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Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
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Name : |
DABUR EGYPT LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
12.06.1996 |
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Com. Reg. No.: |
245 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of cosmetics, hair and skin care products. |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : DABUR EGYPT LTD
Country of Origin : Egypt
Legal Form : Limited Liability Company
Registration Date : 12th June 1996
Commercial Registration Number : 245
Issued Capital : £E 1,804,180
Paid up Capital : £E 1,804,180
Total Workforce : 50
Activities : Manufacturers of cosmetics, hair and skin care products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
DABUR EGYPT LTD
Building : 2 Saudi Buildings
Street : El Nozha
Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22901739
/ 22900264
Facsimile : (20-2)
22901739
Mobile : (20-12)
3903188
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· B4 Industrial
Zone, Block 5 Factory
premises
Sharkeya
10th
of Ramadan City
Tel:
(20-15) 361911 / 361829 / 380135
Fax:
(20-15) 366756
Name Position
· Anoob Sharma Chairman
· Vishal Bhimani Finance
Manager
· Hebatallah Hesham
Anas Office
Manager
· Mohamed Ezzat Purchasing
Manager
· Ibrahim Safwat Production
Manager
· Engy Das Factory
Manager
· Gaser Sherin Sales
Manager
· Moheb Kaisar Marketing
Manager
· Mahmoud Abu Fasha Human
Resources Manager
· Mohamed Safwat Project
Manager
· Heba Hazem Office
Manager
Date of
Establishment : 12th
June 1996
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 245
Issued Capital : £E 1,804,180
Paid up Capital : £E 1,804,180
· Dabur India Ltd 100%
Kaushambi
Ghaziabad - 201010
Uttar Pradesh
India
Tel: (91-120) 3982000
Fax: (91-120) 3001000
Activities: Engaged in the manufacture of cosmetics, hair and skin care products.
Import Countries: India
Export Countries: Sudan, Morocco, Libya, Jordan, Syria and Kenya
Brand Names: DABUR, VATIKA and AMLA
Operating Trend: Steady
Subject has a workforce of 50 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Balance Sheet 31/03/2011 31/03/2010
Non-current assets
Fixed assets (net) 17,333,196 15,509,423
Projects in Progress 14,454,343 3,686,545
Total non-current
assets 31,787,539 19,195,968
Current Assets
Inventory and goods transit 20,477,398 10,162,664
Accounts and notes receivables 20,389,875 17,838,725
Prepaid expenses and other debit balances
5,194,413 2,214,171
Due from inter company 0 16,464
Investment 500 500
Treasury bonds 5,865,000 9,700,198
Advance payment 3,571,957 1,191,806
Cash in hand & cash at bank 6,294,205 4,355,229
Total current
assets 61,793,348 45,479,757
Current
Liabilities
Provisions 5,736,350 5,050,620
Bank overdraft 2,275,776 2,420,089
Trade payable 6,608,563 5,803,170
Creditors & other credit balances 20,192,261 17,559,609
Due to inter company 4,247,043 1,369,718
Total current
liabilities 39,059,993 32,203,206
Working Capital 22,733,355 13,276,551
Total owner’s
equity & employed capital 54,520,894 32,472,519
Shareholder’s
Equity
Paid up capital 1,804,180 1,804,180
Legal reserve 494,274 494,274
Retained earnings 51,218,337 28,832,349
Total Liabilities
and shareholder’s equity 53,516,791 31,130,803
Long term liabilities (IDA, land) 563,750 1,127,500
Deferred tax 440,353 214,216
Total Liabilities
and shareholder’s equity 54,520,894 32,472,519
Income Statement 31/03/2011 31/03/2010
Sales (net) 136,021,336 97,822,326
Cost of goods sold
(69,492,580) (47,564,612)
Selling and marketing expenses
(26,456,569) (23,485,323)
Gross profit 40,072,187 26,772,391
Less:
General and administrative expenses
(13,566,735) (9,384,942)
Depreciation & amortization (254,810) (225,393)
Operating profit 26,250,642 17,162,056
Less:
Interest on cash credit (74,079) (122,693)
Capital loss (sales assets) (38,346) (45,675)
Provisions for leave encashment
(318,094) (146,730)
Provisions for slow non moving stock (365,318) -
Difference in currency exchange (26,224) (200,934)
Add:
Capital gain (sale assets) - 34,059
Unused provision 847,730 -
Other income 1,952,314 1,213,542
Net profit for the
period before income tax 28,228,625 17,893,625
Less:
Provisions for income tax 5,402,000 3,325,000
Deferred income tax 226,137 214,216
Net profit for the
period after tax 22,600,488 14,354,409
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Banque du Caire Barclays Internationale SAE
12 Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 33542195 / 33549415 / 33549422
Fax: (20-2)
33552746
·
HSBC Bank Egypt
Maadi
Cairo
Tel:
(20-2) 25298000
No complaints regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.55.93 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.