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Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
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Name : |
EL SALAM LATEX & PLASTIC WORKS CO |
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Registered Office : |
4th Industrial
Zone, Block 34, Plot 11, Borg El Arab, P O Box 57, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1997 |
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Com. Reg. No.: |
323, Borg El Arab |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer
of toothbrushes and feeding bottles under their own brand and for third
parties. |
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No of Employees : |
45 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.
|
Source
: CIA |
Company Name : EL SALAM LATEX & PLASTIC WORKS CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1997
Commercial Registration Number : 323, Borg El Arab
Industrial Registration Number : 274550
Tax Card Number : 202-484-777
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 45
Activities : Manufacturers of toothbrushes and feeding bottles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EL SALAM LATEX & PLASTIC WORKS CO
Registered &
Physical Address
Location : 4th
Industrial Zone, Block 34, Plot 11
Area : Borg
El Arab
PO Box : 57
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4594121
Facsimile : (20-3) 4594121
Mobile : (20-12) 7352197
/ 2132327
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Alexandria.
Branch Office (s)
Location Description
·
445 Canal El Mahmoudyia Street Factory
premises
Smouha
Alexandria
Tel: (20-3)
4291485
Name Position
·
Camilia Mohamed Farag El Banna Chairman
·
Mohamed Naguib El Banna Managing
Director
·
Hanan Mohamed El Azaly Director
·
Reham Mohamed El Azaly Director
·
Ahmed Mohamed El Azaly Director
·
Ahmed Sadek Amar Director
·
Roushdy Farag Finance
Manager
·
Ahmed Mohamed El Azaly Factory
Manager
·
Hanan
Mohamed El Azaly Quality
Manager
·
Moustafa
Abd El Maksoud Accounts
Manager
Date of Establishment : 1997
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 323, Borg El Arab
Industrial Reg. No. : 274550
Tax Card No. : 202-484-777
Authorised
Capital : £E 20,000,000
Issued Capital : £E
5,000,000
Paid up Capital : £E 5,000,000
Name of Shareholder
(s) Percentage
·
Mohamed Naguib El Banna 33%
·
Ahmed Mohamed El Azaly 26%
·
Camilia Mohamed Farag El Banna 15%
·
Hanan Mohamed El Azaly 13%
·
Reham Mohamed El Azaly 13%
Activities: Engaged in the manufacture
of toothbrushes and feeding bottles under their own brand and for third
parties.
Subject is ISO
9001:2000 accredited.
Production
Capacity:
5,500,000 brushes per annum
Import
Countries: Italy, Germany
and India.
Export
Countries: Saudi Arabia, Libya, Lebanon, France, Kuwait, Syria, and
the United Kingdom.
Brand Names: BAROUN and EAMA
PROFESSIONAL
Operating Trend: Steady
Subject has a
workforce of 45 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales £E 10,800,000 £E 11,320,000
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
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
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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 |
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-- |
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.