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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN CO FOR FOOD INDUSTRIES SAE (EDC) |
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Registered Office : |
11 Houd El Gazal, Zemam Nahia El Tareek El Abias El Mariota, Pyramids,
Giza PO Box 134 6th of
October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1999 |
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Com. Reg. No.: |
120309, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Processors and distributors of food products |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 backtracked on economic reforms, drastically increasing
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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of
unsuccessful negotiations with the International Monetary Fund over a
multi-billion dollar loan agreement which have dragged on more than 20 months -
could precipitate fiscal and balance of payments crises in 2013.
Source
: CIA
Company Name : EGYPTIAN CO FOR FOOD INDUSTRIES SAE (EDC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1999
Commercial Registration Number : 120309, Giza
Tax Card Number : 205-005-934
Issued Capital : £E 106,750,000
Paid up Capital : £E 106,750,000
Total Workforce : 1,500
Activities : Processors and distributors of food products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN CO FOR FOOD INDUSTRIES SAE (EDC)
Street : 11 Houd El
Gazal, Zemam Nahia El Tareek El Abias
Area : El Mariota,
Pyramids, Giza
PO Box : 134
Town : 6th
of October City
Country : Egypt
Telephone : (20-2) 37992000
/ 37992020
Facsimile : (20-2)
37992526
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of 6th of October City.
Branch Office (s)
Location Description
· 3rd Industrial
Zone, Plot No. 39 Warehouse
premises
Street No. 18
6th of
October City
Tel: (20-2)
38343468 / 38343466
Fax: (20-2)
38343455
Name Position
· Saber Mohamed
Khier Hamasho Chairman
· Mohamed Akram
Akeed Managing
Director
· Mohamed Ahmed Finance
Manager
· Moustafa El Harery Administration
Manager
· Ahmed Farid Accounts
Manager
· Ayman El Maghraby Office
Manager
Date of
Establishment : 1999
Legal Form : Egyptian Joint Stock
Company
Commercial Reg.
No. : 120309, Giza
Tax Card No. : 205-005-934
Issued Capital : £E 106,750,000
Paid up Capital : £E 106,750,000
· Saber Mohamed
Khier Hamasho 81.57%
· Mohamed Saber Mohamed
Khier Hamasho 14.75%
· Ahmed Saber
Mohamed Khier Hamasho 0.94%
· Nagat Ahmed Khier 0.86%
· Osama Saber
Mohamed Khier Hamasho 0.84%
· Mohamed Akram
Akeed 0.28%
· Wafaa Saber
Mohamed Khier Hamasho 0.19%
· Omimma Saber
Mohamed Khier Hamasho 0.19%
· Rema Saber Mohamed
Khier Hamasho 0.19%
· Somia Saber
Mohamed Khier Hamasho 0.19%
Activities: Engaged in the import, processing and distribution of food products
such as ice cream, chips and
chocolate.
Subject is ISO 9001 accredited.
Import Countries: Lebanon, Spain, Jordan, China, Ukraine, Syria and
France.
Export Countries: Morocco, Libya, Saudi Arabia and the United Arab
Emirates.
Brand Names: ICE MAN, EPELLA, DAMAS and YAMI SHIPS
Operating Trend: Steady
Subject has a workforce of approximately 1,500 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E
95,000,000 £E
140,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Al Baraka Bank of Egypt
6th of
October City
Tel: (20-2)
38313964 / 38313965 / 38313966
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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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 |
|
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.