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Report No. : |
319959 |
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Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
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Name : |
FLEX P FILM EGYPT
SAE |
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Registered Office : |
Plot No. R2, Engineering Square E2, Plot No. 3, North Extension of Industrial Zones, 6th of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
January, 2009 |
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Com. Reg. No.: |
36616 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and
Distribution of Flexible Packaging Films. |
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No. of Employees : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
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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.
|
Source
: CIA |
Company Name : FLEX P
FILM EGYPT SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : January 2009
Commercial
Registration Number : 36616
Tax Card Number : 315-666-064
Issued Capital : £E
286,000,000
Paid up Capital : £E
286,000,000
Total Workforce : 350
Activities :
Manufacture and distribution of flexible packaging films
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nikhil Kantan,
Financial Manager
FLEX P FILM EGYPT
SAE
Location : Plot No. R2, Engineering Square E2,
Plot No. 3, North Extension of Industrial Zones
Town : 6th of October City
Country : Egypt
Telephone : (20-2) 38283050 / 38283000
Facsimile : (20-2) 38283050
Mobile : (20-100) 2137239
Email : info@flexfilm.com / enquiry@flexfilm.com
Subject operates
from a large suite of offices a warehouse and a manufacturing plant that are
owned and located in the Industrial Area of 6th of October City.
Name Position
·
Ashok
Kumar Chaturvedi Chairman
·
Pradeep
Tyle Chief
Executive Officer
·
Sanjay
Tiku General
Manager
·
Nikhil
Kantan Financial
Manager
·
Ashraf
Amer Sales
Manager
Date of Establishment : January 2009
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 36616
Tax Card No. : 315-666-064
Issued Capital : £E 286,000,000
Paid up Capital : £E 286,000,000
·
Flex
Middle East FZE 99.199%
Dubai
United Arab Emirates
·
Uflex
Limited ]
India ]
]
0.801%
·
Ashok
Kumar Chaturvedi ]
]
·
Pradeep
Tyle ]
·
Flex
Americas SA de CV
Mexico
·
Flex P
Films (Brasil) Ltda
Brazil
·
Flex
Films (USA) Inc
United States of America
·
Flex
Films Europa Sp ZOO
Poland
Activities: Engaged in the import, manufacture and
distribution of flexible packaging films and related materials.
Subject is ISO 9001:2008
accredited.
Import
Countries: United Arab
Emirates and China
Local Suppliers:
·
Propylene
& Polypropylene Company - EPCC
Local Clients:
·
Rotopack
Misr for Printing Packing Material
·
Porta
Egypt for Packaging Materials SAE Co
·
Grand
Trade Ltd
·
Print
Home for Printing & Packaging
Export
Countries: Europe, Far
East, Germany, India and China
Operating Trend: Steady
Subject has a
workforce of approximately 350 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 Sales £E 117,000,000 £E 105,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Nikhil Kantan, Financial Manager
·
QNB Al
Ahli
Banks Zone
6th of October City
Giza
·
National
Bank of Abu Dhabi
52H Central Spine
Banks Complex, Industrial Zone
6th of October City
Giza
·
Abu
Dhabi Islamic Bank – ADIB
4th Industrial Zone
6th of October City
Giza
No complaints
regarding subject’s payments have been reported.
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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>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 |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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 |
|
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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-- |
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.