MIRA INFORM REPORT

 

 

Report Date :

09.01.2014

 

IDENTIFICATION DETAILS

 

Name :

NEW MARINA PLASTIC INDUSTRIES SAE

 

 

Registered Office :

2nd Industrial Zone, Block 16, Plot 9 New Borg El Arab Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1997

 

 

Com. Reg. No.:

171, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of plastic products, including closures for soft drinks bottles, crates, PET and In Mould Labelling products.

 

 

No. of Employees :

300

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

SUMMARY

 

Company Name                                     : NEW MARINA PLASTIC INDUSTRIES SAE

Also Known As                                      : NEW MARINA PLAST CO

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1997

Commercial Registration Number            : 171, Alexandria

Issued Capital                                        : £E 30,000,000

Paid up Capital                                      : £E 30,000,000

Total Workforce                                     : 300

Activities                                               : Manufacturers of plastic products closures for soft drinks bottles, crates,

                                                             PET and In Mould Labelling products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed El Sayed, Assistant Financial Manager

 

 

 

COMPANY NAME

 

NEW MARINA PLASTIC INDUSTRIES SAE

 

 

ALSO KNOWN AS

 

NEW MARINA PLAST CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 2nd Industrial Zone, Block 16, Plot 9

Area                 : New Borg El Arab

Town                 : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 4590310 / 4590020 / 4592037

Facsimile          : (20-3) 4590311

Mobile               : (20-100) 1200982 / (20-111) 9951889

Email                : afathi@savola.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       2nd Industrial Zone, Block 33, Plot 40                                                   Warehouse premises

Borg El Arab

Alexandria

Tel: (20-3) 4592352

Fax: (20-3) 4592356

 

·       2A El Khaifa El Mamoun Street                                                          Office premises                         

Heliopolis

Cairo

Tel: (20-2) 24529555 / 22570362

Fax: (20-2) 24529081

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mahmoud Kashkary                                                                          Chairman

 

·       Edward Halim Habashy                                                                      Director

 

·       Dr Maamon Faleh El Dawoud                                                             Director

 

·       Azhar Bin Meedo Bin Mohddine Khinji                                                 Director

 

·       Dr Abdallah Mohamed Telmesani                                                        Director

 

·       Farhan Khali                                                                                     Chief Financial Officer

 

·       Amr Fathy                                                                                        General Manager

 

·       Mohamed El Sayed                                                                           Assistant Financial Manager

 

·       Sherif Gaber                                                                                     Marketing Manager

 

·       Ahmed Saeed                                                                                   Sales Manager

 

·       Ahmed Wagdy                                                                                  Production Manager

 

·       Nadine Said Abd El Kader                                                                  Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1997

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 171, Alexandria

 

Issued Capital              : £E 30,000,000

 

Paid up Capital            : £E 30,000,000

 

Name of Shareholder (s)                                             Percentage

 

·       Savola Packaging Systems                                        98.67%

Saudi Arabia

 

·       Al Uttar Arabian Investment Holding                              1.00%

Saudi Arabia

 

·       Azhar Bin Meedo Bin Mohddine Khinji                           0.33%

 

 

AFFILIATED COMPANIES

 

·       Utur Packaging Materials Company Limited

·       Savola Trading International Limited

·       Tayseer FZCO

·       Azizia Panda Trading Company

·       Al-Azizia Panda United Company

·       Afia International Company

·       Herfy Food Services Company Ltd

·       Savola Industrial Investments Co

·       United Properties Development Company

·       Adeem Arabia Company Ltd

·       Al Marai Company Ltd

·       Marafiq

·       Intaj Capital Limited

·       Afia Xiwang International (AXI)

·       Golden Hope Investments (Asia Pacific)

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic products, including closures for soft drinks bottles, crates, PET

                 and In Mould Labelling products.

 

Import Countries: Europe and GCC countries.

 

Export Countries: Libya, Sudan, United Arab Emirates, Saudi Arabia, Morocco and Singapore.

 

Brand Names: NEW MARINA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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 Sales                                £E 208,032,000                         £E 202,738,000

 

Net Profit                                   £E   17,682,000                         £E   13,214,000

 

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

 

The above figures were provided by Mr Mohamed El Sayed, Assistant Financial Manager

 

 

BANKERS

 

·       National Bank of Abu Dhabi

28 Salah Salem Street

Alexandria

Tel: (20-3) 4829175

Fax: (20-3) 4847114

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.62.24

UK Pound

1

Rs.102.17

Euro

1

Rs.84.82

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.