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Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SWISS EGYPTIAN FOR ORAL CARE PRODUCTS AND
COSMETICS |
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Formerly Known As : |
SWISS EGYPTIAN CO FOR SPECIALISED INDUSTRIES |
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Registered Office : |
906
Moustafa Kamel Road, El Ras El Souda, Victoria, Ramleh, P O Box 54, El Saraya, Alexandria
21411 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1978 |
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Com. Reg. No.: |
18020, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of toothbrushes and toothpaste, under license of Dr
Wild (Switzerland) and other oral care and cosmetic products |
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No. of Employees : |
200 |
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 : |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 : SWISS EGYPTIAN FOR
ORAL CARE PRODUCTS AND COSMETICS
Previously Known As : SWISS EGYPTIAN CO FOR SPECIALISED INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1978
Commercial Registration Number : 18020, Alexandria
Tax Card Number : 100-115-608
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Total Workforce : 200
Activities : Manufacturers of oral care and cosmetic products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SWISS EGYPTIAN FOR ORAL CARE PRODUCTS AND COSMETICS
SWISS EGYPTIAN CO FOR SPECIALISED INDUSTRIES
Registered &
Physical Address
Street : 906
Moustafa Kamel Road
Area : El
Ras El Souda, Victoria, Ramleh
PO Box : 54, El
Saraya
Town : Alexandria
21411
Country : Egypt
Telephone : (20-3) 5294444
/ 5294446 / 5294441
Facsimile : (20-3) 5294445
Email : sesic@sesic.com.eg
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Suburban Business Area of Alexandria.
Name Position
·
Mahmoud Asaad Abd El Hakim Heikal Managing
Director
·
Moustafa Abd El Hakim Heikal Director
·
Ahmed Abd El Hakim Heikal Director
·
Dr Mohamed Abd El Hakim Heikal Director
Date of Establishment : 1978
History : Subject began in 1978 under the name “Swiss
Egyptian Co for Specialised Industries”.
However during 2010 it changed its name to “Swiss Egyptian for Oral Care
Products and Cosmetics”.
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 18020, Alexandria
Tax Card No. : 100-115-608
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Name of
Shareholder (s)
·
Mahmoud Asaad Abd El Hakim Heikal
·
Moustafa Abd El Hakim Heikal
·
Ahmed Abd El Hakim Heikal
·
Dr Mohamed Abd El Hakim Heikal
Activities: Engaged in the
manufacture of toothbrushes and toothpaste, under license of Dr Wild
(Switzerland) and other oral care and cosmetic products
Import
Countries: Italy,
Switzerland and the United States of America
Production Capacity:
60
million brushes and 20 million tubes per annum.
Export
Countries: Morocco, Ghana, Saudi Arabia, Jordan, Tunisia, Germany,
South Africa and Russia.
Brand Names: EMFORM
Operating Trend: Steady
Subject has a
workforce of approximately 200 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 48,300,000 £E 49,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Misr
International Bank (MIBANK)
33 Safia Zaghloul Street
Raml Station
Alexandria
Tel: (20-3) 4828174 / 4828213
Fax:
(20-3) 4838216
·
Bank of Alexandria
Alexandria
Tel: (20-3)
4871460 / 4870159 / 4874147 / 4871200
Fax:
(20-3) 4868704 / 4871262
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
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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 |
|
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.