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Report No. : |
336533 |
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Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
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Name : |
EASTERN COMPANY SAE |
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Registered Office : |
450 Al Ahram Street,
Pyramids, Giza, P O Box 1543, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
12.07.1920 |
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Com. Reg. No.: |
4884, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of
Cigarettes, Moassel, Pipe Tobacco, Roll-Your-Own Tobacco, Cigars and Toscani. |
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No. of Employees : |
13,640 |
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 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 sales. 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 |
Company Name : EASTERN COMPANY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 12th July 1920
Commercial Registration Number : 4884, Giza
Chamber Member Number : 0158
Authorised Capital : £E 1,500,000,000
Issued Capital : £E 750,000,000
Paid up Capital : £E 750,000,000
Total Workforce : 13,640
Activities : Manufacturers of cigarettes and tobacco.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EASTERN COMPANY SAE
Registered &
Physical Address
Street : 450 Al Ahram Street
Area : Pyramids, Giza
PO Box : 1543
Town : Cairo
Country : Egypt
Telephone : (20-2) 35703326 / 35724711 / 35724965
/ 35724424 / 35724945
Facsimile : (20-2) 35687434 / 35684734
Email : eastern@easternegypt.com
Premises
Subject operates
from a large suite of offices, a factory and a warehouse that are owned and
located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
·
91 Suez
Canal Street Owned factory premises
Moharam Bey
Alexandria
Tel: (20-3) 4221427 / 4291426
Fax: (20-3) 4285796
·
38
Nabil El Waqad Street Owned
factory premises
El Rasafa
Moharam Bey
Alexandria
Tel: (20-3) 4911868 / 3934317
Fax: (20-3) 3938518
·
Assiut Owned
factory premises
AbuTig
Tel: (20-88) 2480361 / 2480828
Fax: (20-88) 2481733
·
Menoufeya Owned
factory premises
Sers Allian Road
Tel: (20-48) 3661029 / 3660397
Fax: (20-48) 3661229
·
Gharbeya Owned
factory premises
10 Abd El Aal Bek
Tel: (20-40) 3335709
Fax: (20-40) 3335345
·
2
Khatem El Morsaleen Street Owned
factory premises
Talbia
Giza
Tel: (20-2) 35611411
Fax: (20-2) 35612615
Subject owns 11 factories in total and has a strong and well-established
distribution network spanning the whole of Egypt, totalling in excess of 300
sites.
Name Position
·
Nabil
Abd El Aziz Abd El Meguid Mohsen Chairman
& Managing Director
·
Talaat
Araby Ismail Mohamed Director
·
Magdy
Korany El Sherbini Director
·
Samir
El Sayad Director
·
Ossama
Saad Hassan Financial
Manager
·
Mohamed
Osman Haroun Marketing
Manager
·
Zeinab
El Samandouny Legal
Manager
·
Abd El
Halem Habashy Technical
Affairs Manager
·
Mahmoud
Lotfy Laboratories
Manager
·
Abd El
Rahman Eissa Investor
Relations Manager
·
Mahmoud
Mohamed Gad Allam Human
Resources Manager
·
Mohamed
Ali Ahmed Abd El Aal IT
Manager
·
Naeem
Hassan Tawfik Public
Relations Manager
·
Adel
Azzam Legal
Tobacco Sector Manager
Date of Establishment : 12th
July 1920
History : Subject’s operations date back to 1920,
however it was nationalised in 1963. Between 1963 and 1984, when its monopoly
over the local cigarette market was established, it was merged with 10 other
local tobacco manufacturers, including the merger of El Nasr Tobacco and
Eastern Tobacco Company.
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 4884, Giza
Chamber
Member No. : 0158
Authorised
Capital : £E 1,500,000,000
Issued Capital : £E
750,000,000
Paid up Capital : £E 750,000,000
Name of Shareholder
(s) Percentage
·
Holding
Co for Chemical Industries Group 55.00%
·
Private
Investors
33.38%
·
Lazard
Emerging Market Equity Portfolio 6.15%
United States of America
·
Shareholders
Employees Association 5.47%
Activities: Manufacturers of cigarettes, moassel, pipe
tobacco, roll-your-own tobacco, cigars and Toscani.
Subject is Egypt’s main cigarette manufacturer. In addition to
manufacturing its own brands, which
command a 94 percent market share, the company retails 17 international brands
under licence from Philip Morris, BAT, RJ Reynolds and Rothmans.
Subject is ISO 9001
accredited.
Production Capacity: 82,711 million cigarettes per day.
Import
Countries: Brazil, China,
Thailand, Mali and Italy.
Export
Countries: Japan, Saudi
Arabia, Kuwait, Libya, Qatar and Georgia.
Brand Names: CLEOPATRA FAMILLES, CLEOPATRA GOLDEN KING,
CLEOPATRA BOX, CLEOPATRA SUPER, BOSTON, MONDIAL RED, MONDIAL BLUE, BELMONT,
LIGHTS, LIGHT, CIGAR, MOASSEL,
CIGARILLOS and CAPTAIN
Operating Trend: Steady
Subject has a
workforce of approximately 13,640 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 30/06/11: Year Ending
30/06/12:
Total Sale £E
4,274,144,000 £E 4,376,327,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
·
Misr
International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 35931002
Fax: (20-2) 35912306
·
Scotia
Bank
3 Ahmed Nessim Street
Giza
PO Box: 656
Cairo 11511
Tel: (20-2) 33365734 / 33365731
Fax: (20-2) 33365730
No complaints
regarding subject’s payments have been reported.
Date of transaction June 2004 May 2005 December 2007
Amount overdue 0 0 0
Payment terms 60 days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars Pounds Sterling 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.63.76 |
|
|
1 |
Rs.98.76 |
|
Euro |
1 |
Rs.69.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.