MIRA INFORM REPORT

 

 

Report Date :

10.12.2012

 

IDENTIFICATION DETAILS

 

Name :

BEST OF FRANCE FOR DAIRY PRODUCTS

 

 

Registered Office :

El Obour Building No. 1, Salah Salem Street, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

2007

 

 

Reg. No.:

4783

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of dairy products.

 

 

No. of Employees :

750

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Egypt - ECONOMIC OVERVIEW

 

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

Source : CIA

 

 

SUMMARY

 

Company Name                         : BEST OF FRANCE FOR DAIRY PRODUCTS

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2007

Commercial Registration Number            : 4783, Cairo

Issued Capital                                        : £E 30,000,000

Paid up Capital                                      : £E 30,000,000

Total Workforce                         : 750

Activities                                               : Manufacturers of dairy products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

BEST OF FRANCE FOR DAIRY PRODUCTS

 

 

ADDRESS

 

Registered & Physical Address

 

Building : El Obour Building No. 1

Street               : Salah Salem Street

Area                 : Heliopolis

Town                 : Cairo

Country : Egypt

 

Telephone         : (20-2) 22623888 / 22623999 / 24030373 / 24025753 / 22619116

Facsimile          : (20-2) 22623888

 

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

 

Cairo - Ismailia Road                                                                              Rented factory premises

Obour Industrial Zone, Plot 13036

Cairo

Tel: (20-2) 46103874 / 46103875

Fax: (20-2) 46103876

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Mohamed Nabil Halawa                                                              Chairman

 

Mohamed Atef                                                                           General Manager

 

Maged Sadek                                                                            Financial Manager

 

Ghada Medhat                                                                           Marketing Manager

 

Karim Samir                                                                              Export Manager

 

Omneya Sami                                                                           Office Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment: 2007

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 4783, Cairo

 

Issued Capital              : £E 30,000,000

 

Paid up Capital            : £E 30,000,000

 

Name of Shareholder (s)                                              Percentage

 

BSA International                                                               51%

France

                                                           

Mohamed Nabil Halawa                                                      49%

 

 

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

 

Best Cheese Company For Dairy Products SAE

Industrial Zone A2

Sharkeya

Tenth of Ramadan City

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

Fax: (20-15) 412272

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of dairy products, specialising in white cheese, using UHT technology.

 

Production Capacity: 16,000 tonnes per annum

 

Import Countries: France, Belgium, Netherlands and India.

 

Export Countries: Lebanon, Jordan and Saudi Arabia.

 

Brand Names: TEAMA MILLK

 

Operating Trend: Steady

 

Subject has a workforce of 750 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/10:              Year Ending 31/12/11:

 

Total Sales                                £E 167,000.000                         £E 255,425,563

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Bank Audi SAE

104 El Nil Street

Dokki, Giza

Cairo

Tel: (20-2) 33362516

 

 

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.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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

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

--

NB

New Business

 

--

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.