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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
UNILEVER MASHREQ PERSONAL CARE SAE |
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Registered Office : |
4th Industrial Zone, Plot 16 & 17, Giza, Sixth of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
3920 |
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Legal Form : |
Egyptian Joint Stock
Company |
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Line of Business : |
Manufacturers of
personal care products and cosmetics. |
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No. of Employees : |
300 |
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 : |
No compliant |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
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 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 |
Company Name : UNILEVER
MASHREQ PERSONAL CARE SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1993
Commercial
Registration Number : 3920
Tax Card Number : 706-012-364
Issued Capital : £E
10,000,000
Paid up Capital : £E
10,000,000
Total Workforce : 300
Activities :
Manufacturers
of personal care products and cosmetics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ismail Saif,
Finance Manager
UNILEVER MASHREQ PERSONAL CARE SAE
Location : 4th Industrial Zone, Plot 16 &
17
Area : Giza
Town : Sixth of October City
Country : Egypt
Telephone : (20-2) 38330585
/ 38333441 / 38345080
Facsimile : (20-2) 38345088
Mobile : (20-10) 4559387
Email : mostafa.farouk@unilever.com / ghada.osman@unilever.com
Subject operates
from a large suite of offices and a factory that are leased and located in the
Industrial Area of the Sixth of October City.
Branch Address
Location Description
·
Industrial
Zone Factory
premises
14th May Bridge
Sidi Gaber
Smouha
Alexandria
Tel: (20-3) 4278158
Fax: (20-3) 4253787
Name Position
·
Hosna Mohamed Rachid Chairman
·
Khaled Fayed Managing
Director
·
Ashraf El Gazayerly Director
·
Nashwa
Mehanna Director
·
Abd El Meguid Mohamed General
Manager
·
Ismail Saif Finance
Manager
·
Ahmed
Gadoos Operations
Manager
·
Sameh
Sabri Factory
Manager
·
Ashraf
El Gwuihry Commercial
Manager
·
Mohamed Hashem Administration
Manager
Date of Establishment : 1993
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 3920
Tax Card No. : 706-012-364
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
·
Unilever
Plc 60%
United Kingdom
·
Rational International Enterprises Ltd 40%
Egypt
Activities: Engaged in the manufacture of personal care
products and cosmetics, including shampoo, toothpaste,
shower gel, skincare creams and lotions, as well as surfactants and sequestering
agents.
Subject’s activities are conducted under license of Unilever Plc of the
United Kingdom.
Import
Countries: United Kingdom
Brand Names: SUN SILK,
COMFORT, LUX, UNILEVER, SIGNAL, CLOSE UP and REXONNA.
Operating Trend: Steady
Subject has a
workforce of approximately 300 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 90,550,000 £E 92,800,000
Local sources
consider subject’s financial condition to be Fair.
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
·
Citibank
PO Bo: 188
Cairo
Tel: (20-2) 33551877 / 33551874
Fax: (20-2) 33558056
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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
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.