MIRA INFORM REPORT

 

 

Report Date :

28.11.2012

 

IDENTIFICATION DETAILS

 

Name :

UNILEVER MASHREQ HOME CARE SAE

 

 

Registered Office :

Industrial Area, Ezbet Hegazy, Under 14th May Bridge, Smouha, Sidi Gaber, P O Box 80, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1992

 

 

Com. Reg. No.:

94511, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of toiletries, detergents and toothpaste.

 

 

No. of Employees :

3000 employees

 

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

 

 

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

(31.03.2012)

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                                     : UNILEVER MASHREQ HOME CARE SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1992

Commercial Registration Number            : 94511, Alexandria

Industrial Registration Number                 : 140490

Chamber Licence Number                       : 0604

Issued Capital                                        : £E 10,000,000

Paid up Capital                                      : £E 10,000,000

Total Workforce                                     : 3,000

Activities                                               : Manufacturers of toiletries, detergents and toothpaste.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

UNILEVER MASHREQ HOME CARE SAE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Area, Ezbet Hegazy, Under 14th May Bridge, Smouha, Sidi Gaber

PO Box             : 80

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4278158 / 4270320 / 4297812 / 4194067 / 4253787 / 4244882 / 4299952 / 4297813

Facsimile          : (20-3) 4253787 / 4297813 / 4299952 / 4297899

 

Premises

Subject operates from a large suite of offices and a warehouse and a factory that are rented and located in the Industrial Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       15 Sphinx Square                                                                              Office premises

Mohandessin

     Giza

     Cairo

Tel:  (20-2) 33454580 / 33454808 / 33452341

Fax: (20-2) 33454582 / 33454580

 

·       4th Industrial Zone, Plot 68                                                                  Factory premises

Street No. 96

6th of October City

Tel:  (20-2) 38331065 / 38331920 / 38330585

Fax: (20-2) 38330343

 

·       1st Industrial Zone, Block 9                                                                 Factory premises

Borg El-Arab

Alexandria

Tel:  (20-3) 4593053 / 4592195

Fax: (20-3) 4596015 / 4194087                                                                                  

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Hosna Mohamed Rachid                                                                    Chairman

·       Khaled Fayed                                                                                   Director

·       Ashraf Bakry                                                                                     Director

·       Nihal El Daly                                                                                     Director

·       Ashraf Gazayerli                                                                               Director

·       Yasser Ezz El Arab                                                                           Director

·       Anoyar Benazzouz                                                                            Director

·       Nashwa Mehanna                                                                              Director

·       Sherif El Fahaam                                                                              Finance Manager

·       Khaled Akal                                                                                      Sales Manager

·       Ahmed Kadous                                                                                 Technical Manager

·       Nashwa Mehnna                                                                               Human Resources Manager

·       Tarek Massoud                                                                                 Legal Affairs Manager

·       Karim Abd El Aziz                                                                             North Africa & Middle East Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 94511, Alexandria

 

Industrial Reg. No.       : 140490

 

Chamber Licence No.  : 0604

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                        Percentage

·       Unilever PLC                                                             60%

Port Sunlight

Wirral

Merseyside CH62 4ZD

United Kingdom

 

·       Rational International Enterprises Ltd                          40%

Cairo

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of toiletries, detergents and toothpaste.

 

Import Countries: Europe and the Far East

 

Export Countries: Middle East

 

Brand Names: OMO, SUNLIGHT, LUX, DOVE, MIST, GOOD MORNING, SIGNAL 2, CLOSE UP, SUNSILK,

             LIFE BUOY

 

Operating Trend: Steady

 

Subject has a workforce of approximately 3,000 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 554,154,000                         £E 581,343,000

 

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) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

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.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.