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Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
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Name : |
KHALED KHOSHALA CO FOR FOODS INDUSTRIES AND COOLING |
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Registered Office : |
Cairo / Ismailia Road, 1st Industrial Zone, Area No.10,
Block 13036, Obour City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment : |
1997 |
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Com. Reg. No.: |
26920 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the import and distribution of dairy products, sea food and
olive oil, subject also manufactures processed, feta and cream cheese and
repacks butter oil. |
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No of Employees : |
130 |
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 |
|
Risk Category |
ECGC
Classification |
|
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 |
KHALED KHOSHALA CO FOR FOODS INDUSTRIES AND COOLING
Street : Cairo /
Ismailia Road
Area : 1st
Industrial Zone, Area No.10, Block 13036, Obour City
Town : Cairo
Country : Egypt
Telephone : (20-2) 46100057
/ 46100058 / 46100059
Facsimile : (20-2)
46100056
Mobile : (20-12)
2137427
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
·
8 El Ganzouri Street Office
premises
Abbasseya
Cairo
Tel: (20-2)
26827135 / 26831940 / 26858901
Fax: (20-2)
-26836300 / 26827135 / 26831940 / 26858901
·
68 El Mansheya Street Office
premises
Alexandria
Tel: (20-3)
4875855
·
Port Said Street Office
premises
Bein El Soxrein
Misr El Qadima
Cairo
Name Position
·
Khaled Abd El Fattah Khoshala Managing
Director
·
Mohamed Abd El Fattah Khoshala Director
·
Yasser Abd El Fattah Khoshala Director
·
Samir Fouad General
Manager
·
Khaled Ramadan Financial
Manager
·
Mohamed Fathy Administration
Manager
·
Abd El Gelil Badawy Purchase
Manager
·
Hassan Abd El Aziz Sales
Manager
·
Alaa Ali Production
Manager
·
Azza Ahmed Office
Manager
Date of
Establishment : 1997
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 235, Cairo
Industrial Reg. No. :
26920
Tax Card No. : 324-973-373
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
·
Khaled Abd El Fattah Khoshala 33.4%
·
Mohamed Abd El Fattah Khoshala 33.3%
·
Yasser Abd El Fattah Khoshala 33.3%
Activities: Engaged in the import and distribution of dairy products, sea food and
olive oil, subject also manufactures
processed, feta and cream cheese and repacks butter oil.
Import Countries: Netherlands, Germany, Morocco, France, Australia,
New Zealand, Italy, Spain, Ireland and
Thailand
Export Countries: Saudi Arabia, United Arab Emirates and Jordan.
Brand Names: KHOSHALA, HALOUB EL-EXCELLENT, WHITE PENGUIN and
AVANTI
Operating Trend: Steady
Subject has a workforce of 130 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 71,252,777 £E
73,010,100
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Abu Dhabi Islamic Bank
48 El Galaa
Qesm Than AZ
Zagazig
Ash Sharqiyah
·
Societe Arabe Internationale de Banque
PO Box: 124
Cairo
Tel: (20-2)
33499464 / 33603489
Fax: (20-2)
33603497 / 33603487
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. 61.53 |
|
|
1 |
Rs. 101.08 |
|
Euro |
1 |
Rs. 83.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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.