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Report No. : |
326186 |
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Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HI PACK GROUP FOR PACKAGING MATERIALS SAE |
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|
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Registered Office : |
52 El Thawra Street, Heliopolis, Cairo |
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Country : |
Egypt |
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Year of Establishment : |
1998 |
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Com. Reg. No.: |
1003 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture and distribution of corrugated
cardboard |
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No. of Employee : |
470 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – 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 |
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Restricted |
C2 |
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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 :
HI PACK GROUP FOR PACKAGING MATERIALS SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1998
Commercial Registration Number :
1003, 10th of Ramadan City
Tax Card Number :
207-456-852
Authorised Capital :
£E 100,000,000
Issued Capital :
£E 75,000,000
Paid up Capital :
£E 75,000,000
Total Workforce :
470
Activities :
Manufacturers of corrugated cardboard.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Khalid Kamal, Internal Auditor
HI PACK GROUP FOR PACKAGING MATERIALS SAE
Street : 52 El Thawra
Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 24184040
/ 24180889 / 24155973
Facsimile : (20-2)
24192766 / 24155973
Mobile : (20-122)
0013695
Email : ibraheem.sultan@arma.co.eg
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
· Plot No. 49, Zone
A6, No. 30 Factory
premises
3rd
Industrial Zone
Sharkeya
10th of
Ramadan City
Tel: (20-15)
411065 / 411066 / 411068 / 411069 / 411070 / 411067
Fax: (20-15)
356981 / 411065
Name Nationality Position
· Ali Mohamed Hayel
Saeed - Chairman
· Ahmed Mohamed
Hayel Saeed - Vice
Chairman
· Mahfouz Ali
Mohamed Hayel Saeed Yemeni Managing Director
· Kaid Mohamed Seif - Deputy
Managing Director
· Ahmed Hayel Saeed - Director
· Abd El Gabbar
Hayel Saeed - Director
· Abd El Rahman
Hayel Saeed - Director
· Ahmed Abd El
Rahman Hayel Saeed - Director
· Mokhtar Shaher - General
Manager
· Ibrahim Sultan - Financial
Manager
· Yasser El Sayed - Accounts
Manager
· Khalid Kamal - Internal
Auditor
· Adel Hamed - Commercial
Manager
· Walid El Sawy - Purchase
Manager
· Medhat Saleh - Production
Manager
· Khalid Hesham - Human
Resources Manager
Date of
Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 1003, 10th of Ramadan City
Tax Card No. : 207-456-852
Authorised Capital : £E 100,000,000
Issued Capital : £E 75,000,000
Paid up Capital : £E 75,000,000
· Mahfouz Ali
Mohamed Hayel Saeed 95%
Yemen
· Gulf Red Sea
1%
United Arab
Emirates
· Ali Mohamed Hayel
Saeed
1%
Yemen
· Ahmed Mohamed Hayel
Saeed 1%
Yemen
· Saeed Charity
Enterprise
1%
Yemen
· Abd El Rahman
Hayel Saeed
1%
Yemen
· Arma Food
Industries (AFI)
10th of
Ramadan City
· Arma Oil
Industries (AOI)
10th of
Ramadan City
· Arma Soap &
Detergents (ASD)
10th of
Ramadan City
Activities: Engaged in the manufacture and distribution of corrugated cardboard.
Subject is ISO 14001 and 9001 accredited.
Production
Capacity: 140,000 metric tons
Import Countries: United States of America, France, Italy, Russia,
Croatia, Ukraine and Canada.
Export Countries: Jordan, Libya, Kuwait and Syria.
Operating Trend: Steady
Subject has a workforce of approximately 470 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Revenue £E
308,000,000 £E
320,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Khalid Kamal, Internal Auditor
·
Arab African Bank
5, El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax:
(20-2) 33558493
·
Societe Arabe Internationale de Banque
PO Box: 124
Cairo
Tel: (20-2) 33499464
/ 33603489
Fax: (20-2)
33603497 / 33603487
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.