|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
EL SABAH COMPANY
FOR FOOD INDUSTRIES |
|
|
|
|
Registered Office : |
13 Zaki Ragab Street,
Smouha, Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Year of Establishment : |
2010 |
|
|
|
|
Com. Reg. No.: |
3718, Alexandria |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
manufacturer
of dairy products |
|
|
|
|
No of Employees : |
40 |
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 |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 growth. Poor living conditions
combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels,
and economic growth remains slow amid political uncertainty, government
transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down
foreign exchange reserves and depended on foreign assistance, particularly from
Gulf countries, to finance imports and energy products and prevent further
devaluation of the Egyptian pound, fearing higher inflation from a weaker
currency.
|
Source : CIA |
Company Name : EL SABAH COMPANY FOR FOOD INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2010
Commercial Registration Number : 3718, Alexandria
Tax Card Number : 342-938-282
Issued Capital : £E 250,000,000
Paid up Capital : £E 250,000,000
Total Workforce : 40
Activities : Manufacturers of dairy products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EL SABAH COMPANY
FOR FOOD INDUSTRIES
Registered &
Physical Address
Street : 13 Zaki Ragab Street
Area : Smouha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4243425
Facsimile : (20-3) 4243425 / 4242432
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office (s)
Location Description
·
4th
Industrial Zone Factory
premises
PO Box: 8
Borg El Arab
Alexandria
Fax: (20-3) 5890123
Fax: (20-3) 5890126
Name Position
·
Foully
Farg Mohamed Chairman
·
Mohamed
Farg Mohamed Vice
Chairman
·
Mohamed
Foully Farg Mohamed Director
·
Mahmoud
Zeyada Financial
Manager
Date of Establishment : 2010
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 3718,
Alexandria
Tax Card No. : 342-938-282
Issued Capital : £E 250,000,000
Paid up Capital : £E 250,000,000
Name of Shareholder
(s) Percentage
·
Foully
Farg Mohamed 60%
·
Mohamed
Farg Mohamed 20%
·
Mohamed
Foully Farg Mohamed 20%
Activities: Engaged in the manufacture of dairy
products.
Import
Countries: Germany, France
and Switzerland.
Subject has a
workforce of 40 employees.
Companies
registered in Egypt are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
·
National
Bank of Egypt
21 Tosson Street
Alexandria
Tel: (20-3) 4824802 / 4825715
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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.