MIRA INFORM REPORT

 

 

Report Date :

18.12.2013

 

IDENTIFICATION DETAILS

 

Name :

AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE

 

 

Registered Office :

1 El Obour Buildings, Salah Salem Street, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

2004

 

 

Com. Reg. No.:

4582

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the manufacture of dairy products, specialising in processed cheese.

 

 

No. of Employees :

200

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

B1

B1

 

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

SUMMARY

 

Company Name                                     : AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2004

Commercial Registration Number            : 4582

Tax Card Number                                   : 572-618-476

Issued Capital                                        : £E 13,237,700

Paid up Capital                                      : £E 13,237,700

Total Workforce                                     : 200

Activities                                               : Manufacturers of processed cheese

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : 1 El Obour Buildings

Street               : Salah Salem Street

Area                 : Nasr City

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22623888 / 22623999 / 24030373 / 24025753 / 22619116 / 24054827

Facsimile          : (20-2) 22623888 / 22623202

Email                : mohamedhalawa@acffi.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

Location                                                                                              Description

 

El-Obour City                                                                                         Factory premises

Industry Zone

Block 12008, Plot No. 16, 17, 18

Cairo Ismailia Road

Cairo

Tel: (20-2) 46650005 / 46650006 / 46650007

Fax: (20-2) 46650008

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Mohamed Nabil Halawa                                                                          Chairman

 

Michail Aliva                                                                                          Director

 

Nere Mare                                                                                             Director

 

Mohamed Nabil Mohamed Sayed Halawa                                                 Director

 

Nabil Mohamed Sayed Halawa                                                                Director

           

Maged Sadek                                                                                        Finance Manager

 

Ahmad Lofty                                                                                          Sales Manager

 

Ghada Medhat                                                                                       Marketing Manager

 

Karim Samir                                                                                          Export Manager

 

Said Zeid                                                                                               Factory Manager

 

Noha El Ahl                                                                                           Purchasing Manager

 

Mona Mohamed                                                                                     Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           2004

 

Legal Form                  :           Egyptian Joint Stock Company

 

Commercial Reg. No.  :           4582

 

Tax Card No.               :           572-618-476

 

Authorised Capital       :           £E 75,000,000

 

Issued Capital              :           £E 13,237,700

 

Paid up Capital            :           £E 13,237,700

 

Name of Shareholder (s)                                                          Percentage

 

Lactalis International SNC                                                           51%

94600 Choisy Le Roi

France

Tel: (33-1) 49785600

Fax: (33-1) 48527260

 

Egyptian Businessmen and private investors                                49%

 

 

AFFILIATED COMPANIES

 

Best Cheese Company For Dairy Products SAE

Industrial Zone A2

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 412271 / 412270

Fax: (20-15) 412272

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of dairy products, specialising in processed cheese.

 

Production Capacity:   24,000 tonnes per annum

 

Import Countries:         France, Ireland, United States of America and India.

 

Export Countries :        Saudi Arabia, United Arab Emirates, Bahrain, Qatar, Iraq, Libya, Yemen, Israel, Oman, Syria, Lebanon, Madagascar, Kuwait, Jordan, Mauritius, Sudan, Angola and Pakistan.

 

Brand Names:              PRESIDENT

 

Operating Trend:         Steady

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

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 444,691,801                         £E 469,854,096

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Societe Generale Bank

5 Champollion Street     

Cairo

Tel: (20-2) 27707777

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 December 2007

Credit amount                                        200,000

Amount overdue                                     0

Payment terms                                      120 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

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.61.96

UK Pound

1

Rs.101.14

Euro

1

Rs.85.33

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.