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MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
EASTERN CO FOR MANUFACTURING CHOCOLATE AND SWEETS (COVERTINA) |
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Registered Office : |
8, Sixth of October
Street, Gesr El Suez, Ein Shams, El Matariya, Cairo 11769 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1963 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of Confectionery |
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$ 1,300,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EASTERN CO FOR MANUFACTURING CHOCOLATE AND SWEETS
(COVERTINA)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1963
Issued Capital : £E 120,000,000
Paid up Capital : £E 120,000,000
Total Workforce : 1,200
Activities : Manufacture of confectionery
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,300,000
Person Interviewed : Mohamed Abdulaziz, Commercial Manager
COMPANY NAME
EASTERN CO FOR
MANUFACTURING CHOCOLATE AND SWEETS (COVERTINA)
ADDRESS
Registered & Physical Address
Street : 8, Sixth of October Street
Area : Gesr El Suez, Ein Shams, El
Matariya
Town : Cairo 11769
Country : Egypt
Telephone : (20-2) 22989825 / 22989823 / 22989827
Facsimile : (20-2) 22989828
Email : export@covertina.com
Premises
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Cairo.
Branch Office
(s)
Location Description
·
9, Harret El
Sadat Owned
showroom & warehouse
Attaba
Cairo
Tel: (20-2) 35914291
·
7, Abd El
Hamid Awad Street Owned
showroom & warehouse
Nasr City
Cairo
Tel: (20-2) 22742874 / 22716698
Fax: (20-2) 22742689
KEY PRINCIPALS
Name Position
·
Sayed Salam Managing
Director
·
Rafat
Abdul Mohsin Sallam Director
·
Mohamed
Abdulaziz Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1963
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 120,000,000
Paid up Capital : £E 120,000,000
Name of Shareholder (s)
·
Sayed Salam
·
Rafat
Abdul Mohsin Sallam
OPERATIONS
Activities: Engaged in the manufacture of
confectionery, including chocolate products, candy and chewing gum.
Import Countries: Italy, Germany, the Netherlands, France,
the United Kingdom, Malaysia and the United States of America
Export
Countries: Libya, Saudi
Arabia, Qatar, Kuwait, Lebanon, Algeria, Russia, Ukraine, South Africa and the
United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 1,200 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 94,000,000 £E 100,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mr Mohamed Abdulaziz,
Commercial Manager.
BANKERS
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Alexandria
Kuwait International Bank
Main Branch
Cairo
Tel: (20-2) 22779766 / 22764644 / 22762733
Fax: (20-2) 22764844
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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 and the above credit figure is
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.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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%)