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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ARAB DAIRY PRODUCTS COMPANY SAE |
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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: |
1985 |
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Com. Reg. No.: |
3205, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of
white, Swiss and processed cheese |
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No. of Employees : |
1,100 (approximately) |
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) |
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Egypt |
B1 |
B1 |
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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.
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Source : CIA |
Company Name : ARAB DAIRY PRODUCTS COMPANY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1985
Commercial Registration Number : 3205, Cairo
Authorised Capital : £E 500,000,000
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
Total Workforce : 1,100
Activities : Manufacturers of white, Swiss and processed cheese.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ARAB DAIRY PRODUCTS
COMPANY SAE
Registered &
Physical Address
Street : 15 Abd El Hamid Badawei Street
Area : Heliopolis
PO Box : 1519
Town : Cairo
Country : Egypt
Telephone : (20-2) 26241936 / 26237147 / 26241883
Facsimile : (20-2) 26241884
Mobile : (20-122) 7610501
Email : adairy@arabdairy.com / hr@arabdairy.com / export@arabdairy.com
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
·
Sendepees,
Kanater Khaireya Owned
factory premises
Kaliubeya
Tel: (20-2) 2282135 / 2282211
/ 2604335
Fax: (20-2) 2282699 / 2604335
Name Position
·
Tarek
Mohamed Abd El Aatie Chairman
·
Hala
Abd El Moneim Abu El Azm Vice
Chairman
·
Mohamed
Abd El Meguid Ismail Director
·
Mohamed
Samy Boaraie Director
·
Mohamed
El Mamoun El Sayed El Sayed El Gohary Director
·
Hala
Abd El Moneim Abu El Azem Director
·
Salah
Ahmed Hussein Director
·
Moustafa
Kamel Mohamed Director
·
Hazem
Hassan Director
·
Abd El
Aziz Moustafa Finance
Manager
·
Mohamed
Badawy Accounts
Manager
·
Walid
Hossam Sales
Manager
·
Haytham
Bayoumy Export
Manager
·
Mohamed
El Ganzoury Factory
Manager
·
Gamal
El Gebaly Marketing
Manager
·
Mahmoud
Sakr Administration
Manager
·
Reda El
Sayed Legal
Affairs Manager
·
Hany
Osman Hassan Investor
Relation Manager
Date of Establishment : 1985
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 3205, Cairo
Authorised
Capital : £E 500,000,000
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
Name of Shareholder
(s) Percentage
·
Saudi
Egyptian Investment Co 30.70%
56 Gameat El Dewal El Arabia Street
Cairo
Tel: (20-2) 33604682
·
Pioneers
Holding Financial Investment 19.20%
Egypt
·
Adham
Co. Ltd 18.20%
·
Barakh
Trade & Investment 12.13%
Egypt
·
Misr
Iran Development Bank 6.30%
Nile Tower Building
21 Giza Street
Cairo 12612
Tel: (20-2) 25727311
Fax: (20-2) 25701185
·
Salah
Hussein 0.28%
Activities: Engaged in the manufacture of white, Swiss
and processed cheese.
Subject is ISO 9002 accredited.
Import
Countries: France, Belgium,
United States of America, Germany, Switzerland and New Zealand
Export
Countries: Libya, Jordan,
Iraq, Lebanon, Syria, Saudi Arabia, United Arab Emirates, Yemen, Cameroon,
Kenya and Niger.
Brand Names: LA CLASSE, DAIRY and PANDA
Operating Trend: Steady
Subject has a
workforce of approximately 1,100 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 503,816,517 £E 559,816,415
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
·
Export
Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel: (20-2) 23619005 /
23385877
Fax: (20-2) 23385940 /
23385938
·
Banque
du Caire Barclays Internationale SAE
12, Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 23542195 / 23549415 / 23549422
Fax: (20-2) 23552746
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.61.98 |
|
UK Pound |
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
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.