MIRA INFORM REPORT

 

 

Report No. :

306645

Report Date :

10.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MISR PACKAGING MATERIALS CO SAE (MISR PACK)

 

 

Registered Office :

23B, Ismail Mohamed Street, Zamalek, Cairo 11321

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1983

 

 

Com. Reg. No.:

235480

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture and export of PVC films in different shapes, including calendared, semi-rigid, rigid and flexible, for use in the packaging of pharmaceuticals, foodstuffs, consumer goods, stationary requisites and other technical uses.

 

 

No. of Employees :

190

 

 

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

 

Maximum Credit Limit :

US$ 750,000

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

SUMMARY

 

Company Name                                    : MISR PACKAGING MATERIALS CO SAE (MISR PACK)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1983

Commercial Registration Number           : 235480, Cairo

Tax Card Number                                  : 200-035-886

Issued Capital                                       : £E 21,500,000

Paid up Capital                                     : £E 21,500,000

Total Workforce                         : 190

Activities                                               : Manufacture and export of PVC films.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Recommended Credit Limit                    : US$ 750,000

Person Interviewed                                : Magdy Youssef, Finance Manager

 

COMPANY NAME

 

MISR PACKAGING MATERIALS CO SAE (MISR PACK)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 23B, Ismail Mohamed Street

Area                 : Zamalek

Town                : Cairo 11321

Country : Egypt

Telephone         : (20-2) 27363933 / 27351409 / 23270401

Facsimile          : (20-2) 27370364

Mobile              : (20-100) 1117877 /  0054133

Email                : info@misrpack.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

 

El Gabal El Asfar                                                                                  Owned factory premises

El Khanka

Kaliubeya

Tel: (20-2) 44698117 / 44698127 / 44686148

Fax: (20-2) 44697201

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mohamed Atef Ahmed El Moulled                                              Chairman

 

Hesham Adel Abd El Aziz Kamel                                                Managing Director

 

Hossam Mohamed Mohamed Lasheen                                       Director

 

Mahy Mohamed Mohamed Lasheen                                           Director

 

Ahmed Mohamed Atef Al Moulled                                              Director

 

Hesham Kamel Abd El Aziz                                                        Director

 

Magdy Hashish                                                                         Director

 

Magdy Youssef                                                                                    Finance Manager

 

Magdy Lasheen                                                                         Sales Manager

 

Ahmed El Maadawy                                                                   Purchasing Manager

 

Yehia Farrag                                                                             Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1983

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 235480, Cairo

 

Tax Card No.    : 200-035-886

 

Authorised Capital       : £E 30,000,000

 

Issued Capital              : £E 21,500,000

 

Paid up Capital            : £E 21,500,000

 

Name of Shareholder (s)                                                                     Percentage

 

Hossam Mohamed Mohamed Lasheen                                                   40.0%

 

Mahy Mohamed Mohamed Lasheen                                                       18.5%

 

Abbass Mohamed Abbas                                                                      11.5%

 

Mohamed Atef Ahmed El Moulled                                                            6.0%

 

Nehal Mohamed Atef Ahmed El Moulled                                                 4.0%

 

Youssef Hesham Kamel                                                                                    4.0%

 

Geidaa Hossam Mohamed Mohamed Lasheen                                        3.0%    

 

Hana Hossam Mohamed Mohamed Lasheen                                             3.0%

 

Ahmed Mohamed Atef Al Moulled                                                            3.0%

 

Farah Hesham Kamel                                                                             3.0%

 

Samia Sayed Afifi                                                                                   2.0%

 

Fayka Mahmoud Mohamed                                                                     1.0%

 

Atef Mohamed Atef Ahmed Al Moulled                                                   1.0%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of PVC films in different shapes, including calendared, semi-rigid, rigid and flexible, for use in the packaging of pharmaceuticals, foodstuffs, consumer goods, stationary requisites and other technical uses.

 

Import Countries: India, Germany, Italy, France, Hungary and the United States of America.

 

Industrial Suppliers:

 

Mitsui               Japan

Mitsubishi Corp Japan

 

Clients:

 

Al Hekma Co     Saudi Arabia

Avensis                        Pakistan

Pfizer                Pakistan

 

Export Countries: Pakistan, Jordan, Saudi Arabia, Kuwait and Algeria.

 

Brand Names: MISR PACK

 

Operating Trend: Steady

 

Subject has a workforce of approximately 190 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 86,186,887                           £E 88,375,389

 

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

 

The above figures were provided by Mr Magdy Youssef, Finance Manager

 

 

BANKERS

 

Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 35703043

Fax: (20-2) 35703172 / 35072691

 

National Bank of Egypt

24, Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

 

Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

CREDIT RATING

 

Recommended credit limit:                  US$ 750,000

 

 

GENERAL COMMENTS

 

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.62.14

UK Pound

1

Rs.94.79

Euro

1

Rs.70.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.