MIRA INFORM REPORT

 

 

Report No. :

335054

Report Date :

05.08.2015

 

IDENTIFICATION DETAILS

 

Name :

EL ALAMEIN FOR MANUFACTURE OF CORRUGATED CARTON SAE

 

 

Registered Office :

Plot 2, Block 35, 2nd Industrial Zone, New Borg El Arab Zone, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.09.1992

 

 

Com. Reg. No.:

133312

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture and distribution of corrugated cardboard packaging and related materials.

 

 

No. of Employees :

570

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

B2

B2

 

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.

 

Source : CIA

SUMMARY

 

Company Name                                    : EL ALAMEIN FOR MANUFACTURE OF CORRUGATED CARTON

  SAE

Also Known As                                     : EL ALAMEIN CONTAINERS SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 27th September 1992

Commercial Registration Number           : 133312

Tax Card Number                                  : 202-044-878

Authorised Capital                                 : £E 100,000,000

Issued Capital                                       : £E 100,000,000

Paid up Capital                                     : £E 40,000,000

Total Workforce                                                : 570

Activities                                               : Manufacture and distribution of corrugated cardboard packaging.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

EL ALAMEIN FOR MANUFACTURE OF CORRUGATED CARTON SAE

 

 

ALSO KNOWN AS

 

EL ALAMEIN CONTAINERS SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Plot 2, Block 35

Area                 : 2nd Industrial Zone, New Borg El Arab Zone

Town                : Alexandria

Country             : Egypt

Telephone         : (20-3) 4624305

Facsimile          : (20-3) 4624315

 

Premises

 

Subject operates from a large suite of offices a warehouse and a production unit that are owned and located in the Industrial Area of Alexandria.

 

Branch Office (s)

 

Location                                                                                                           Description

 

116 El Horrya Road                                                                                           Office premises

Bab Shark

Alexandria

 

2 Hadaek Ramo Building                                                                                   Office premises

Flat 105

El Nasr Street

Cairo

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                                Position

 

Ali Mohamed Saeed                                          Egyptian                                   Managing Director

 

Ahmed Hayel Saeed                                          Egyptian                                   Director

 

Abdel Gabar Hayel Saeed                                  Egyptian                                   Director

 

Mahfoz Ali Mohamed Saeed                              Yemeni                                     Director

 

Mahmoud Nabil Shata                                       Egyptian                                   Director

 

Ibrahim Soltan                                                    -                                              Finance Manager

 

Khaled Hashem                                                  -                                              Human Resources Manager

 

Mohamed Samir                                                  -                                             Administration Manager

 

Mokhtar Shaher                                                  -                                  Chief Executive Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th September 1992

 

Legal Form      : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 133312

 

Tax Card No.    : 202-044-878

 

Authorised Capital       : £E 100,000,000

 

Issued Capital              : £E 100,000,000

 

Paid up Capital            : £E 40,000,000

 

Name of Shareholder (s)                                              

 

Al Saeed Trading

 

Hayel Saeed Group

 

Ali Mohamed Saeed

 

Ahmed Hayel Saeed

 

Abdel Gabar Hayel Saeed

 

Mahfoz Ali Mohamed Saeed

 

Mahmoud Nabil Shata

 

AFFILIATED COMPANIES

 

Cepack for Packaging Materials Co

 

Commercial International Investment Co

 

Hi Pack for Packaging Materials

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of corrugated cardboard packaging and related materials.

 

Production Capacity: 3,000 tons per month

 

Import Countries: Canada and the United States of America.

 

Suppliers:

 

Rakta General Paper Industry

Al Ahliah

 

Local Clients:

 

Samsung

Toshiba

El Gebaly

Kiriazi Refrigerators Manufacturing Co

 

Operating Trend: Steady

 

Subject has a workforce of approximately 570 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                £E 150,000,000                         £E 160,000,000

 

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

 

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

BANKERS

 

Commercial International Bank (CIB)

61 Sultan Hussein Street

Alexandria

Tel: (20-3) 4824643 / 4834255

Fax: (20-3) 4832240

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.93

UK Pound

1

Rs.99.82

Euro

1

Rs.70.05

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TPT

 

               

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.