MIRA INFORM REPORT

 

 

Report Date :

29.03.2013

 

IDENTIFICATION DETAILS

 

Name :

EL TAYEBY FIBERGLASS AND PLASTIC SAE

 

 

Registered Office :

7 Ahmed Fathi Street, Gleem, Ramleh, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1989

 

 

Com. Reg. No.:

13495

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of fibre glass products

 

 

No. of Employees :

50

 

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 :

Usually Correct 

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : EL TAYEBY FIBERGLASS AND PLASTIC SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1989

Commercial Registration Number           : 13495

Industry Registration Number                 : 260640

Issued Capital                                       : £E 2,500,000

Paid up Capital                                     : £E 2,500,000

Total Workforce                                     : 50

Activities                                               : Manufacturers of fibre glass products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

EL TAYEBY FIBERGLASS AND PLASTIC SAE

 

 

Company ADDRESS

 

Registered & Physical Address

Street               : 7 Ahmed Fathi Street

Area                 : Gleem, Ramleh

Town                : Alexandria

Country             : Egypt

Telephone         : (20-3) 5774939 / 5741274 / 5755797

Facsimile          : (20-3) 5755797 / 5741274 / 5774939

Email                : tayplast@tayplast.com / info@tayplast.com

 

Premises

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

 

·       Plot 8, Block 34                                                                                Factory premises

Borg El Arab

     El Gadida

     4th Industrial Zone

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Khaled Mosaad El Taybi                                                                   Chairman

·       Karim Abd El Ghani                                                                          Vice Chairman

·       Essam Abd El Gawad                                                                       Sales Manager

·       Dr Mohamed Mosaad El Taybi                                                          Consultant

·       Ayman Abd El Aziz El Madary                                                           Consultant

·       Ahmed Shawky                                                                                 Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1989

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 13495

 

Industry Reg. No.         : 260640

 

Issued Capital              : £E 2,500,000

 

Paid up Capital            : £E 2,500,000

 

Name of Shareholder (s)                                              

·       Khaled Mosaad El Taybi                                                                  

·       Karim Abd El Ghani

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of fibre glass products such as water tanks, chemical basins, toys for schools, marine boats, lighting poles, electrical boxes, corrugated sheets, furniture, car bodies and insulation.

 

Import Countries: Europe and the Far East.

 

Brand Names: TP

 

Operating Trend: Steady

 

Subject has a workforce of 50 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 Revenue                           £E 18,660,000                           £E 19,215,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

21 Tosson Street

Alexandria

Tel: (20-3) 4824802 / 4825715

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

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.