|
Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
EGYPTIAN CANNING COMPANY - AMERICANA |
|
|
|
|
Registered Office : |
3rd Industrial
Zone, Plot No. 38, 6th of October City |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1997 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the
processing and packaging of food products, specialising in olives |
|
|
|
|
No. of Employees : |
235 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Company Name : EGYPTIAN CANNING COMPANY - AMERICANA
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1997
Issued Capital : £E 66,000,000
Paid up Capital : £E 66,000,000
Total Workforce : 235
Activities : Processing and packaging of food products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN CANNING
COMPANY - AMERICANA
Registered &
Physical Address
Location : 3rd Industrial Zone,
Plot No. 38
Town : 6th of October
City
Country : Egypt
Telephone : (20-2) 38336015
Facsimile : (20-2) 38336013
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of 6th of October City.
Name Position
·
Mohamed
Zayed Abd El Rehim Chairman
·
Mahmoud
Abd El Azim El Afifi Managing
Director
·
Ibrahim
Adel Mahmoud El Afifi Director
·
El
Sayed Nassif Director
·
Ahmed
Abd El Raouf Director
·
Dr
Sayed Diab Director
·
Khaled
Sadek General
Manager
·
Samy
Abd El Rahman Financial
Manager
·
Moustafa
Essam Accounts
Manager
Date of Establishment : 1997
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 66,000,000
Paid up Capital : £E 66,000,000
Name of Shareholder
(s) Percentage
·
Americana
Group for Food Stuff & Touristic Projects 99.8%
Egypt
·
Local
businessmen and private investors 0.2%
Activities: Engaged in the processing and packaging of
food products, specialising in olives.
Subject is ISO 9001
accredited.
Import
Countries: France, Germany,
Kuwait and Belgium.
Export
Countries: Libya, United
States of America, Australia, United Kingdom, Canada, United Arab Emirates,
Bahrain, Kuwait and Saudi
Arabia.
Brand Names: AMERICANA
Operating Trend: Steady
Subject has a
workforce of approximately 235 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 82,000,000 £E 85,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Arab
Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 3029069 / 3029070
Fax: (20-2) 3029068
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.61.92 |
|
UK Pound |
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
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.