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Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
EGYPTIAN BELGIAN CO FOR INDUSTRIAL INVESTMENT
SAE |
|
|
|
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Registered Office : |
2 Ahmed Ragheb
Pasha Street, Garden City, Cairo |
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Country : |
Egypt |
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|
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Year of Establishments: |
1994 |
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|
|
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Com. Reg. No.: |
32391 |
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|
|
|
Legal Form : |
Egyptian Joint Stock Company |
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|
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Line of Business : |
Processors of fresh yeast |
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|
No. of Employees : |
600 |
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 : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
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 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 : EGYPTIAN BELGIAN CO FOR INDUSTRIAL INVESTMENT SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1994
Commercial Registration Number : 32391
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Total Workforce : 600
Activities : Processors of fresh yeast.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EGYPTIAN BELGIAN CO
FOR INDUSTRIAL INVESTMENT SAE
Registered &
Physical Address
Street : 2 Ahmed Ragheb Pasha Street
Area : Garden City
Town : Cairo
Country : Egypt
Telephone : (20-2) 27952077 / 27952087 / 27927900
Facsimile : (20-2) 27927800
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
2nd
Industrial Zone Factory
premises
Plot No. 354 & 355
Nubareya
Beheira
Tel: (20-45) 2634073 / 2634074
Fax: (20-45) 2634075 / 2634074
·
14 El
Sahab Street Office
premises
Pyramids
Giza
Tel: (20-2) 37800494
·
87A Abd
Al Aziz Aal Seoud Office
premises
Manial
Cairo
Tel: (20-2) 23620205 / 23520206
Fax: (20-2) 23640525
Name Position
·
Montasser
Safwat El Nady Chairman
·
Dr
Mohamed Safwat El Nady Managing Director
·
Maged
Safwat El Nagy Director
·
Moaness
Adly Guirguis Finance
Manager
·
Karim
El Geiwsh Marketing
Manager
·
Mohamed
Abd El Aziz Factory
Manager
·
Khaled
El Dib Purchasing
Manager
Date of Establishment : 1994
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 32391
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Name of
Shareholder (s)
·
Montasser
Safwat El Nady
·
Dr
Mohamed Safwat El Nady
·
Maged
Safwat El Nagy
Activities: Engaged as processors of fresh yeast used
in the baking industry. Subject also distributes general
foodstuff products and confectionery.
Import
Countries: Turkey,
Thailand, Italy, Spain and the United States of America.
Export
Countries: Algeria, Libya and Angola.
Brand Names: ACTIVA and FORNO
Subject has a
workforce of approximately 600 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
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
No complaints regarding
subject’s payments have been reported.
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.54.27 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.70.99 |
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.