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Report Date : |
18.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DR OLIVEE CO FOOD
INDUSTRIES AND AGRICULTURAL INVESTMENTS SAE |
|
|
|
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Registered Office : |
Manshiat Al
Sadat, Zagazig, P O Box: 291, Sharkeya |
|
|
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Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
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Year of Establishment : |
1970 |
|
|
|
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Com. Reg. No.: |
419894 |
|
|
|
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Legal Form : |
Egyptian Joint
Stock Company |
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|
|
|
Line of Business : |
Manufacturers of Food
Products. |
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|
|
|
No. of Employees : |
200 |
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 |
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|
|
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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 |
|
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 : DR OLIVEE
CO FOOD INDUSTRIES AND AGRICULTURAL
INVESTMENTS SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1970
Commercial
Registration Number : 419894
Issued Capital : £E
10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 200
Activities :
Manufacturers of food products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
DR OLIVEE CO FOOD
INDUSTRIES AND AGRICULTURAL INVESTMENTS SAE
Location : Manshiat Al Sadat, Zagazig
PO Box : 291
Town : Sharkeya
Country : Egypt
Telephone : (20-55) 2323873
Facsimile : (20-55) 2323873
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Sharkeya.
Branch Office
(s)
Location Description
·
90
Ahmed Orabi Street Office
premises
Mohandessin, Giza
Tel: (20-2) 33053364
·
Al
Zaeem Tower Office
premises
60 Mohamed El Serafy Street
Sidi Bishr
Alexandria
Name Position
·
Dr Ali
Ibrahim Abd El Rahman Chairman
·
Ibrahim
Ali Ibrahim Abd El Rahman Director
·
Ashraf
Ali Director
·
Mohamed
Abd El Halim Sales
Manager
·
Mohamed
Attia Export
Manager
·
Ramy
Ghaly Public
Relations Manager
Date of Establishment : 1970
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 419894
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
·
Dr Ali
Ibrahim Abd El Rahman 85%
·
Zeinab
Moustafa Ali Mansour 13%
·
Ibrahim
Ali Ibrahim Abd El Rahman 1%
·
Ashraf
Ali 1%
Activities: Engaged
in the manufacture of food products, including salting and packaging of
olives and pickles.
Export Countries: Saudi
Arabia, Kuwait, United Arab Emirates, Jordan, Bahrain, Iraq, Libya, Cameroon,
South Africa, Sudan, Germany, France, Italy, Russia, Romania, Ukraine,
Bulgaria, Austria, Belgium, Greece, Turkey, United States of America, Canada
and Australia.
Brand Names: OLIVEE
Operating Trend: Steady
Subject has a
workforce of 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 37,100,000 £E 37,500,000
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
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints
regarding subject’s payments have been reported.
Local sources
report that subject meets its payments in a timely manner and is considered to
be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.89 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.