MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE |
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Registered Office : |
1 El Obour
Buildings, Salah Salem Street, Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
2004 |
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Com. Reg. No.: |
4582 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturer of Dairy Products, specialising in Processed Cheese |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1750000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2004
Commercial Registration Number : 4582
Issued Capital : £E 13,237,700
Paid up Capital : £E 13,237,700
Total Workforce : 850
Activities : Manufacture of dairy products, specialising in processed cheese
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,750,000
COMPANY NAME
AL NOUR COMPANY FOR
DAIRY INDUSTRIES SAE
ADDRESS
Registered & Physical
Address
Building : 1 El Obour Buildings
Street : Salah Salem Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22623888
/ 22623999 / 24030373 / 24025753 / 22619116 /24054827
Facsimile : (20-2) 22623888
Premises
Subject operates
from a large suite of offices that are rented and located in the Suburban
Business Area of Cairo.
Branch Office (s)
Location Description
·
El-Obour City Factory
premises
Industry Zone
Block 12008, Plot number 16, 17, 18
Cairo - Ismailia Road
Cairo
Tel: (20-2) 46650005 / 46650006 / 46650007
Fax: 20-2)
46650008
KEY PRINCIPALS
Name Position
·
Daniel Jaouen Chairman
·
Mohamed Nabil
Halawa Managing
Director
·
Michail
Aliva Director
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Nere
Mare Director
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Mohamed
Nabil Mohamed Sayed Halawa Director
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Nabil
Mohamed Sayed Halawa Director
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Maged Sadek Finance
Manager
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Ahmad Lofty Sales
Manager
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Ghada Medhat Marketing
Manager
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Karim Samir Export
Manager
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Laurent Covet Factory
Manager
·
Mona Mohamed Office
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2004
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 4582
Tax
Card No. : 476-618-572
Authorised
Capital : £E 75,000,000
Issued Capital : £E 13,237,700
Paid up Capital : £E 13,237,700
Name of Shareholder (s)
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Lactalis
International SNC
94600 Choisy Le Roi
France
Tel : (33-1) 49785600
Fax
: (33-1) 48527260
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Egyptian
Businessmen and private investors
AFFILIATED COMPANIES
·
Best Cheese Company For Dairy Products SAE
Industrial
Zone A2
Sharkeya
Tenth of Ramadan City
Tel: (20-15) 412271 / 412270
Fax: (20-15) 412272
OPERATIONS
Activities: Engaged in the manufacture of dairy
products, specialising in processed cheese.
Production
Capacity: 24,000 tonnes per
annum
Import
Countries: France and India
Export Countries
: Saudi
Arabia, United Arab Emirates, Bahrain, Qatar, Iraq, Libya, Yemen,
Israel, Oman, Syria, Lebanon, Madagascar, Kuwait, Jordan, Mauritius,
Sudan and Pakistan.
Brand Names: PRESIDENT
Operating Trend: Steady
Subject has a workforce
of approximately 850 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 786,000,000 £E 803,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National
Societe Generale Bank
5 Champollion Street
Cairo
Tel : (20-2) 27707777
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction December
2007
Credit amount 200,000
Amount overdue 0
Payment terms 120
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Established in 2004,
subject is involved in the manufacture of dairy products, specialising in
processed cheese.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.38 |
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UK Pound |
1 |
Rs.81.34 |
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Euro |
1 |
Rs.64.55 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)