MIRA INFORM REPORT

 

 

Report Date :           

14.01.2012

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN FERTILIZERS CO SAE (EFC)

 

 

Registered Office :

Nile City Building, 2B Nile Street, Giza, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1998

 

 

Com. Reg. No.:

32506

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of fertilizers

 

 

No. of Employees :

1000

 

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$ 5,000,000

 

 

Status :

Good

 

 

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 30th, 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                                     : EGYPTIAN FERTILIZERS CO SAE (EFC)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1998

Commercial Registration Number            : 32506

Issued Capital                                        : US$ 387,500,000

Paid up Capital                                      : US$ 387,500,000

Total Workforce                                     : 1,000

Activities                                               : Manufacture and export of fertilizers.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 5,000,000

 

COMPANY NAME

 

EGYPTIAN FERTILIZERS CO SAE (EFC)

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Nile City Building

Street               : 2B Nile Street

Area                 : Giza

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 24611115 / 24611197

Facsimile          : (20-2) 24611197

Email                : efcpurchasing@orascomci.com

 

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

 

·       North West of El Suez Gulf, Industrial Zone, Private Free Zone  Owned factory premises

     Ein Sokhna

     Suez

     Tel: (20-62) 3710310 / 3710314

     Fax: (20-62) 3710312

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Adel El Mouzy                                                                   Chairman

 

·       Nassif Onsi Naguib Sawiris                                                                Managing Director

 

·       Ossama Anwar Beshay                                                                     Director

 

·       Salman Khaled Bat                                                                           Director

 

·       Amr El Sayed Ahmed Hassaballah                                                     Director

 

·       Hassan Hossam Badrawy                                                                  Director

 

·       Hussein Amin Marciele                                                                      Director

 

·       Moustafa Ahmed Saleh                                                                      Director

 

·       Hezem Hassan                                                                                 Director

 

·       Hossam Khattab                                                                               General Manager

 

·       Mohamed Fouad                                                                               Finance Manager

 

·       Adel Attia                                                                                         Marketing Manager

 

·       Moustafa Shaaban                                                                            Human Resources Manager

 

·       Mohamed Ellian                                                                                Sales Manager

 

·       Mohamed Serag                                                                                Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1998

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 32506

 

Issued Capital              : US$ 387,500,000

 

Paid up Capital            : US$ 387,500,000

 

Name of Shareholder (s)                                              Percentage

 

·       Orascom Construction Industries                                    99.8%

     Nile City Tower

     2005A Corniche El Nil

     Mohandessin

     Cairo 11211

     Egypt

     Tel: (20-2) 24611111

     Fax: (20-2) 24619400

 

·       Nassif Onsi Naguib Sawiris                                             0.2%

 

 

AFFILIATED COMPANIES

 

·       OCI International Cyprus (OCIIC)

·       OCI Finance Limited (OCIF)

·       OCI International Netherland (OCIIBV)

·       Orascom Building Materials Holding Company (OBMH)

·       Orascom Construction Industries Nigeria (OCIN)

·       Egypt Sack Company (ESC)

·       Orascom Construction Industries Algeria (OCIA)

·       Suez Industrial Development Company (SIDC)

·       Egyptian Cement Company (ECC)

·       Egyptian Containers Handling Company (ECHCO)

·       OCI Besix

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of fertilizers, including liquid ammonia and granular urea.

 

Production Capacity:   400,000 metric tonnes of liquid ammonia per annum

                                    635,000 metric tonnes of granular urea per annum

 

Import Countries: Europe and Asia

 

Export Countries: United States of America, France, Australia, Greece and South Africa.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,000 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                US$ 397,192,611                       £E 406,186,462

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 35703043

Fax: (20-2) 35703172 / 35072691

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.51.43

UK Pound

1

Rs.79.10

Euro

1

Rs.66.17

 

 

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.