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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
KANDEEL INDUSTRY AND TRADE |
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Registered Office : |
Sakara Tourism Street,
Abu Sir, Mariota, Badrasheen, Giza, P O Box 12, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1990 |
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Com. Reg. No.: |
89946, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Distributors of contact lenses, spectacles, motor vehicle and child care products, toys, sunglasses, cosmetics and industrial lubricants, adhesives, vegetables and kitchen ware. |
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No. of Employees : |
1500 |
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 : |
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 – 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 |
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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 : KANDEEL INDUSTRY AND TRADE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1990
Commercial Registration Number : 89946, Giza
Tax Card Number : 5-719-191-11
Issued Capital : £E 2,500,000
Paid up Capital : £E 2,500,000
Total Workforce : 1,500
Activities : Distributors of contact lenses, spectacles, motor vehicle and child care
products, toys, sunglasses, cosmetics and industrial lubricants,
adhesives, vegetables and kitchen ware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KANDEEL INDUSTRY
AND TRADE
Registered &
Physical Address
Street : Sakara Tourism Street
Area : Abu Sir, Mariota, Badrasheen,
Giza
PO Box : 12
Town : Cairo
Country : Egypt
Telephone : (20-2) 38152133 / 38152134
Facsimile : (20-2) 38152158
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
·
32 El
Ahram Street Office
premises
Pitco International Trade Centre
Pyramids
Giza
Tel: (20-2) 33841445 / 33841448 / 33586980
Fax: (20-2) 33857503
·
518
Free Bor Buildings Office
premises
El Nahda Street
Port Said
Tel: (20-66) 3331720
Fax: (20-66) 3330822
·
26
Soliman El Farisi Street Office
premises
El Asafara Bahari
Montazah, Alexndria
Tel: (20-3) 5508626
Fax: (20-3) 5508626
·
21 El
Nabi Daniel Street Office
premises
Mit Ghamr
Dakahleya
Tel: (20-50) 6905615
Fax: (20-50) 6905615
·
El
Gamhoriya Street Office
premises
Osman Bin Affan Building, Flat 6
Assiut
Tel: (20-88) 2308134
Fax: (20-88) 2308134
·
4 El
Nahda Street Office
premises
Masalla
Fayoum
Tel: (20-84) 6870231
Fax: (20-84) 6870231
·
Mohamed
Khalil Building, 1st Floor Office
premises
Fayoum
Name Position
·
Gamal El
Sayed Kandeel Managing
Director
·
Dr
Kamel El Sayed Kandeel General
Manager
·
Farouk
Abd El Fattah Finance
Manager
·
Sayed
Ibrahim Administration
Manager
Date of Establishment : 1990
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 89946, Giza
Tax Card No. : 5-719-191-11
Issued Capital : £E 2,500,000
Paid up Capital : £E 2,500,000
Name of Shareholder
(s) Percentage
·
Gamal
El Sayed Kandeel 100%
Activities: Engaged
in the import and distribution of contact lenses, spectacles, motor
vehicle and child care
products, toys,
sunglasses, cosmetics and industrial lubricants and adhesives, also
distribution of
vegetables and
kitchen ware.
Import
Countries: United States of
America, United Kingdom, Netherlands, Panama, China, Italy, France, Spain,
India, Indonesia, Malaysia
and South Korea.
Agencies Held:
·
Anakku
·
Top Car
·
Farlin
·
Bausch
& Lomb
·
Carter-Wallace
·
WD-40
·
Armor-All
·
Max-Touch
·
Bison
·
Superfast
·
Turtle
Wax
·
Elfy
·
Epo-Bond
Export
Countries: Tanzania, Sudan,
Libya, Uganda and Kenya.
Operating Trend: Steady
Subject has a
workforce of approximately 1,500 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 Revenue £E 113,000,000 £E 160,385,000
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
·
Al
Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2) 33379363
Fax: (20-2) 33772959
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
UK Pound |
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.