MIRA INFORM REPORT

 

 

 

Report Date :

22.08.2008

 

IDENTIFICATION DETAILS

 

Name :

BEST CHEESE COMPANY FOR DAIRY PRODUCTS SAE

 

 

Registered Office :

Industrial Zone A2,  Sharkeya, Tenth of Ramadan City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2007

 

 

Year of Establishment :

1995

 

 

Com. Reg. No.:

71269, Tenth of Ramadan City

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Production and Export of Processed Cheese

 

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$ 1500000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

Company Name                                     : BEST CHEESE COMPANY FOR DAIRY PRODUCTS SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1995

Commercial Registration Number            : 71269, Tenth of Ramadan City

Issued Capital                                        : £E 32,037,250

Paid up Capital                                      : £E 32,037,250

Total Workforce                         : 280

Activities                                               : Production and export of processed cheese

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

 

 

COMPANY NAME

 

BEST CHEESE COMPANY FOR DAIRY PRODUCTS SAE

 

 

ADDRESS

 

Registered & Physical Address

Location            : Industrial Zone A2

Area                 : Sharkeya

Town                 : Tenth of Ramadan City

Country : Egypt

Telephone         : (20-15) 412271 / 412270 / 412273 / 412274

Facsimile          : (20-15) 412272

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of the Tenth of Ramadan City.

 

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       1 El Obour Buldings                                                                          Rented office premises

     Salah Salem Road

     Nasr City

     Cairo

     Tel: (20-2) 22623888 / 22623999

     Fax: (20-2) 22632888

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Daniel Jaouen                                                                                   Chairman

 

·       Mohamed Nabil Halawa                                                                     Managing Director

 

·       Afifi Ismail Afifi                                                                                  Director

 

·       Nabil Halawa                                                                         General Manager

 

·       Mahmoud Abd El Aziz                                                                       Finance Manager

 

·       Boushra Kamel                                                                                 Sales Manager

 

·       Ahmed Abd El Hady                                                                          Maintenance Manager

 

·       Ibrahim Haggag                                                                                 Factory Manager

 

·       Covet Laurent                                                                                    Production Manager

 

·       Adel Abd El Moneim Deraz                                                                Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1995

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 71269, Tenth of Ramadan City

 

Issued Capital              : £E 32,037,250

 

Paid up Capital            : £E 32,037,250

 

Name of Shareholder (s)

 

·       Lactalis International SNC

94600 Choisy Le Roi

France

Tel : (33-1) 49785600

       Fax : (33-1) 48527260

 

·       Egyptian Businessmen and private investors

 

 

AFFILIATED COMPANIES

 

·       Al Nour Company For Dairy Industries SAE

     1 El Obour Buildings

     Salah Salem Street

     Nasr City

     Cairo

     Tel: (20-2) 22623888 / 22623999 / 24030373

     Fax: (20-2) 22623888

 

 

OPERATIONS

 

Activities: Engaged in the production and export of processed cheese in portions under license of Group Lactalis

     (France).

 

                  Subject was accredited with the ISO and HACCP certificates in 2006

 

Production Capacity : 10,000 tonnes per annum of cheese

                                                                                               30,000 tonnes per annum of butter

 

Import Countries: Europe and Asia

 

Export Countries : Saudi Arabia, Iraq, Libya, Yemen, Palestine, United Arab Emirates,

Oman, Syria, Lebanon, Madagascar, Kuwait, Jordan, Qatar, Mauritius, Sudan, Pakistan, and Bahrain.

 

Brand Names: TEAMA & PRESIDENT

 

Operating Trend: Steady

 

Subject has a workforce of approximately 280 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 230,000,000                         £E 299,211,897

 

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

 

 

BANKERS

 

·       Arab African Bank

5, El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 3545094

     Fax: (20-2) 3558493

 

·       National Bank of Abu Dhabi

Nile Tower, 18th Floor

21, Giza Street

Cairo

Tel : (20-2) 3609724

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2006

Credit amount                                        305,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

GENERAL COMMENTS

 

Best Cheese Company For Dairy Products SAE has been in business since 1995 and is engaged in the production and export of processed cheese in portions.

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.38

UK Pound

1

Rs.81.34

Euro

1

Rs.64.55

 

 

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.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions