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Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MODERN MISR FACTORY FOR PAPER & BOARD PREPARATION |
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Registered Office : |
Unit 10, Alexandria - Cairo Desert Road, Km 24, Zawit Abd El Kader,
Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
81, Alexandria |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacturing and converting of paper boards for use as
paper for book printing and typewriters |
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No. of Employees : |
160 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
Company Name :
MODERN MISR FACTORY FOR PAPER &
BOARD PREPARATION
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
2003
Commercial Registration Number :
81, Alexandria
Tax Card Number :
706-017-692
Invested Capital :
£E 300,000,000
Total Workforce :
160
Activities :
Manufacturing and converting of paper boards.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sara Nasr Habib, Import Manager
MODERN MISR FACTORY FOR
PAPER & BOARD PREPARATION
Building :
Unit 10
Street : Alexandria -
Cairo Desert Road, Km 24
Area : Zawit Abd El
Kader
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5914742
/ 5970921 / 5968788
Facsimile : (20-3) 5968788
/ 5970921
Mobile : (20-10)
3075000 / 3075444
Email : elmasrypapergroup@yahoo.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Alexandria.
Branch Office (s)
Location Description
· El Watania
Building Office
premises
116 El Horreya
Road
Alexandria
Tel: (20-3)
4841555
Fax: (20-3)
4875523
Name Position
· Ahmed El Sayed El
Masry Proprietor
& General Manager
· El Sayed El Masry Assistant
General Manager
· Ahmed Meshaly Finance
Manager
· Sara Nasr Habib Import
Manager
· Mohamed Ahmed El
Sayed El Masry Marketing
Manager
· Toheed Khater Accountant
Date of
Establishment : 2003
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 81, Alexandria
Tax Card No. : 706-017-692
Invested Capital : £E 300,000,000
Mr Ahmed El Sayed El Masry is the sole proprietor of the business.
Activities: Engaged in the manufacturing and converting of paper boards for use as
paper for book printing and
typewriters.
Production Capacity: 60 tonnes per day
Import Countries: Germany, Finland, Italy, Russia, Sweden, Indonesia
and Australia.
International
Suppliers:
· Stora Enso Finland
· Rexel Sweden
Brand Names: AMIRA
Operating Trend: Steady
Subject has a workforce of approximately 160 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales £E
308,000,000 £E
314,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Egyptian American Bank
14 Salah Salem Street
PO Box: 1737
Alexandria
Tel: (20-3) 4835008
·
Egyptian Commercial Bank
29 El Nabi Daniel
Street
Alexandria
Tel: (20-3)
3935734
Fax: (20-3)
3935733
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.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
|
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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 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.