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Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL PRINTING & PACKAGING
MATERIALS CO LTD (IPP) |
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Registered Office : |
Sher Al Alam Lil
Tib Wa Mawad Al Tabiya, Industrial Zone A2, Zone No. 3, Plot 3/3, Sharkeya, P
O Box 1060, Tenth of Ramadan City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1991 |
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Com. Reg. No.: |
939 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
·
Subject is engaged in the printing of flexible
packaging materials for biscuits, chocolates and carton boxes. · Subject is also involved in offset, rotogravure and lithographic printing. |
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No. of Employees : |
290 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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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 : INTERNATIONAL PRINTING & PACKAGING MATERIALS CO LTD
(IPP)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1991
Commercial Registration Number : 939
Issued Capital : £E 79,575,300
Paid up Capital : £E 79,575,300
Total Workforce : 290
Activities : Printing of flexible packaging materials for biscuits, chocolates and
carton boxes
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
INTERNATIONAL
PRINTING & PACKAGING MATERIALS CO LTD (IPP)
Registered &
Physical Address
Location : Sher Al Alam Lil Tib Wa Mawad Al
Tabiya
Area : Industrial Zone A2, Zone No.
3, Plot 3/3, Sharkeya
PO Box : 1060
Town : Tenth of Ramadan City
Country : Egypt
Telephone : (20-15) 413118 / 413155 / 367384 /
413164 / 413165 / 413166 / 413164
Facsimile : (20-15) 413008 / 367338
Mobile : (20-12) 3185297
Email : ipp@pedata.net.eg
Premises
Subject operates
from a large suite of offices and a factory with warehousing facilities that
are owned and located in the Industrial Area of the Tenth of Ramadan City.
Name Position
·
Saoud
Ali Abd El Qader Hafez Chairman
·
Mohamed
Ali Abd El Qader Hafez Managing
Director
·
Mahmoud
El Shenawy
General
Manager
·
Ahmed
Al Sharif Administration
Manager
·
Mahmoud
Darasil Sales
Manager
·
Mamdouh
Hano Finance
Manager
·
Medhat
Abdullah
Purchasing
Manager
·
Yaser
Kamel Technical
Manager
Date of Establishment : 1991, full
production began in 1993
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 939
Issued Capital : £E 79,575,300
Paid up Capital : £E 79,575,300
Name of
Shareholder (s)
·
Saoud
Ali Abd El Qader Hafez
·
Mohamed
Ali Abd El Qader Hafez
·
Local
businessmen and private investors
Activities: Engaged in the printing of flexible
packaging materials for biscuits, chocolates and carton boxes.
Subject is also involved in
offset, rotogravure and lithographic printing.
Subject is ISO 9001, 1801 and 2200 accredited.
Import
Countries: Italy, Germany,
Oman, India, Norway, Finland and China.
Operating Trend: Steady
Subject has a
workforce of approximately 290 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 128,500,000 £E 133,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
Tenth of Ramadan City
Tel: (20-15) 360833 / 360744 / 344144
·
National
Development Bank
Tenth of Ramadan City
Tel: (20-15) 362793 / 362794
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
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.66.89 |
|
UK Pound |
1 |
Rs.103.95 |
|
Euro |
1 |
Rs.88.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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NB |
New Business |
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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.