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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
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Name : |
OBOUR LAND FOR FOOD INDUSTRIES SAE |
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Registered Office : |
1st Industrial Zone, Cairo – Ismailia Road, Plot A 15,
Block 12/13, Obour City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
304035, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the production of dairy products,
specialising in processed, feta and white cheeses. |
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No. of Employees : |
550 |
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 : |
No complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 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 :
OBOUR LAND FOR FOOD INDUSTRIES SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1998
Commercial Registration Number :
304035, Cairo
Tax Card Number :
324-957-009
Authorised Capital :
£E 50,000,000
Issued Capital :
£E 19,400,000
Paid up Capital :
£E 19,400,000
Total Workforce :
550
Activities :
Production of dairy products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
OBOUR LAND FOR
FOOD INDUSTRIES SAE
Registered &
Physical Address
Location : 1st
Industrial Zone, Cairo – Ismailia Road, Plot A 15, Block 12/13
Area : Obour City
Town : Cairo
Country : Egypt
Telephone : (20-2) 46101017
/ 46101015 / 46101019 / 46101016
Facsimile : (20-2)
46101018
Email : info@obourland.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Cairo.
Name Position
Mohamed Hamed Sherif Chairman
Ashraf Mohamed Hamed Sherif Vice
Chairman
Rasha Mohamed Hamed Director
Ayman Mohamed Hamed Director
Samia El Kafrawy Director
Ghada Mohamed Hamed Director
Abeer Mohamed Hamed Director
Fathi Said Director
Dr Hatem Awani Sales
Manager
Nasser Zowail Finance
Manager
Basel Fayez Abbas Factory
Manager
Adel Abd El Aziz Administration
Manager
Ahmed Hussein Quality
Manager
Date of Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 304035, Cairo
Tax Card No. : 324-957-009
Authorised Capital : £E 50,000,000
Issued Capital : £E 19,400,000
Paid up Capital : £E 19,400,000
Name of
Shareholder (s) Percentage
Mohamed Hamed Sherif 50%
Ashraf Mohamed Hamed Sherif 15%
Ayman Mohamed Hamed 15%
Rasha Mohamed Hamed 5%
Samia El Kafrawy 5%
Ghada Mohamed Hamed 5%
Abeer Mohamed Hamed 5%
Activities: Engaged in the production of
dairy products, specialising in processed, feta and white cheeses.
Production
Capacity: 15-20 tons per day.
Import Countries: France,
Germany, India, Belgium, Australia, Italy and China
Brand Names: OBOUR
LAND, LOVELY and DABDOUB
Operating Trend: Steady
Subject has a workforce of approximately 550 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales £E
56,000,000 £E
60,600,000
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
Export Development Bank of Egypt
1st District Centre
Group D
Sharkeya
10th of Ramadan City
Tel: (20-15) 367203
Fax: (20-15) 362638 / 362639
No complaints regarding subject’s payments have been reported.
Date of transaction July
2004
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.62.27 |
|
|
1 |
Rs.103.47 |
|
Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.