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Report No. : |
338602 |
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Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MEDICAL PACKAGING COMPANY SAE |
|
|
|
|
Registered Office : |
124 Osman Ibn Affan Street, Heliopolis, Cairo |
|
|
|
|
Country : |
Egypt |
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|
|
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Financials (as on) : |
31.12.2014 |
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|
|
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Date of Incorporation : |
22.08.2006 |
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|
|
|
Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the production of glass containers for medical, pharmacy,
laboratory, cosmetics, perfumes and jewellery. |
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|
|
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No. of Employees : |
150 |
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 – 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 |
Company Name :
MEDICAL PACKAGING COMPANY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
22nd August 2006
Issued Capital :
ŁE 113,941
Paid up Capital :
ŁE 113,941
Total Workforce :
150
Activities :
Producers of glass containers.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MEDICAL PACKAGING COMPANY SAE
Registered &
Physical Address
Street : 124 Osman
Ibn Affan Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 27744708
Facsimile : (20-2)
27744716
Mobile : (20-122)
4102767
Email : m.gouda@med-pack.com
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
Industrial Zone B4, Plot 18 Factory
premises
10th of Ramadan City
Name Position
Hasan Fadel Chairman
Maher Sayed Managing
Director
Ibrahim Rahmo Director
Amin Ailwa Director
Nevan Abdul Aal Director
Sami Abd El Kader Director
Date of Establishment : 22nd
August 2006
Legal Form : Egyptian Joint
Stock Company
Issued Capital : ŁE 113,941
Paid up Capital : ŁE 113,941
Name of
Shareholder (s)
Al Wasata Securities Co
Hasan Fadel
Maher Sayed
Ibrahim Rahmo
Amin Ailwa
Nevan Abdul Aal
Sami Abd El Kader
Activities: Engaged in the production of glass containers for medical, pharmacy,
laboratory, cosmetics, perfumes and jewellery.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 150 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (ŁE)
Balance Sheet 31/12/14 31/12/13
|
Total Other
Operating Income or Expenses |
-- |
(3,655.73) |
|
Total Cash &
Cash Equivalents |
352.61 |
-- |
|
Total Assets |
352.61 |
-- |
|
Total Current
Liabilities |
113,941.53 |
-- |
|
Total Inventory |
19,513.44 |
-- |
|
Total Current
Assets |
6,717.87 |
-- |
|
Total Liabilities
|
17,492.67 |
-- |
|
Total Equity |
43,420.53 |
-- |
|
Total Liabilities
& Shareholders' Equity |
70,521.00 |
-- |
|
Paid-In Capital |
113,941.53 |
-- |
|
Net Income or
Loss for the Year |
64,000.00 |
-- |
|
Total Owners'
Equity & Minority Interest Equity |
(1,407.47) |
-- |
|
Total Fixed
Assets |
70,521.00 |
-- |
|
Net Cash Flow
from (Used In) Operating Activities |
96,448.86 |
1,739.07 |
|
Net Cash Flow
from (Used In) Financing Activities |
-- |
(400.00) |
|
Net Change In
Cash & Cash Equivalents |
-- |
1,104.73 |
|
Cash Balances at
the Beginning of the Year |
-- |
437.88 |
|
Cash & Cash Balances, Total |
352.61 |
-- |
|
Total Cash & Cash Equivalents |
352.61 |
-- |
|
Trade & Other Accounts Receivable, Net |
352.61 |
-- |
|
Notes Receivable, Short-Term |
10,385.57 |
-- |
|
Other Accounts Receivable |
31.46 |
-- |
|
Finished-Goods |
556.87 |
-- |
|
Total Assets |
3,482.51 |
-- |
|
Accrued Expenses |
113,941.53 |
-- |
|
Notes Payable, Short-Term |
425.89 |
-- |
|
Current-Portion of Debt, Total |
81.45 |
-- |
|
Other Accounts Payable |
11,100.00 |
-- |
|
Total Current Liabilities |
6,382.09 |
-- |
|
Loans & Borrowings, Long-Term |
19,513.44 |
-- |
|
Total Debt, Long-Term |
22,083.07 |
-- |
|
Deferred Tax Liability, Long-Term |
22,083.07 |
-- |
|
Raw-Materials |
1,824.02 |
-- |
|
Other Inventory Items |
2,451.80 |
-- |
|
Total Inventory |
40.21 |
-- |
|
Prepaid Expenses |
6,717.87 |
-- |
|
Total Current Assets |
36.62 |
-- |
|
Land |
17,492.67 |
-- |
|
Equipment and Machinery |
2,900.00 |
-- |
|
Other Property, Plant & Equipment |
66,779.33 |
-- |
|
Property, Plant & Equipment, Gross |
157.86 |
-- |
|
Accumulated Depreciation & Depletion,
PP&E |
70,972.56 |
-- |
|
Property, Plant & Equipment, Net |
(9,636.88) |
-- |
|
Total Liabilities |
61,335.68 |
-- |
Income Statement
|
Net Income or Loss Before Tax |
-- |
1,171,950.00 |
|
Net Income or Loss |
-- |
345,207.00 |
|
General & Administrative Expenses |
-- |
(3,168,288.00) |
|
EBITDA |
-- |
3,087,362.00 |
|
Total Income Tax |
-- |
(826,743.00) |
|
Revenue |
-- |
13,522,836.00 |
|
Total Revenue |
-- |
13,522,836.00 |
|
Cost of Revenue |
-- |
(6,779,747.00) |
|
Cost of Revenue Total |
-- |
(6,779,747.00) |
|
Gross Profit |
-- |
6,743,089.00 |
|
Advertising Expenses |
-- |
(487,439.00) |
|
Total Selling, General & Administrative
Expenses |
-- |
(3,655,727.00) |
|
Depreciation, Total |
-- |
(1,893,517.00) |
|
Depreciation, Amortization &
Impairment, Total |
-- |
(1,893,517.00) |
|
Other Operating Expenses, Total |
-- |
(3,655,727.00) |
|
EBIT- Operating Income |
-- |
1,193,845.00 |
|
Foreign Exchange Translation Gain or Loss |
-- |
(66,767.00) |
|
Net Income or Loss after Tax & Before
Minority Interest |
-- |
345,207.00 |
|
Total Other Operating Income or Expenses |
-- |
(3,655,727.00) |
|
Deferred Income Tax |
-- |
(826,743.00) |
|
Miscellaneous Income or Expenses |
-- |
44,872.00 |
|
Total Other Non-Operating Income or
Expenses |
-- |
(21,895.00) |
Local sources consider subject’s financial condition to be Fair.
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
No complaints regarding subject’s payments have been reported.
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.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some
medium and large diamond traders which are usually engaged in fictitious import
– export, inter-company transactions, financially assisted by banks. In the
process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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 |
|
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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 |
-- |
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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.