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Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROYAL COSMETIC COMPANY SAE |
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Registered Office : |
Alam El Dien
Tower, 3 Mahmoud Sedky & El Maamon Street, El Shark District, P O Box
711, Port Said |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
2002 |
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Com. Reg. No.: |
34772, Port Said |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of cleaning agents |
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No. of Employees : |
800 employees |
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 |
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Status : |
Satisfactory |
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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 |
|
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 |
Company Name : ROYAL COSMETIC COMPANY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2002
Commercial Registration Number : 34772, Port Said
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
Total Workforce : 800
Activities : Manufacturers of cleaning agents
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ROYAL COSMETIC
COMPANY SAE
Registered &
Physical Address
Building : Alam El Dien Tower
Street : 3 Mahmoud Sedky & El Maamon
Street
Area : El Shark District
PO Box : 711
Town : Port Said
Country : Egypt
Telephone : (20-66) 3320662 / 3241540 / 3245520
Facsimile : (20-66) 3241530
Mobile : (20-122) 4991785
Email : rc@royal-cosmetic.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Port Said.
Branch Office (s)
Location Description
·
Industrial
Zone, Km 5 Factory
premises
Port Said
Tel: (20-66) 3770077 / 3770133 / 3770132 /
3770075 / 3770073
Fax: (20-66) 3770099
Name Position
·
Mahmoud
Mohamed Hassanein Alam El Din Chairman
·
Ahmed
Fouad Mohamed Alam El Din Director
·
Abd El
Moneim Mohamed Alam El Din Director
·
Hamdy
Mohamed Alam El Din Director
·
Gamal
Mohamed Alam El Din Director
·
Mohamed
Abd El Moneim Mohamed Alam El Din Director
·
Magdy
Hasheish Director
·
Ahmed
Auf Hamada Director
·
Ahmed
El Katatny Finance
Manager
·
Fathi Hassan Factory
Manager
·
Khaled
El Morshedy Marketing
Manager
·
Zein El
Abden Accounts
Manager
Date of Establishment : 2002
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 34772, Port
Said
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
Name of Shareholder
(s) Percentage
·
Mahmoud
Mohamed Hassanein Alam El Din 16.67%
·
Ahmed
Fouad Mohamed Alam El Din 16.67%
·
Abd El
Moneim Mohamed Alam El Din 16.67%
·
Hamdy Mohamed
Alam El Din 16.67%
·
Gamal
Mohamed Alam El Din 16.66%
·
Mohamed
Abd El Moneim Mohamed Alam El Din 16.66%
Activities: Engaged in the manufacture of cleaning
agents, including soaps, shampoos, conditioners and ceramic
bathroom cleaning products.
Production
Capacity: 40,000 tons per
year.
Import
Countries: Germany, United
Kingdom, China, Switzerland, Italy and the United Arab Emirates
Export
Countries: Iraq, Morocco,
Yemen, Libya, Saudi Arabia, Kenya, Lebanon, Tunisia, Nigeria and Algeria
Operating Trend: Steady
Subject has a
workforce of approximately 800 employees.
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 71,448,672 £E 155,970,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Alexandria
6 Salah Salem Street
Alexandria
Tel: (20-3) 4824056
·
Commercial
International Bank (CIB)
El Gomhouria Street
Port Said Free Zone
Port Said
Tel: (20-66) 3336801
Fax: (20-66) 3325956
No complaints
regarding subject’s payments have been reported.
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.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.