%2020-Apr-2006_files/image002.jpg)
MIRA INFORM REPORT
|
Report Date : |
20th April
2006 |
IDENTIFICATION DETAILS
|
Name : |
PROCTOR & GAMBLE EGYPT
SAE (PGE) |
|
|
|
|
Registered Office : |
World
Trade Centre, 3rd Floor 1191,
Corniche El Nil Street Boulaq,
1751 Cairo, Egyp |
|
|
|
|
Date of Incorporation : |
1986 |
|
|
|
|
Com. Reg. No.: |
70990, Sixth of October |
|
|
|
|
Legal Form : |
Egyptian Joint Stock
Company |
|
|
|
|
Line of Business : |
Manufacture and marketing
of detergents, shampoos, toilet soaps and ladies hygiene products. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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 |
|
Maximum Credit Limit : |
US$
2,500,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
PROCTOR & GAMBLE EGYPT SAE (PGE) |
|
Country of Origin |
Egypt |
|
Legal Form |
Egyptian Joint Stock Company |
|
Registration Date |
1986 |
|
Commercial Registration Number |
70990, Sixth of October |
|
Issued Capital |
£E 525,000,000 |
|
Paid up Capital |
£E 525,000,000 |
|
Total Workforce |
1,000 |
|
Line of Business |
Manufacture and marketing of detergents, shampoos, toilet soaps and ladies hygiene products. |
|
Financial Condition |
Good |
|
Payments |
Nothing detrimental uncovered |
COMPANY NAME
PROCTOR &
GAMBLE EGYPT SAE (PGE)
ADDRESS
Registered &
Physical Address
Building : World Trade Centre, 3rd Floor
Street : 1191, Corniche El Nil
Street
Area : Boulaq
PO Box : 1751
Town : Cairo
Country : Egypt
Telephone : (20-2) 4617500 / 3947500 / 5780057 /
3947394
Facsimile : (20-2) 4617520 / 3947520 / 3947600
Email : smit.pf@pg.com
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
Fourth Industrial
Zone, Plot 52 Owned
factory premises
Giza covering
an area of 100,000
PO Box: 105 square
metres
Sixth of October
City
Tel: (20-2) 8331355
/ 8330443 / 8331715
Fax: (20-2) 8331781
/ 8331588 / 8334046
KEY PRINCIPALS
Mohamed
Samir General Manager
Ralf
Ratayczak Finance
Manager
Ramy
Zaki Public
Relations Manager
Khalil
Ben Shakroun Purchasing
Manager
Mohamed
Adly Technical
Manager
Steve
Pitman Factory
Manager
Ahmed
El Zoghby Human
Resources Manager
Levant
Comour Marketing
Manager
LEGAL FORM & OWNERS
Date of
Establishment : Subject was incorporated in 1986 under
Investment
Law 43/1974.
Legal Form : Societe Anonyme Egyptienne – SAE (Egyptian
Joint
Stock Company)
Commercial Reg.
No. : 70990, Sixth of October
Industrial Reg.
No. : 96110
Issued Capital : £E 525,000,000
Paid up Capital : £E 525,000,000
Name of Shareholder
(s) Percentage
Proctor &
Gamble Company 90%
Proctor &
Gamble Plaza
Cincinnati
Ohio 45201
United States of
America
Tel: (1-513) 931100
Procter &
Gamble Switzerland Sarl 10%
47, Route de Saint-Georges
1213 Petit-Lancy 1
Geneva
Switzerland
Tel: (41-22) 7096111
Note to the
Legal Form
The Egyptian
Company Law provides that the capital of a Societe Anonyme
Egyptienne - SAE –
should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are
offered to the public they are freely transferable, if not, transfer may be
restricted. Liability of shareholders is limited.
AFFILIATED COMPANIES
Proctor &
Gamble Company also operate the following subsidiaries in the Arab World:
Modern Products Co
Jeddah Industrial
Estate, Phase 6
PO Box: 12011
Jeddah
Saudi Arabia
Tel: (966-2)
6376625
Fax: (966-2)
6375729
Proctor &
Gamble Manufacturing Co of Lebanon Sal
Procter &
Gamble Building
Off Old Saida Road
Choueifate
PO Box: 114992
Beirut
Lebanon
Tel: (961-5) 803805
/ 803806
Fax: (961-5) 803805
/ 803807
Mob: (961-3) 237027
Email: shaaban.z@pg.com
Proctor &
Gamble Maroc SA
PO Box: 3105
Casablanca
Morocco
Tel: (212-2) 313890
LINE OF BUSINESS
Operations : Engaged in the manufacture and marketing of
detergents, shampoos, toilet soaps and ladies hygiene products.
Import Countries
: France, United States of
America and Japan.
Export Countries
: East Africa, Jordan,
Syria and Pakistan.
Brand Names : ARIEL, CAMAY, CREST, ZEST, HEAD &
SHOULDERS, PAMPERS, ALWAYS, PANTENE PRO-V, TIDE, DOWNY, and PERT PLUS.
Subject has a
workforce of approximately 1,000 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/04: Year Ending
31/12/05:
Total Revenue £E 302,100,000 £E 344,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2)
5703043
Fax : (20-2)
5703172 / 5072691
Arab International
Bank
35 Abdel Khalek
Sarwat Street
PO Box: 1563
Cairo
Tel: (20-2) 3916391
/ 3916492
Fax: (20-2) 3916233
/ 3918794
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction January 2000
Credit amount 300,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Proctor &
Gamble Egypt SAE (PGE) was established in 1986 and specialises in the
manufacture and marketing of detergents, shampoos, toilet soaps and ladies
hygiene products.
Proctor &
Gamble Egypt SAE lost its leadership in household care in 2002, as its major
cash cow, namely textile washing detergent Ariel, was the major subject of
boycott by a great number of politically active Egyptians. A campaign led by
the Egyptian intelligentsia and university students was successful in causing
damage to the company’s leadership.
The boycott included several American companies but Procter & Gamble was
harmed most. The presence of alternatives to Ariel, such as Persil of Henkel
KGaA and Omo of Unilever Egypt SAE, helped the campaign a great deal. Overall,
the share of Procter & Gamble dropped by almost ten percentage points. The
lost share was almost equally divided between the other multinational rivals,
Unilever and Henkel, with the latter becoming number one.
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.
Maximum suggested
credit figure: US$ 2,500,000
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |