MIRA INFORM REPORT

 

 

Report Date :

22.10.2014

 

IDENTIFICATION DETAILS

 

Name :

EVA COSMETICS LABS

 

 

Registered Office :

Armanious Tower 9 El Sharakat Street Abdin, Opera Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1972

 

 

Com. Reg. No.:

28350

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of cosmetics, shampoos, skin creams, oils and conditioners

 

 

No. of Employees :

1,000

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 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

 

SUMMARY

 

Company Name                                    : EVA COSMETICS LABS

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1972

Commercial Registration Number           : 28350

Issued Capital                                       : £E 1,000,000

Paid up Capital                                     : £E 1,000,000

Total Workforce                                    : 1,000

Activities                                               : Manufacture of cosmetics, shampoos, skin creams, oils and conditioners.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

 

COMPANY NAME

 

EVA COSMETICS LABS

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Armanious Tower

Street               : 9 El Sharakat Street

Area                 : Abdin, Opera

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 3992700 / 23992708

Facsimile          : (20-2) 3992772

Email                : admin@eva-cosmetic.com / info@eva-cosmetic.com / medhat.saad@eva-cosmetics.com

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Industrial Zone, Plot No. 34, 36 and 40                                              Factory premises covering 40,000m2

6th of October City

Tel: (20-2) 38270500 / 38270599

Fax: (20-2) 38270509

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Mounir Riad Armanious                                                                Managing Director

 

·       Mrs Mona Youssef Bassel Rabbat                                                    Director

 

·       Hani Tawfik                                                                                      Director

 

·       Medhat Saad                                                                                    Finance Manager

 

·       Magdy Mikhail                                                                                  Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1972

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 28350

 

Issued Capital              : £E 1,000,000

 

Paid up Capital            : £E 1,000,000

 

Name of Shareholder (s)                                    

 

·       Dr Mounir Riad Armanious

 

·       Mrs Mona Youssef Bassel Rabbat

 

·       Hani Tawfik

 

 

AFFILIATED COMPANIES

 

·       Eva Pharma For Pharmaceuticals & Medical Appliances SAE

Armanious Tower, 9 El Sherakat Street

Cairo

Tel: (20-2) 3992700

Fax: (20-2) 3992772

Email: admin@eva-cosmetic.com / info@eva-cosmetic.com

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cosmetics, shampoos, skin creams, oils and conditioners.

                       

                 Subject is ISO 9001, 18001 and 22716:2007 accredited.

 

Import Countries: Germany and Italy

 

Brand Names: EVA, EVASILINE, SPOTLESS, ALOE EVA, KERATIN, ONE, MAN LOOK and FLUORO

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,000 employees.

 

 

FINANCIAL DATA

 

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 72,000,000                           £E 76,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 5703043

Fax: (20-2) 5703172 / 5072691

 

·       National Societe Generale Banque SAE

Evergreen Building

10 Talaat Harb Street

PO Box: 2664

Cairo

Tel: (20-2) 5749376

Fax: (20-2) 5776249

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.30

UK Pound

1

Rs.99.16

Euro

1

Rs.78.59

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.