MIRA
INFORM REPORT
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Report Date : |
25.06.2008 |
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
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Daniel Jaouen Chairman
·
Mohamed Nabil
Halawa Managing
Director
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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
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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
Opinion on the
credit figure of US$ 100,000:
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.
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%)