000,000

 

Name of Shareholder (s)                                           Percentage

 

·       Porta Egypt for Packaging Materials                         99.59%

Cairo

 

·       Local businessmen and private investors                     0.35%

 

·       Altea Packaging                                                         0.06%

Tunisia

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of polypropylene and polyethylene flexible films.

 

Production Capacity: 450 tonnes per month

 

Import Countries: Italy, Germany, France, Brazil, India, China and the United Arab Emirates.

 

Export Countries: Poland, Libya, Sudan and Morocco.

 

Operating Trend: Steady

 

Subject has a workforce of 186 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 114,946,046                         £E 120,888,659

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Export Development Bank of Egypt

     1st District Centre, Group D

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 367203

Fax: (20-15) 362638 / 362639

 

 

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.

 

The above credit figure is higher than transactions previously seen and a measure of caution would be prudent given the magnitude of the transaction.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.70

UK Pound

1

Rs.91.14

Euro

1

Rs.77.97

 

 

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%)

 

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