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Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
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Name : |
OBOUR LAND FOR FOOD INDUSTRIES SAE |
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Registered Office : |
1st Industrial Zone, Cairo – Ismailia Road, Plot A 15,
Block 12/13 Obour City Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1998 |
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Com. Reg. No.: |
304035, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production of dairy products. |
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No. of Employees : |
550 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 : OBOUR LAND FOR FOOD INDUSTRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1998
Commercial Registration Number : 304035, Cairo
Tax Card Number : 324-957-009
Authorised Capital : £E 50,000,000
Issued Capital : £E 19,400,000
Paid up Capital : £E 19,400,000
Total Workforce : 550
Activities : Production of dairy products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
OBOUR LAND FOR FOOD INDUSTRIES SAE
Location : 1st
Industrial Zone, Cairo – Ismailia Road, Plot A 15, Block 12/13
Area : Obour City
Town : Cairo
Country : Egypt
Telephone : (20-2) 46101017
/ 46101015 / 46101019 / 46101016
Facsimile : (20-2)
46101018
Email : info@obourland.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Cairo.
Name Position
· Mohamed Hamed
Sherif Chairman
· Ashraf Mohamed
Hamed Sherif Vice
Chairman
· Rasha Mohamed
Hamed Director
· Ayman Mohamed
Hamed Director
· Samia El Kafrawy Director
· Ghada Mohamed
Hamed Director
· Abeer Mohamed
Hamed Director
· Fathi Said Director
· Dr Hatem Awani Sales
Manager
· Nasser Zowail Finance
Manager
· Basel Fayez Abbas Factory
Manager
· Adel Abd El Aziz Administration
Manager
· Ahmed Hussein Quality Manager
Date of
Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 304035, Cairo
Tax Card No. : 324-957-009
Authorised Capital : £E 50,000,000
Issued Capital : £E 19,400,000
Paid up Capital : £E 19,400,000
· Mohamed Hamed
Sherif 50%
· Ashraf Mohamed
Hamed Sherif 15%
· Ayman Mohamed
Hamed 15%
· Rasha Mohamed
Hamed 5%
· Samia El Kafrawy 5%
· Ghada Mohamed
Hamed
5%
· Abeer Mohamed
Hamed 5%
Activities: Engaged in the production of dairy products, specialising in processed,
feta and white cheeses.
Production
Capacity: 15-20 tons per day.
Import Countries: France, Germany, India, Belgium, Australia, Italy
and China
Brand Names: OBOUR LAND, LOVELY and DABDOUB
Operating Trend: Steady
Subject has a workforce of approximately 550 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
48,600,000 £E
56,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
· Export Development
Bank of Egypt
1st
District Centre
Group D
Sharkeya
10th of
Ramadan City
Tel: (20-15)
367203
Fax: (20-15)
362638 / 362639
No complaints regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.59.39 |
|
|
1 |
Rs.89.89 |
|
Euro |
1 |
Rs.77.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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.