|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DABUR EGYPT LTD |
|
|
|
|
Registered Office : |
2 Saudi
Buildings, El Nozha Street, Heliopolis Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
12.06.1996 |
|
|
|
|
Com. Reg. No.: |
245 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the
manufacture of cosmetics, hair and skin care products. |
|
|
|
|
No. of Employees |
100 |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 : DABUR EGYPT LTD
Country of Origin : Egypt
Legal Form :
Limited Liability Company
Registration Date : 12th
June 1996
Commercial
Registration Number : 245
Issued Capital : £E
1,804,180
Paid up Capital : £E
1,804,180
Total Workforce : 100
Activities :
Manufacturers of cosmetics, hair and skin care products.
Financial Condition : Good
Payments : Nothing
detrimental uncovered
Operating Trend : Steady
DABUR EGYPT LTD
Building : 2 Saudi Buildings
Street : El Nozha Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22901739 / 22900264
Facsimile : (20-2) 22901739
Mobile : (20-12) 3903188
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office
(s)
Location Description
·
B4
Industrial Zone, Block 5 Factory
premises
Sharkeya
10th of Ramadan
City
Tel: (20-15) 361911 / 361829 /
380135
Fax: (20-15) 366756
Name Position
·
Anoob
Sharma Chairman
·
Vishal
Bhimani Finance
Manager
·
Hebatallah
Hesham Anas Office
Manager
·
Mohamed
Ezzat Purchasing
Manager
·
Ibrahim
Safwat Production
Manager
·
Enjan
Das Factory
Manager
·
Gaser
Sherin Sales
Manager
·
Moheb
Kaisar Marketing
Manager
·
Mahmoud
Abu Fasha Human
Resources Manager
·
Mohamed
Safwat Project
Manager
·
Heba
Hazem Office
Manager
Date of Establishment : 12th
June 1996
Legal Form :
Limited Liability Company
Commercial Reg. No. : 245
Issued Capital : £E 1,804,180
Paid up Capital : £E 1,804,180
·
Dabur
India Ltd 100%
Kaushambi
Ghaziabad 201010
Uttar Pradesh
India
Tel: (91-120) 3982000
Fax: (91-120) 3001000
Activities: Engaged in the manufacture of cosmetics,
hair and skin care products.
Import Countries: India
Export
Countries: Sudan, Morocco,
Libya, Jordan, Syria and Kenya
Brand Names: DABUR, VATIKA and AMLA
Operating Trend: Steady
Subject has a
workforce of 100 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Balance Sheet 31/03/2013 31/03/2012 31/03/2011
Non-current assets
Fixed assets (net) 95,055,611 53,033,880 17,333,196
Projects in
Progress 635,020 22,435,276 14,454,343
Total non-current assets 95,690,631 75,469,156 31,787,539
Current Assets
Inventory and goods
transit 30,367,716 23,202,059 20,477,398
Accounts and notes
receivables 36,584,927 27,598,234 20,389,875
Prepaid expenses
and other debit balances 7,375,749 6,368,048 5,194,413
Due from
intercompany 38,188 0 0
Investment 500 0 500
Treasury bonds 8,824,819 0 5,865,000
Advance payment 3,899,419 4,813,779 3,571,957
Cash in hand &
cash at bank 374,280 258,514 6,294,205
Total current assets 87,465,598 62,240,634 61,793,348
Current Liabilities
Provisions 7,360,451 6,237,389 5,736,350
Bank overdraft 3,564,753 8,173,367 2,275,776
Trade payable 9,448,494 7,022,304 6,608,563
Creditors &
other credit balances 36.890.095 25,709,228 20,192,261
Due to intercompany 4,578,856 2,625,997 4,247,043
Total current liabilities 61,842,649 49,768,285 39,059,993
Working Capital 25,622,949 12,472,349 22,733,355
Total owner’s equity & employed capital 87,941,505 54,520,894
Shareholder’s Equity
Paid up capital 1,804,180 1,804,180 1,804,180
Legal reserve 494,274 494,274 494,274
Retained earnings 104,718,675 76,749,386 51,218,337
Total Liabilities and shareholder’s equity
107,017,129 79,047,840 53,516,791
Long term
liabilities (IDA, land) 9,867,084 7,538,919 563,750
Deferred tax 4,429,367 1,354,746 440,353
Total Liabilities and shareholder’s equity
121,313,580 87,941,505 54,520,894
Income Statement 31/03/2013 31/03/2012 31/03/2011
Sales (net) 219,436,144 183,443,463
136,021,336
Cost of goods sold (120,762,161) (103,362,780)
(69,492,580)
Selling and
marketing expenses
(37,879,959) (30,567,372)
(26,456,569)
Gross profit 60,794,024 49,513,311
40,072,187
Less:
General and
administrative expenses
(19,798,693) (16,463,814)
(13,566,735)
Depreciation &
amortization (486,894) (421,790)
(254,810)
Operating profit 40,508,437 32,627,707
26,250,642
Less:
Interest on cash
credit (2,210,980) (454,639) (74,079)
Capital loss (sales
assets) (187,761) (3,383) (38,346)
Provisions for
leave encashment (505,423) (502,828) (318,094)
Provisions for slow
non-moving stock 90,000
- (365,318)
Difference in
currency exchange 132,777 (133,571) (26,224)
Add:
Capital gain (sale
assets) - - -
Unused provision - 847,730 -
Other income 865,987 982,760 1,952,314
Net profit for the period before income tax 38,521,037 31,983,644 28,228,625
Less:
Provisions for
income tax 7,336,627 5,403,000 5,402,000
Deferred income tax 3,074,621 914,393 226,137
Net profit for the period after tax 28,109,789 25,666,251 22,600,488
Local sources
consider subject’s financial condition to be Good.
·
Banque
du Caire Barclays Internationale SAE
12 Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 33542195 / 33549415 / 33549422
Fax: (20-2) 33552746
·
HSBC
Bank Egypt
Maadi
Cairo
Tel: (20-2) 25298000
No complaints
regarding subject’s payments have been reported.
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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.