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Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
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Name : |
EL GAWHARA COMPANY FOR FOOD INDUSTRIES |
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Registered Office : |
33a |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1993 |
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Com. Reg. No.: |
311160 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of biscuits,
wafers, chocolate and gums. |
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No. of Employees : |
2000 employees |
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 : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source : CIA |
Company Name : EL GAWHARA COMPANY FOR FOOD INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1993
Commercial Registration Number : 311160
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Total Workforce : 2,000
Activities : Manufacture of biscuits, wafers, chocolate and gums.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Adel Salama Gerges, Marketing Manager
EL GAWHARA COMPANY
FOR FOOD INDUSTRIES
Registered &
Physical Address
Location : 33a Ramsis Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 25768027 / 25767793
Facsimile : (20-2) 25799222
Mobile : (20-100) 6023392 / 1444414
Email : adel_gerges2001@yahoo.com
/ adel.salama@aljawharagroup.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
·
Hosh Essa Owned
factory premises
Beheira
Tel:
(20-45) 2708204 / 2708205 / 2703920
Fax:
(20-45) 2708201 / 2703930
·
New
Borg El Arab Office
premises
Alexandria
Name Position
·
Hamdy Abdul Maksood Koraitam Managing
Director
·
Medhat Hamdy Abdul Maksood Koraitam Director
·
Anwar Hamdy Abdul Maksood Koraitam Director
·
Alaa Hamdy Abdul Maksood Koraitam Director
·
Mohamed Hamdy Abdul Maksood Koraitam Director
·
Adel Salama Gerges Marketing
Manager
· Mohamed El Wakkad Export
Manager
· Belal Koraitam Finance Manager
Date of Establishment : 1993
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 311160
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Name of Shareholder
(s)
·
Hamdy Abdul Maksood Koraitam
·
Medhat Hamdy Abdul Maksood Koraitam
·
Anwar Hamdy Abdul Maksood Koraitam
·
Alaa Hamdy Abdul Maksood Koraitam
·
Mohamed Hamdy Abdul Maksood Koraitam
·
El Gawhara Company For International Industries
Hosh Essa
Beheira
Tel:
(20-45) 2708204 / 2708205
Fax:
(20-45) 2708201
CR
No. 32598
·
El Gawhara Golden Company For Tea Industries
Hosh Essa
Beheira
Tel: (20-45)
2708204 / 2708205
Fax: (20-45)
2708201
CR No. 61593
Activities: Engaged in the manufacture of biscuits,
wafers, chocolate and gums.
Subject is ISO 9001:2000 and HACCP accredited.
Import
Countries: France and
Germany
Brand Names: JUMBO GUM, MIX, LOLA and CHIPSECO
Operating Trend: Steady
Subject has a
workforce of approximately 2,000 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 Group Sales £E 487,000,000 £E 500,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Adel Salama Gerges, Marketing Manager
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
|
UK Pound |
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.94 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.