|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAPPY SWEET CHOCOLATE & CONFECTIONERIES
CO |
|
|
|
|
Registered Office : |
1 Youssef Sulaiman
Street, El Fagala, Daher, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Year of Establishments: |
1996 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacturers of sweets and chocolate |
|
|
|
|
No. of Employees : |
600 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 : HAPPY SWEET CHOCOLATE & CONFECTIONERIES CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1996
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 600
Activities : Manufacturers of sweets and chocolate
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
HAPPY SWEET
CHOCOLATE & CONFECTIONERIES CO
Registered &
Physical Address
Street : 1 Youssef Sulaiman Street
Area : El Fagala, Daher
Town : Cairo
Country : Egypt
Telephone : (20-2) 26161919
Facsimile : (20-2) 26166261
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Offices
Location Description
·
El
Zhoyeen Factory
premises
Shebeen El Kanater
Kaliubeya
Tel: (20-2) 46155009
Fax: (20-2) 46166261
Name Position
·
Ahmed
Mohamed Attia Managing
Partner
·
Mahmoud
Mohamed Attia Partner
·
Medhat
Mohamed Attia Partner
·
Mohamed
Mohamed Attia Partner
·
Moustafa
Mohamed Attia Partner
·
Mahmoud
Zaki Finance
Manager
·
Sayed
El Zayad Accountant
·
Sherif
Galal Administration
Manager
Date of Establishment : 1996
Legal Form :
Limited Liability
Partnership
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Name of Partner
(s)
·
Ahmed
Mohamed Attia
·
Mahmoud
Mohamed Attia
·
Medhat
Mohamed Attia
·
Mohamed
Mohamed Attia
·
Moustafa
Mohamed Attia
Activities: Engaged in the manufacture of sweets and
chocolate.
Import Countries: Europe and the Far East.
Subject has a
workforce of approximately 600 employees.
Companies
registered in Egypt are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
·
Bank of
Alexandria
49 Kasr El Nile Street
Cairo
Tel: (20-2) 24824056 /
24836073
Fax: (20-2) 24837468
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.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
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.