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Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
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Name : |
EMAK FOR PAPER MANUFACTURING CO |
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Registered Office : |
City Centre Tower, 10th Floor 3 Makram Ebeid Street Nasr City Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
357552, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of
duplex paper and all kinds of cardboard |
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No. of Employees : |
400 |
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 |
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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 |
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 : EMAK FOR PAPER MANUFACTURING CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1998
Commercial Registration Number : 357552, Cairo
Tax Card Number : 205-071-864
Issued Capital : £E 200,000,000
Paid up Capital : £E 200,000,000
Total Workforce : 400
Activities : Manufacture of duplex paper and all kinds of cardboard
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EMAK FOR PAPER MANUFACTURING CO
Building : City Centre Tower, 10th Floor
Street : 3 Makram Ebeid Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 26709420 / 26709424 / 26709426 / 26709428 / 26709411 / 26709412
Facsimile : (20-2) 26709410 / 26709412
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· Ezz Zone, El Ein El Sokhna Factory
premises
Ataka
Suez
Tel: (20-62) 3250414 / 3250413 / 3250419
Fax: (20-62) 3250427
Name Position
· Ibrahim El Sayed Ibrahim Saleh Chairman
· Nasser Mohamed A El
Mohsen El Kharafi Director
· Gasem Mohamed
Ahmed A El Mohsen El Kharafi Director
· Fawzy Mohamed
Ahmed A El Mohsen El Kharafi Director
· Loaai Gasem
Mohamed Ahmed A El Mohsen El Kharafi Director
· Marzouk Nasser
Mohamed Ahmed A El Mohsen El Kharafi Director
· Taha Abd Rabou General
Manager
· Ashraf Badr Finance
Manager
· Ahmed Moubarak Accounts
Manager
Date of
Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 357552, Cairo
Tax Card No. : 205-071-864
Issued Capital : £E 200,000,000
Paid up Capital : £E 200,000,000
· Nasser Mohamed A
El Mohsen El Kharafi 27%
· Gasem Mohamed
Ahmed A El Mohsen El Kharafi 27%
· Fawzy Mohamed
Ahmed A El Mohsen El Kharafi 27%
· Mohamed Mohamed A
El Mohsen El Kharafi and Sons General Trade 15%
Kuwait
· Loaai Gasem
Mohamed Ahmed A El Mohsen El Kharafi 2%
· Marzouk Nasser
Mohamed Ahmed A El Mohsen El Kharafi 2%
Subject is a member of the Kharafi Group which is a multinational,
multi-faceted group with a variety of interests. These interests cover
activities such as construction, manufacturing and commerce. The Kharafi Group
also has the largest food company throughout the Middle East, an airline and
investments which include Kuwait's leading financial institutions and other
companies listed on the stock exchange
The Kharafi Group's roots have been in Kuwait for more than 100 years,
but it has operations worldwide. It is one of the largest companies in the
Middle East with an annual turnover in excess of US$ 2.2 billion.
The Kharafi Group includes the following concerns :
· National Electro
Mechanical Co Kuwait
· National Piling Co Kuwait
· Kuwait British
Ready-mix Co Kuwait
· Aluminium
Industries Kuwait
· Terrazzo Factory Kuwait
· International
Contracting Co Kuwait
· Sitar Sun
Protection Co Kuwait
· Isofoam Insulating
Material Co Kuwait
· Al Salihiya
Exchange Co Kuwait
· Sabhan Steel
Reinforcement Co Kuwait
· Kuwait Insurance
Co Kuwait
· Al Ahlia Insurance
Co Kuwait
· Gulf Real Estate
Investment Co Kuwait
· Kuwait Real Estate
Investment Co Kuwait
· National
Industries Co Kuwait
· Kuwait Cement Co Kuwait
· Kuwait Timber Co Kuwait
· Kuwait Fisheries Kuwait
· Kuwait Foundry Co Kuwait
· Gulf Cable &
Electrical Industries Kuwait
· Cold Storage Co Kuwait
· Kuwait Hotels Co Kuwait
· Al Qabas Daily
Newspaper Kuwait
· Dar Al Qabas
Printing & Publishing Co Kuwait
· Kuwait Oil Tanks
Co Kuwait
· National Maritime
& Agencies Co Kuwait
· United Contracting
Co Kuwait
· Kuwait Food Co Kuwait
· Mohamed Abdul
Mohsin Kharafi & Sons WLL Kuwait
· Admak General
Contracting Co Abu
Dhabi, United Arab Emirates
· M.A. Kharafi
(Saudi Arabia) Saudi
Arabia
· MAK Contracting Co Yemen
· M.A. Kharafi Est Oman
· Omak – Travo LLC Oman
· Kharafi Water Well
Drilling Oman
· M.A. Kharafi
Contracting Co Kenya
· MAK (Pty) Ltd Botswana
· Arab Aluminium Co Egypt
· Yemen Hotels &
Investment Co Yemen
· Arab Heavy
Industries Co Ltd Ajman,
United Arab Emirates
· Maroc Kuwait
Hotels Co Morocco
· Sudan Kuwait
Hotels Co Sudan
· MAK Brake Lining
Co SAE Egypt
Activities: Engaged in the manufacture of duplex paper and all
kinds of cardboard.
Import Countries: United States of America, South Korea and Canada
Production Capacity: 180,000 tons per day.
Operating Trend: Steady
Subject has a workforce of approximately 400 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
130,000,000 £E
150,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab African Bank
5 El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax:
(20-2) 33558493
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
· Export Development
Bank of Egypt
108 Mohi El Din
Abu El Ezz Street
Mohandessin
Cairo
11111
Tel:
(20-2) 33619005 / 33385877
Fax: (20-2)
33385940 / 33385938
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.