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Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
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Name : |
OVERSEAS COMPANY FOR FOOD PRODUCTS SAE |
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Registered Office : |
Om Zegheiw, El Dakhlieh PO Box 544 Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
87554, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of biscuits, chocolate, cakes
and wafers. |
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No. of Employees : |
3,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 : OVERSEAS COMPANY FOR FOOD PRODUCTS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1990
Commercial Registration Number : 87554, Alexandria
Issued Capital : £E 52,000,000
Paid up Capital : £E 52,000,000
Total Workforce : 3,000
Activities : Manufacturers of biscuits, chocolate, cakes and wafers
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sami Jamal Eddine, Finance Manager
OVERSEAS COMPANY FOR FOOD PRODUCTS SAE
Location : Om Zegheiw, El
Dakhlieh
PO Box : 544
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4401633
Facsimile : (20-3) 4406852
Mobile : (20-100)
1372702
Email : aly@elshamadan.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Alexandria.
Name Position
· Taher Moustafa El
Khoueir Chairman
· Adel Moustafa El
Khoueir Managing
Director
· Ali Moustafa El
Khoueir Director
· Sami Jamal Eddine Finance
Manager
· Hesham Abdul Moti Commercial
Manager
· Essam El Sayed Accountant
Date of
Establishment : 1990
History : Subject merged
with its sister company El Shamadan Co
for Food Industries SAE in 2011.
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 87554, Alexandria
Issued Capital : £E 52,000,000
Paid up Capital : £E 52,000,000
· Taher Moustafa El
Khoueir
· Adel Moustafa El
Khoueir
· Ali Moustafa El
Khoueir
Activities: Engaged in the manufacture of biscuits, chocolate, cakes and wafers.
Import Countries: Europe and the Far East.
Brand Names: ELSHAMADAN
Operating Trend: Steady
Subject has a workforce of approximately 3,000 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
269,000,000 £E
280,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Sami Jamal Eddine, Finance Manager
·
National Bank of Egypt
21 Tosson Street
Alexandria
Tel: (20-3)
4824802 / 4825715
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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
|
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 |
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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 |
-- |
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.