MIRA INFORM REPORT

 

 

Report No. :

330099

Report Date :

08.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SOFI PACK FOR PACKAGING MATERIAL SAE

 

 

Registered Office :

11 Hassan Allam Street, off Merghany Street, Heliopolis, Cairo 11361

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.07.1993

 

 

Com. Reg. No.:

279159

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of plastic bags from polypropylene raw materials.

 

 

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 – 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                                    : SOFI PACK FOR PACKAGING MATERIAL SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1st July 1993

Commercial Registration Number           : 279159

Authorised Capital                                 : £E 50,000,000

Issued Capital                                       : £E 31,000,000

Paid up Capital                                     : £E 19,000,000

Total Workforce                                     : 200

Activities                                               : Manufacturers of plastic bags

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

SOFI PACK FOR PACKAGING MATERIAL SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 11 Hassan Allam Street, off Merghany Street

Area                 : Heliopolis

Town                : Cairo 11361

Country             : Egypt

Telephone         : (20-2) 24142339 / 24142384

Facsimile          : (20-2) 24142339 / 24142267

Mobile              : (20-122) 4324462

Email                : info@sofipack.com.eg

 

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, Area 6                                                               Factory premises

Block 66 & 68

Badr City

Cairo

Tel: (20-2) 28640073

Fax: (20-2) 28640137

 

 

KEY PRINCIPALS

 

Name                                                                                        Position

 

Sherif Mohamed Abd El Gelil El Ashram                                     Chairman

 

Tariq Sherif Mohamed Abd El Gelil El Ashram                            Director

 

Saif Sherif Mohamed Abd El Gelil El Ashram                              Director

 

Karim Sherif Mohamed Abd El Gelil El Ashram                           Director

 

Nevine Iskandar                                                                         Director

 

Tarek Mohamed Abd El Gelil El Ashram                                      General Manager

 

Nouran Abdelsamea                                                                  Finance Manager

 

Hala Naem                                                                                Logistics Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st July 1993

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 279159

 

Authorised Capital       : £E 50,000,000

 

Issued Capital              : £E 31,000,000

 

Paid up Capital            : £E 19,000,000

 

Name of Shareholder (s)

 

Sherif Mohamed Abd El Gelil El Ashram

 

Tariq Sherif Mohamed Abd El Gelil El Ashram

 

Saif Sherif Mohamed Abd El Gelil El Ashram

 

Karim Sherif Mohamed Abd El Gelil El Ashram

 

Nevine Iskandar

 

 

AFFILIATED COMPANIES

 

Sochema

 

Sofi Plast

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic bags from polypropylene raw materials.

 

Import Countries: Europe and the Far East.

 

Suppliers:

 

Al Dawlia for Trading

Borouge

Repsol

Basell

 

Clients:

 

Zagora

Teckiner

Stalion Plastic

 

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:              Year Ending 31/12/14:

 

Total Sales                    £E 75,000,000                           £E 80,000,000                           £E 80,000,000

 

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

 

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

 

 

BANKERS

 

Arab International Bank

Main Branch

Cairo

 

National Societe Generale Bank

Main Branch

Cairo

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.63.37

UK Pound

1

Rs.98.86

Euro

1

Rs.69.97

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.