MIRA INFORM REPORT

 

 

Report Date :

02.02.2013

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN CO FOR DAIRY AND JUICE PRODUCTS

 

 

Registered Office :

11 El Gehad Street, Lebanon Square, Mohandessin, Giza, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

2004

 

 

Com. Reg. No.:

113720

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of ultra-high temperature plain and flavoured milk

 

 

No. of Employees :

250

 

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 :

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

 

Source : CIA

 

SUMMARY

 

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

COMPANY NAME

 

EGYPTIAN CO FOR DAIRY AND JUICE PRODUCTS

 

 

ADDRESS

 

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

 

 

KEY PRINCIPALS

 

            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

 

 

LEGAL FORM & OWNERS

 

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%

 

 

OPERATIONS

 

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 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 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.

 

 

BANKERS

 

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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.53.32

UK Pound

1

Rs.84.60

Euro

1

Rs.72.63

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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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