MIRA INFORM REPORT

 

 

Report Date :

20.03.2014

 

IDENTIFICATION DETAILS

 

Name :

EL OBOUR COMPANY FOR PAPER PRODUCTION SAE

 

 

Registered Office :

37 Ismail Ramsey Street, Heliopolis, Cairo 11531

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishments:

2002

 

 

Com. Reg. No.:

35190

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

manufacturer of paper rolls and cardboard.

 

 

No. of Employees

200

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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                                    : EL OBOUR COMPANY FOR PAPER PRODUCTION SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 2002

Commercial Registration Number           : 35190

Tax Card Number                                  : 204-957-915

Issued Capital                                       : £E 50,000,000

Paid up Capital                                     : £E 50,000,000

Total Workforce                                     : 200

Activities                                               : Manufacturers of paper rolls and cardboard.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

EL OBOUR COMPANY FOR PAPER PRODUCTION SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 37 Ismail Ramsey Street

Area                 : Heliopolis

Town                : Cairo 11531

Country             : Egypt

Telephone         : (20-2) 26440085 / 26440086

Facsimile          : (20-2) 26397556

Mobile              : (20-10) 1695880 / 1695860 / 1695873

Email                : sfosman@link.net

 

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

 

·       2nd Industrial Zone                                                                             Factory premises

Cairo Ismailia Road

El Obour City

Tel: (20-2) 46101224

Fax: (20-2) 46101225

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sherif Farouk Ali Osman                                                                   Chairman

·       Dalia Farouk Ali Osman                                                                     Director

·       Engy Farouk Ali Osman                                                                    Director

·       Nabil Mahmoud Said                                                                                    Director

·       Mossad El Kady                                                                               Finance Manager

·       Ahmed Heikal                                                                                   Project Manager

·       Soumaia Salah El Din                                                                       Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2002

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 35190

 

Tax Card No.                : 204-957-915

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Sherif Farouk Ali Osman                                                       55%

·       Dalia Farouk Ali Osman                                                         15%

·       Engy Farouk Ali Osman                                                        15%

·       Nabil Mahmoud Said                                                                        15%

 

 

AFFILIATED COMPANIES

 

·       Super Plast

Cairo

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of paper rolls and cardboard.

 

Import Countries: Germany, Italy, Turkey, China, Indonesia and the United States of America.

 

Export Countries: Libya, Israel and Syria

 

Operating Trend: Steady

 

Subject has a workforce of approximately 200 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 40,000,000                           £E 40,550,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Suez Canal Bank

PO Box: 2620

Cairo

Tel: (20-2) 25769296

Fax: (20-2) 25322064

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

        Rs.61.09

UK Pound

1

Rs.101.41

Euro

1

Rs.85.08

 

 

INFORMATION DETAILS

 

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

 

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.