MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

           

IDENTIFICATION DETAILS

 

Name :

SOFT ROSE INTERNATIONAL FOR PAPER AND PLASTIC CONVERTING SAE

 

 

Registered Office :

3 Farkhanda Hasan Street El Ard El Iraneya, El Bassatin, Maadi Cairo 11432

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1988

 

 

Com. Reg. No.:

251823, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of sanitary paper products

 

 

No. of Employees :

275

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Egypt

B2

B2

 

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 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

 

SUMMARY

 

Company Name                                     : SOFT ROSE INTERNATIONAL FOR PAPER AND PLASTIC

                                                                         CONVERTING SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1988

Commercial Registration Number            : 251823, Cairo

Industrial Registration Number                 : 4704

Tax Card Number                                   : 100-049-257

Issued Capital                                        : £E 100,000,000

Paid up Capital                                      : £E   60,000,000

Total Workforce                                     : 275

Activities                                               : Manufacturers of sanitary paper products

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Mahmoud Mohamed Soliman, Managing Director

 

 

COMPANY NAMe

 

SOFT ROSE INTERNATIONAL FOR PAPER AND PLASTIC CONVERTING SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 3 Farkhanda Hasan Street

Area                 : El Ard El Iraneya, El Bassatin, Maadi

Town                 : Cairo 11432

Country             : Egypt

 

Telephone         : (20-2) 27035001 / 27035006 / 27035003 / 27035009

Facsimile          : (20-2) 27035009 / 27035001

Mobile               : (20-122) 2100197 / (20-100) 1159604

Email                : softrosee@yahoo.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Central Business Area of Maadi.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Mahmoud Mohamed Soliman                                              Managing Director

 

·       Mohamed Abd El Aal                                                                         Finance Manager

 

·       Magda Beshry                                                                                  Sales Manager

 

·       Hany Badawy                                                                                   Administration Manager

 

·       Amirah Abbass                                                                                 Purchasing Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1988

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 251823, Cairo

 

Industrial Reg. No.       : 4704

 

Tax Card No.               : 100-049-257

 

Issued Capital              : £E 100,000,000

 

Paid up Capital            : £E   60,000,000

 

Name of Shareholder (s)                                           Percentage

 

·       Mohamed Mahmoud Mohamed Soliman                                  58%

 

·       Heba Mohamed Mahmoud                                                     20%

 

·       Hoda Bayoumy Ismail                                                            20%

 

·       Hany Badawy                                                                         1%

 

·       Farida Bayoumy Ismail                                                            1%    

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of sanitary paper products including, tissue paper boxes, pocket tissues,

     napkins, sanitary towels and toilet paper.

 

Import Countries: China

 

Brand Names: SOFT ROSE

 

Operating Trend: Steady

 

Subject has a workforce of approximately 275 employees.

 

 

FINANCIAL DATA

 

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 146,700,000                         £E 150,000,000

 

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

 

The above figures were provided by Mr Mohamed Mahmoud Mohamed Soliman, Managing Director

 

 

BANKERS

 

·       National Bank of Abu Dhabi

Nile Tower, 18th Floor

21, Giza Street

Cairo

Tel: (20-2) 33609724

 

 

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.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

 

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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.