MIRA INFORM REPORT

 

 

 

 

Report Date :

11.09.2014

 

IDENTIFICATION DETAILS

 

Name :

EL GOWHARA GOLDEN COMPANY

 

 

Registered Office :

Maarouf Tower 33A Ramses Street Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.06.2003

 

 

Com. Reg. No.:

61593

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Subject is engaged in the mixing, blending, packaging and wrapping of tea.

 

 

No. of Employees

400

 

RATING & COMMENTS

 

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

 

Status :

Good

Payment Behaviour :

Regular

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                                     : EL GOWHARA GOLDEN COMPANY

Country of Origin                                    : Egypt

Legal Form                                            : General Partnership

Registration Date                                   : 16th June 2003

Commercial Registration Number            : 61593

Tax Card Number                                   : 703-633-112

Partners Capital                                     : £E 15,000,000

Total Workforce                                     : 400

Activities                                               : Mixing, blending, packaging and wrapping of tea

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Adel Salama, Export Manager

 

 

 

 

COMPANY NAME

 

EL GOWHARA GOLDEN COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Maarouf Tower

Street               : 33A Ramses Street

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 25767793 / 25760035 / 25768027

Facsimile          : (20-2) 25761116 / 25799222

Mobile               : (20-100) 6023392

Email                : adel.salama@eljawharagroup.com

 

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

 

·       Hosh Eissa                                                                                       Rented factory premises

Beheira

     Tel: (20-45) 2702804 / 2702805

     Fax: (20-45) 2702801

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hamdy Abdel Maksood Koraytam                                                       Managing Partner

 

·       Anwar Hamdy Abdel Maksood Koraytam                                             Partner

 

·       Mohamed Hamdy Abdel Maksood Koraytam                                       Partner

 

·       Medhat Hamdy Abdel Maksood Koraytam                                           Partner

 

·       Adel Salama                                                                                     Export Manager

 

·       Samy Saeed                                                                                     Finance Manager

 

·       Karam Sakeen                                                                                  Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th June 2003

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 61593

 

Tax Card No.               : 703-633-112

 

Partners Capital           : £E 15,000,000

 

Name of Partner (s)

 

·       Hamdy Abdel Maksood Koraytam

 

·       Anwar Hamdy Abdel Maksood Koraytam

 

·       Mohamed Hamdy Abdel Maksood Koraytam

 

·       Medhat Hamdy Abdel Maksood Koraytam

 

 

AFFILIATED COMPANIES

 

·       El Gowhara Group

Marouf Tower

33A Ramses Street

Cairo

Tel: (20-2) 25767793 / 25760035 / 25768027

Fax: (20-2) 25761116 / 25799222

     CR No. 32598

 

·       El Gowhara for Food Industry

Marouf Tower

33A Ramses Street

Cairo

Tel: (20-2) 25767793 / 25760035 / 25768027

Fax: (20-2) 25761116 / 25799222

 

·       El Gowhara Foods

Marouf Tower

33A Ramses Street

Cairo

Tel: (20-2) 25767793 / 25760035 / 25768027

Fax: (20-2) 25761116 / 25799222

 

 

OPERATIONS

 

Activities: Engaged in the mixing, blending, packaging and wrapping of tea.

 

Import Countries: Sri Lanka and India

 

International Suppliers:

 

·       Shah Brothers                       India

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 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 339,500,000                         £E 350,000,000

 

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

 

The above figures were provided by Mr Adel Salama, Export Manager

 

 

BANKERS

 

·       Arab International Bank (AIB)

35 Abdel Khalek Sarwat Street

PO Box: 1563

Cairo 11511

Tel: (20-2) 33918794 / 33916391 / 33916492

Fax: (20-2) 33916233 / 33912319

 

·       National Societe General Banque

5 Champollion Street

Cairo

Tel: (20-2) 27707777

Fax: (20-2) 27702664

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.82

UK Pound

1

Rs.98.14

Euro

1

Rs.78.65

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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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