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Report No. : |
322158 |
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Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ETAP CO FOR PAPER AND BOARD |
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Registered Office : |
201 Abd El Salam Aref Street Loran, Ramleh Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
128371, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of kraft liner and test liner paper and cardboard. |
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No. of Employee : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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 :
ETAP CO FOR PAPER AND BOARD
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1995
Commercial Registration Number :
128371, Alexandria
Industry Registration Number :
26066
Tax Card Number :
100-493-262
Issued Capital :
£E 27,000,000
Paid up Capital :
£E 27,000,000
Total Workforce : 250
Activities :
Manufacturers of kraft liner and test liner paper and cardboard.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mai Saeed, Financial Controller
ETAP CO FOR PAPER AND BOARD
Registered &
Physical Address
Street : 201 Abd El Salam
Aref Street
Area : Loran,
Ramleh
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5833081
/ 5851251 / 5850520
Facsimile : (20-3) 5821167
Mobile : (20-10)
2529457
Email : etap@etappaper.net
/ etap20@yahoo.com
/ paper_etap@hotmail.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
2nd Industrial Zone, Block 25 Factory
premises
Borg El Arab
Alexandria
Tel: (20-3) 4592174 / 4592173 / 4595972 / 4595973
Fax: (20-3) 4595973
Name Position
Hamdy Ashour Abdallah Chairman
Mohamed Ashour Abdallah Mabrouk Managing
Director
Moustafa Ashour Abdallah Mabrouk Director
Mohamed Fathi Ashour Director
Mai Saeed Financial
Controller
Talaat Mohamed Sales
Manager
Date of Establishment : 1995
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 128371,
Alexandria
Industry Reg. No. : 26066
Tax Card No. : 100-493-262
Issued Capital : £E 27,000,000
Paid up Capital : £E 27,000,000
Name of
Shareholder (s) Percentage
Hamdy Ashour Abdallah 25%
Mohamed Ashour Abdallah Mabrouk 25%
Moustafa Ashour Abdallah Mabrouk 25%
Mohamed Fathi Ashour 25%
Activities: Engaged in the manufacture and export of linerboard in Egypt, offering
the highest quality Kraftliner,
Testliner, and Fluting available in the market with a wide range of
grams.
Import Countries: China, United States of America and Europe.
International
Suppliers:
AFT Paper Canada
Eurospray Spain
Export Countries: Ukraine, Togo and the United Arab Emirates.
Operating Trend: Steady
Subject has a workforce of approximately 250 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
44,800,000 £E
45,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mai Saeed, Financial Controller
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
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.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 |
-- |
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.