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Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN FOOD INDUSTRIES CO |
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Registered Office : |
32C Mourad
Street, Giza, P O Box 245, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1989 |
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Com. Reg. No.: |
80124 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the processing
and distribution of dairy products including hard and cream cheese. |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 : ARABIAN FOOD INDUSTRIES CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1989
Commercial Registration Number : 80124
Industry Registration Number : 206720
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Total Workforce : 1,500
Activities : Processing and distribution of dairy products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ARABIAN FOOD
INDUSTRIES CO
Registered &
Physical Address
Street : 32C Mourad Street
Area : Giza
PO Box : 245
Town : Cairo
Country : Egypt
Telephone : (20-2) 35722833 / 35708557 / 35724924
Facsimile : (20-2) 35716225
Mobile : (20-12) 3133006
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
·
2nd
Industrial Zone, Plot 12 Factory
premises
6th of October City
Tel: (20-2) 38331267
Fax: (20-2) 38327578
Name Position
·
Omar Mohamed
El Damaty Chairman
·
Mohamed
Abd El Baky Managing
Director
·
Yehia
Bin Laden Director
·
Mohamed
Omar El Damaty Director
·
Zeinab
Shahin Director
·
Nageia
Moustafa El Nagger Director
·
Fatma
Abd El Hamid Director
·
Wahid
Abd El Ghaffar Director
·
Khaled
Mohamed El Damaty General
Manager
·
Ahmed
Ayoub Marketing
Manager
·
Khaled
Moustafa Accounts
Manager
·
Hany
Khattab Financial
Controller
·
Tawfik
Amer Human
Resources Manager
·
Amr
Darwish Business
Development Manager
·
Hassan
El Shahemy Legal
Affairs Manager
·
Moataz
Kashaba Export
Manager
·
Khaled
El Shahemy Purchase
Manager
·
Osama
Abd El Naby Sales
Manager
·
Said
Hafez Daid Public
Relations Manager
Date of Establishment : 1989
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 80124
Industry Reg. No. : 206720
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Name of Shareholder
(s) Percentage
·
Yehia
Bin Laden 34.97%
·
Omar
Mohamed El Damaty 20.00%
·
Zeinab
Shahin 16.00%
·
Nageia
Moustafa El Nagger 9.00%
·
Fatma
Abd El Hamid 7.00%
·
Khaled
Mohamed El Damaty 5.00%
·
Mohamed
Omar El Damaty 4.00%
·
Zeiyad
Omar El Damaty 3.00%
·
Youssef
Ahmed 1.00%
·
Mohamed
Abd El Moneim 0.03%
Activities: Engaged in the processing and distribution
of dairy products including hard and cream cheese.
Subject is ISO 9001 accredited.
Import
Countries: United States of
America, Canada, Saudi Arabia and Lebanon.
Export
Countries: Saudi Arabia,
Jordan, Lebanon, United Arab Emirates, Libya and Kuwait.
Brand Names: DOMTY
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 Sales £E 410,000,000 £E 456,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax:
(20-2) 33924143
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.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
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.