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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE |
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Registered Office : |
1 El Obour Buildings Salah Salem Street Nasr 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 : |
2004 |
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Com. Reg. No.: |
4582 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of processed cheese |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 : AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2004
Commercial Registration Number : 4582
Tax Card Number : 572-618-476
Issued Capital : £E 13,237,700
Paid up Capital : £E 13,237,700
Total Workforce : 200
Activities : Manufacturers of processed cheese
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL NOUR COMPANY FOR DAIRY INDUSTRIES SAE
Building : 1 El Obour
Buildings
Street : Salah Salem
Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22623888
/ 22623999 / 24030373 / 24025753 / 22619116 / 24054827
Facsimile : (20-2) 22623888
/ 22623202
Email : mohamedhalawa@acffi.com
Subject operates from a large suite of offices that are rented and
located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
· El-Obour City Factory
premises
Industry Zone
Block 12008, Plot
No. 16, 17, 18
Cairo
Ismailia Road
Cairo
Tel: (20-2) 46650005 / 46650006 / 46650007
Fax:
(20-2) 46650008
Name Position
· Mohamed Nabil Halawa
Chairman
· Michail Aliva Director
· Nere Mare Director
· Mohamed Nabil
Mohamed Sayed Halawa Director
· Nabil Mohamed
Sayed Halawa Director
· Maged Sadek Finance
Manager
· Ahmad Lofty Sales
Manager
· Ghada Medhat Marketing
Manager
· Karim Samir Export
Manager
· Laurent Covet Factory
Manager
· Noha El Ahl Purchasing
Manager
· Mona Mohamed Office
Manager
Date of
Establishment : 2004
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 4582
Tax Card No. :
572-618-476
Authorised Capital : £E 75,000,000
Issued Capital : £E 13,237,700
Paid up Capital : £E 13,237,700
· Lactalis
International SNC 51%
94600 Choisy Le
Roi
France
Tel: (33-1)
49785600
Fax: (33-1) 48527260
· Egyptian
Businessmen and private investors 49%
· Best Cheese Company For Dairy Products SAE
Industrial
Zone A2
Sharkeya
Tenth
of Ramadan City
Tel:
(20-15) 412271 / 412270
Fax:
(20-15) 412272
Activities: Engaged in the manufacture of dairy products, specialising in processed
cheese.
Production Capacity: 24,000 tonnes per annum
Import Countries: France and India
Export Countries : Saudi Arabia, United Arab Emirates, Bahrain,
Qatar, Iraq, Libya, Yemen, Israel, Oman, Syria,
Lebanon, Madagascar, Kuwait, Jordan,
Mauritius, Sudan and Pakistan.
Brand Names: PRESIDENT
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
444,691,801 £E
469,854,096
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
National Societe Generale Bank
5 Champollion
Street
Cairo
Tel: (20-2)
27707777
No complaints regarding subject’s payments have been reported.
Credit amount 200,000
Amount overdue 0
Payment terms 120
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.