MIRA INFORM REPORT

 

 

Report No. :

322068

Report Date :

16.05.2015

 

IDENTIFICATION DETAILS

 

Name :

FIRST FOR INDUSTRIAL DEVELOPMENT SAE

 

 

Registered Office :

28 Mohamed El Ghazaly Street Dokki, Giza Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

2003

 

 

Com. Reg. No.:

3669, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of corrugated cardboard and paper.

 

 

No. of Employee :

2,500

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 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

 

SUMMARY

 

Company Name                                    : FIRST FOR INDUSTRIAL DEVELOPMENT SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 2003

Commercial Registration Number           : 3669, Cairo

Tax Card Number                                  : 205-143-407

Issued Capital                                       : £E 200,000,000

Paid up Capital                                     : £E 200,000,000

Total Workforce                         : 2,500

Activities                                               : Manufacturers of corrugated cardboard and paper.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Yasien Fathy, Finance Manager

 

COMPANY NAME

 

FIRST FOR INDUSTRIAL DEVELOPMENT SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 28 Mohamed El Ghazaly Street

Area                 : Dokki, Giza

 

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 33375350

Facsimile          : (20-2) 33386427

Mobile              : (20-122) 3136803 / 2394109 / (20-100) 2107591

Email                : packline@packline.org / yasien@packline.org

 

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

 

·       Plot No. 10/11/12/13                                                                         Factory premises

Block 13003, Street 10

First Industrial Zone

El Obour City

Tel: (20-2) 46100620

Fax: (20-2) 46100621

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Mahmoud Hamdy Mansour                                                Chairman

 

·       Loay Ali Abd El Wahed                                                                     Managing Director

 

·       Ali Hamed Shams                                                                             Director

 

·       Yasien Fathy                                                                                    Finance Manager

 

·       Ahmed Kamal Abd El Motagly                                                          Marketing Manager

 

·       Mahmoud El Gazar                                                                           Factory Manager

 

·       Mohamed Nabil Abdul Wahid                                                                        Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2003

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 3669, Cairo

 

Tax Card No.                : 205-143-407

 

Issued Capital              : £E 200,000,000

 

Paid up Capital            : £E 200,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Packline for Industrial Development                                       92.50%

Cairo

 

·       Mohamed Mahmoud Hamdy Mansour                                       3.75%

 

·       Loay Ali Abd El Wahed                                                            3.75%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of corrugated cardboard and paper.

 

Import Countries: Sweden, Austria, Italy, Spain, Brazil, Thailand, South Korea and the United States of America.

 

International Suppliers:

 

·       Fortex          Sweden

·       G A Paper    United States of America

·       Cartera         Italy

 

Operating Trend: Steady

 

Subject has a workforce of approximately 2,500 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 827,000,000                         £E 850,000,000

 

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

 

The above figures were provided by Mr Yasien Fathy, Finance Manager

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “First for Industrial Development SAE” and not “First Company For Industrial Development SAE”.

 

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

UK Pound

1

Rs.100.30

Euro

1

Rs.72.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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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