MIRA INFORM REPORT

 

 

Report No. :

336810

Report Date :

25.08.2015

 

IDENTIFICATION DETAILS

 

Name :

CAIRO POULTRY PROCESSING COMPANY (CPPC)

 

 

Registered Office :

9 Ibn Wardy Street, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Year of Establishment :

1992

 

 

Com. Reg. No.:

71235, Sharkeya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the production of various poultry products. KoKi Products include packaged whole chicken, chicken parts, breaded chicken fillets, nuggets, wings, drum sticks, tenderloin, patties, escalope, hot wing, grill, fahita, and KoKi Fries.

 

 

No. of Employees :

1,380

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

B2

B2

 

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.

 

Source : CIA

SUMMARY

 

Company Name                                    : CAIRO POULTRY PROCESSING COMPANY (CPPC)

Also Known As                                     : CAIRO POULTRY SLAUGHTER HOUSES

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1992

Commercial Registration Number           : 71235, Sharkeya

Tax Card Number                                  : 207-336-512

Issued Capital                                       : £E 200,000,000

Paid up Capital                                     : £E 150,000,000

Total Workforce                         : 1,380

Activities                                               : Production of various poultry products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Osama Yonas, Accountant

 

COMPANY NAME

 

CAIRO POULTRY PROCESSING COMPANY (CPPC)

 

 

ALSO KNOWN AS

 

CAIRO POULTRY SLAUGHTER HOUSES

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 9 Ibn Wardy Street

Area                 : Heliopolis

 

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 35714124 / 35714125

Mobile              : (20-114) 4400150

Email                : cppc@mail.rite.com / info@cppcamericana.com / oyounis@cppcamericana.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

 

·       Rabaiky Street K2                                                                             Owned factory premises

     3rd Industrial Zone A1

     Sharkeya

     PO Box: 405

     10th of Ramadan City

     Tel: (20-15) 410721 / 410722 / 362097 / 362904 / 410723 / 410724

     Fax: (20-15) 410720

Email: koki@click.com.eg

 

·       4 Street No. 151                                                                               Office premises

Maadi

Cairo

 

·       1 Radwan Ibn El Tabib Street                                                            Office premises

Giza

Cairo

Tel: (20-12) 2184794

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position                                                          

·       Moustafa Mohamed Rashed                                                             Chairman

 

·       Ahmed Refaat                                                                                  General Manager

 

·       Alber El Bany                                                                                   Administration Manager

 

·       Yasser Abd El Moneim                                                                     Finance Manager

 

·       Showky Noussir                                                                                Commercial Manager

 

·       Sameh Fathi                                                                         Marketing Manager

 

·       Mohamed Talaat                                                                               Sales Manager

 

·       Mostafa Ghazal                                                                                Purchasing Manager

 

·       Ahmed Hassan                                                                                 Human Resources Manager

 

·       Osama Yonas                                                                                  Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 71235, Sharkeya

 

Tax Card No.                : 207-336-512

 

Issued Capital              : £E 200,000,000

 

Paid up Capital            : £E 150,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Cairo Poultry Company (CPC)                                   98.40%

     32 Mourad Street

     Giza

     PO Box: 42

     Cairo

     Egypt

     Tel: (20-2) 25713975 / 25715905 / 25715906

     Fax: (20-2) 25738548 / 25715905

 

·       Wadi El Natroun Parent Stock Co                  ]

                                                                   ]             1.60%

·       Wadi El Natroun Broiler Co                            ]

 

 

AFFILIATED COMPANIES

 

·       New Cairo Poultry Company (NCPC)

3rd Industrial Zone, B2, Plot No. 168

Sharkeya

10th of Ramadan City

Tel: (20-15) 369551 / 369552 / 368551

Fax: (20-15) 369552

 

·       Misr Poultry Grandparents Company (MPG)

15a Radwan Ibn El Tabib Street

Giza

PO Box: 125

Cairo

Tel: (20-2) 25726099 / 25726050

Fax: (20-2) 25716509

 

·       Cairo Poultry Grandparents Company

     32 Mourad Street

     Giza

     Cairo

     Tel: (20-2) 25713975 / 25715905 / 25715906

Fax: (20-2) 25738548 / 25715905

 

 

OPERATIONS

 

Activities: Engaged in the production of various poultry products. KoKi Products include packaged whole chicken, chicken parts, breaded chicken fillets, nuggets, wings, drum sticks, tenderloin, patties, escalope, hot wing, grill, fahita, and KoKi Fries.

 

All products are FDA approved and the poultry are slaughtered and prepared in accordance with the    Islamic Sharia (Halal).

 

Subject’s clients include retailers, hotels and restaurants in Egypt and throughout the Middle East.

 

Import Countries: Brazil, United States of America, Netherlands, United Kingdom and Italy.

 

Export Countries: United States of America, Saudi Arabia, Kuwait, Qatar, Bahrain and the United Arab Emirates.

 

Brand Names: KOKI

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,380 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)                                                                                               

 

                                    Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                    £E 368,500,000             £E 373,000,000

 

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

 

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

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       Delta International Bank

113 Corniche El Nil Street

PO Box: 1159

Cairo

Tel: (20-2) 25740831

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.51

UK Pound

1

Rs.104.01

Euro

1

Rs.76.27

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

 

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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