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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
COVERIS FLEXIBLE |
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Formerly Known As : |
KOBUSCH PACKAGING |
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Registered Office : |
First Industrial
Zone, Block 7, New Borg El Arab, P O Box 440, Alexandria |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments : |
1992 |
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Com. Reg. No.: |
134024, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer and exporter
of flexible packaging materials, including printed plastic bags for juice and
powdered milk, as well as printing for plastic sacks, aluminium
and paper. |
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No of Employees : |
300
(Approximately) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source : CIA |
Company Name : COVERIS FLEXIBLE
Previously Known As : KOBUSCH PACKAGING EGYPT SAE (KPE)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1992
Commercial Registration Number : 134024, Alexandria
Industrial Licence Number : 23790
Tax Card Number : 100-443-117
Issued Capital : £E 62,621,000
Paid up Capital : £E 62,621,000
Total Workforce : 300
Activities : Manufacturers of flexible packaging materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hassan Ibrahim, Financial Controller
COVERIS FLEXIBLE EGYPT SAE
KOBUSCH PACKAGING
EGYPT SAE (KPE)
Registered &
Physical Address
Location : First Industrial Zone, Block 7
Area : New Borg El Arab
PO Box : 440
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4591023 / 4938164 / 4592472 /
4592473
Facsimile : (20-3) 4593314 / 4592471
Mobile : (20-12) 7698866 / 7698855 / (20-10)
1626613
Email : wdaabis@pactiv.com / rarasole@pregis.com / hassan.ibrahim@coveris.com
Premises
Subject operates
from a large suite of offices, warehousing and a factory that are owned and
located in the Industrial Area of Alexandria.
Branch Offices
Location Description
·
Suez
Canal Tower Office
premises
4 Ibn Kathier Street
Giza
Cairo
Tel: (20-2) 33360935
Fax: (20-2) 33360935
Name Position
·
Rabeh Mohamed Fouzi El Sherif General
Manager
·
Maged Hassan Finance
Manager
·
Hassan Ibrahim Financial
Controller
·
Abdul Moniem Dawoud Purchasing
Manager
·
Mohamed
Farghaly Operations
Manager
·
Atef Omar R
& D Manager
·
Yaser Medhat Administration
Manager
Date of Establishment : 1992
History : Subject began in 1992 under the name “Kobusch Packaging Egypt SAE (KPE)”. However in June 2014 it
changed its name to “Coveris Flexible Egypt SAE”
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 134024,
Alexandria
Industrial Licence
No. : 23790
Tax Card No. : 100-443-117
Issued Capital : £E 62,621,000
Paid up Capital : £E 62,621,000
Name of Shareholder
(s) Percentage
·
Coveris Group 100%
Chicago, IL
United States of America
Tel: (1-773) 8773300
Activities: Engaged in the manufacture and export of
flexible packaging materials, including printed plastic bags for juice and
powdered milk, as well as printing for plastic sacks, aluminium
and paper.
Subject is ISO
9001:2000 certified.
Production
Capacity: 14,300 tonnes per annum
Import
Countries: Netherlands,
Germany, France, Qatar and the United States of America.
Export
Countries: Saudi Arabia,
Yemen, United Arab Emirates, Lebanon, Morocco, Nigeria and Kenya.
Operating Trend: Steady
Subject has a
workforce of approximately 300 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
233,000,000 £E
263,827,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr. Hassan Ibrahim,
Financial Controller
·
Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 34824643 / 34834255
Fax: (20-3) 34832240
·
Egyptian
American Bank
14 Salah Salem Street
PO Box: 1737
Alexandria
Tel: (20-3) 34835008
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 Pounds
Sterling
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.59.95 |
|
UK Pound |
1 |
Rs.102.78 |
|
Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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<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.