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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PACKING COMPANY |
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Registered Office : |
Building 2, First |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
338619, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of cardboard packaging |
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No. of Employees : |
350 |
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 |
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 |
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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 :
NATIONAL PACKING COMPANY
Also Known As :
WATANIA PACK FOR PACKAGING AND PACKING MATERIALS
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1996
Commercial Registration Number :
338619, Cairo
Tax Card Number : 204-961-904
Issued Capital :
£E 5,000,000
Paid up Capital :
£E 5,000,000
Total Workforce :
350
Activities :
Manufacturers of cardboard packaging
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
NATIONAL PACKING
COMPANY
ALSO KNOWN AS: WATANIA PACK FOR
PACKAGING AND PACKING MATERIALS
Registered &
Physical Address
Building : Building 2
Street : First Abbass
El Akkad Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22602621
/ 22602645
Facsimile : (20-2)
22602621 / 22602645
Premises
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
Mubarak Industrial Zone Factory
premises
Quesna
Tel: (20-48) 2590300
Fax: (20-48) 2590708
14 El Ataiba Building Office
premises
Mohandessin
Giza
Tel: (20-2) 33376521 / 33371571
Fax: (20-2) 33376521
Name Position
Mohamed El Meselhey Hashem Chairman
Adel Mohamed Moustafa Vice
Chairman
Moustafa Hendawy El Zein Managing
Director
Sadek Abd El Rahman El Sharkawy Director
Ahmed Mohamed Gadallah Director
Mohamed Abd El Raouf Financial
Manager
Tarek El Shahewi Production Manager
Abd El Rahman Sadek Abd El Rahman El Sharkawy Sales Manager
Mohamed Youssef Purchase
Manager
Date of Establishment : 1996
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 338619, Cairo
Tax Card No. : 204-961-904
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Name of
Shareholder (s) Percentage
Mohamed El Meselhey Hashem 20%
Moustafa Hendawy El Zein 20%
Adel Mohamed Moustafa 20%
Sadek Abd El Rahman El Sharkawy 20%
Ahmed Mohamed Gadallah 20%
Activities: Engaged in the
manufacture of cardboard packaging.
Import Countries: Australia,
China and Finland
Brand Names: NPC
Operating Trend: Steady
Subject has a workforce of approximately 350 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
13,816,032 £E
16,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
Faisal Islamic Bank of Egypt
1113 Corniche El Nil Street
Cairo
Tel: (20-2) 2753165
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.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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.