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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN CO FOR DAIRY AND JUICE PRODUCTS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
2004 |
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Com. Reg. No.: |
113720 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of
ultra-high temperature plain and flavoured milk. |
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No. of Employees : |
250 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
A2 |
A2 |
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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 |
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 DAIRY AND JUICE PRODUCTS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2004
Commercial Registration Number : 113720
Tax Card Number : 205-014-348
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 250
Activities : Manufacturers of ultra-high temperature plain and flavoured milk
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN CO FOR
DAIRY AND JUICE PRODUCTS
Registered &
Physical Address
Street : 11 El Gehad Street, Lebanon
Square
Area : Mohandessin, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 33049519 / 33037074 / 33037075
Facsimile : (20-2) 33461230
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
·
Plot 15 Factory
premises
3rd Industrial Zone
6th of October City
Tel: (20-2) 38326797
Fax: (20-2) 38344188
Name Position
·
Safwan
Ahmed Thabet Chairman
·
Heba
Safwan Ahmed Thabet Director
·
Ahmed
El Abein Director
·
Yasser
El Mallawany Director
·
Abdallah
El Dagheim Director
·
Hany
Shaker Finance
Manager
·
Hisham
Kamal Accounts
Manager
Date of Establishment : 2004
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 113720
Tax Card No. : 205-014-348
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of Shareholder
(s) Percentage
·
Juhanya
Food Industries 99.90%
·
Safwan
Ahmed Thabet 0.05%
·
Ahmed
Amin El Abein 0.05%
Activities: Engaged in the manufacture of ultra-high
temperature plain and flavoured milk.
Import
Countries: Denmark, New
Zealand, Saudi Arabia and India.
Brand Names: JUHAYNA
Operating Trend: Steady
Subject has a
workforce of approximately 250 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 Revenue £E 443,858,955 £E 463,487,538
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject meets its payment obligations in a timely manner and the company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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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.