MIRA INFORM REPORT

 

 

Report Date :

13.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ALEXANDRIA DETERGENTS & CHEMICALS COMPANY (ADCO)

 

 

Registered Office :

4th Industrial Zone, Plot 5, Block 21 Borg El Arab PO Box 11 Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

2002

 

 

Com. Reg. No.:

1272, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of household cleaning products.

 

 

No. of Employees :

600

 

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

 

Maximum Credit Limit :

US$ 700,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Egypt

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : ALEXANDRIA DETERGENTS & CHEMICALS COMPANY (ADCO)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2002

Commercial Registration Number            : 1272, Alexandria

Tax Card Number                                   : 706-018-508

Issued Capital                                        : £E 10,000,000

Paid up Capital                                      : £E 10,000,000

Total Workforce                                     : 600

Activities                                               : Manufacture of household cleaning products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

 

COMPANY NAME

 

ALEXANDRIA DETERGENTS & CHEMICALS COMPANY (ADCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 4th Industrial Zone, Plot 5, Block 21

Area                 : Borg El Arab

 

PO Box             : 11

 

Town                 : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 4595841 / 4595260 / 4595267 / 4593035 / 4591111

Facsimile          : (20-3) 4595351 / 4596059 / 4597286

Mobile               : (20-122) 5866622 / 5866633

Email                : info@abcogrp.com

 

Premises

 

Subject operates from a suite of offices and a factory covering an area of 4,000 square metres that are owned and located in the Industrial Area of Alexandria.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mahmoud Samy Mahmoud Awad                                                       Managing Director

 

·       Mahmoud Ahmed Ali Awad                                                                Director

 

·       Zeinab Samy Abu El Fotouh                                                               Director

 

·       Shahinaz Hassan                                                                              Finance Manager

 

·       Khaled El Korashy                                                                            Marketing Manager

 

·       Adham El Mawardi                                                                            Sales Manager

 

·       Ahmed El Hosni                                                                                Export Manager

 

·       Mervat Abd El Wahab                                                                        Administration Manager

 

·       Ashraf Salem                                                                                    Purchasing Manager

 

·       Mahmoud Tarek Mahmoud Awad                                                        Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2002

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1272, Alexandria

 

Tax Card No.               : 706-018-508

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                                        Percentage

 

·       Mahmoud Samy Mahmoud Awad                                                       40%

 

·       Mahmoud Tarek Mahmoud Awad                                                        25%

 

·       Zeinab Samy Abu El Fotouh                                                               25%

 

·       Mahmoud Ahmed Ali Awad                                                                10%

 

 

AFFILIATED COMPANIES

 

·       ABCO Engineering Industrial & Technical Consultants

38 Ismailia Street

Alexandria

Tel: (20-3) 5452340

Fax: (20-3) 5452343

 

·       ABCO Egypt

38 Ismailia Street

Alexandria

Tel: (20-3) 5452340

Fax: (20-3) 5452343

 

 

OPERATIONS

 

Activities: ADCO produces, markets and distributes its own brand of household cleaning products. The company is the market leader for all purpose liquid detergent (40% - 45 % of the market) and for bleach (20%-25% of the market). In addition ADCO produces floor cleaner, toilet cleaner, scouring powder, drain opener and glass cleaner. In 2002, ADCO introduced its new range of detergents for automatic dishwashers (powder and tabs) and now manufactures car care products.

 

Production Capacity: 30 million tonnes per annum

 

Import Countries: United States of America, China and Europe

 

Export Countries: Europe, Lebanon, Saudi Arabia, Sudan, Syria, Kuwait and Africa.

 

Brand Names: FEBA, CLOREL, MAXELL, GARD, FEMA, RAPIDO, DIVA, SPIDEX and CHRYSTAL

 

Operating Trend: Steady

 

Subject has a workforce of approximately 600 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 82,644,000                           £E 89,468,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2002, Alexandria Detergents & Chemicals Company (ADCO) manufactures household cleaning products.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.64

UK Pound

1

Rs.78.35

Euro

1

Rs.65.79

 

 

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%)

 

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

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