MIRA INFORM REPORT

 

 

Report No. :

307318

Report Date :

14.02.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITED COMPANY FOR TRADING AND CONSUMER GOODS DISTRIBUTION (UCTD)

 

 

Registered Office :

9 El Nassim Street, Hadaek El Ahram, Giza, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.10.2001

 

 

Com. Reg. No.:

144277

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Distributors of General Foodstuffs, Dairy Products, Medicines, Pesticides, Chemicals, Cosmetics and Medical Devices.

 

 

No. of Employees :

400

 

 

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 :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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                                    : UNITED COMPANY FOR TRADING AND CONSUMER GOODS

                                                  DISTRIBUTION (UCTD)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1st October 2001

Commercial Registration Number           : 144277

Authorised Capital                                 : £E 200,000,000

Issued Capital                                       : £E   35,162,000

Paid up Capital                                     : £E     5,100,000

Total Workforce                                     : 400

Activities                                               : Distributors of general foodstuffs, dairy products, medicines, pesticides,

                                                  chemicals, cosmetics and medical devices.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Ayman Ali Hassan, Finance Manager

 

COMPANY NAME

 

UNITED COMPANY FOR TRADING AND CONSUMER GOODS DISTRIBUTION (UCTD)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 9 El Nassim Street

Area                 : Hadaek El Ahram, Giza

 

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 23659818 / 23651705 / 23651655

Facsimile          : (20-2) 23631523

Mobile              : (20-12) 27433727

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Ambergris No. 2                                                                               Warehouse premises

Alexandria

 

·       Flat No. 38                                                                                       Office premises

14 Samir Sayed Ahmed

Al Manyal, Misr Al Kadema

 

·       Cairo – Alexandria Desert Road                                                         Warehouse premises

Km 26, Outside Zmam Abu Rawash

Al Waly Street, llkharsana Al Moslaha

Giza

Cairo

 

·       3 Hasshan Sadek                                                                              Office premises

Misr El Gedida

Cairo

 

·       Plot No. 7A, Block No. 13025                                                            Warehouse premises

1st Industrial Area

El Obour City

 

·       No. 7 Unit No. 6/2, Building No. 7                                                      Warehouse premises

Industrial Omam Complex

Plot No. 1, Block No. 22009

El Obour City

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ahmed Abdel Hay Hossam Omar                                                      Chairman

 

·       Ayman Hossam Omar Mohamed Hussein                                          Managing Director

 

·       Hossam Omar Mohamed Hussein                                                      Director

 

·       Al Saed Ahmed Al Saed Al Alfy                                                        Director

 

·       Ayman Khalefa Ibrahim                                                                     General Manager

 

·       Ayman Ali Hassan                                                                            Finance Manager

 

·       Ahmed Abdel Menaem                                                                      Human Resources Manager

 

·       Mamdouh Al Kholy                                                                           IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st October 2001

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 144277

 

Authorised Capital       : £E 200,000,000

 

Issued Capital              : £E   35,162,000

 

Paid up Capital            : £E     5,100,000

 

Name of Shareholder (s)                                            Percentage

 

·       Ahmed Abdel Hay Hossam Omar                                          49%

 

·       Ayman Hossam Omar Mohamed Hussein                              49%

 

·       Hossam Omar Mohamed Hussein                                            2%

 

 

AFFILIATED COMPANIES

 

·       United Company for Pharmacists

 

·       Middle East Chemicals

 

·       Power Sports & Fitness

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, dairy products, medicines, pesticides,

     chemicals, cosmetics and medical devices. Subject owns and operates 30 vehicles.

 

Import Countries: France, United Kingdom and the United States of America.

 

International Suppliers:

 

·       Procter & Gamble

·       Unilever

·       Race

·       Serono

 

Clients:

 

·       Al Ezaby

·       Seif Pharmacy

·       Beauty Center

 

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 265,000,000                         £E 300,000,000

 

Net Profit                                  £E   21,700,000                         £E   28,000,000

 

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

 

The above figures were provided by Mr Ayman Ali Hassan, Finance Manager.

 

Please note that 2014 figures are not available yet.

 

 

BANKERS

 

·       Barclays Bank Egypt

47 El Merghany Street

Heliopolis

Cairo

Tel: (20-2) 24144935

 

·       Mashreq Bank

27 B El Maahad El Eshteraky Street

El Merryland

Heliopolis

Cairo

Tel: (20-2) 24561480

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the subject’s correct name is “United Company For Trading And Consumer Goods Distribution (UCTD)” and not “United Company for Trading & Distribution of Consumer Goods”

 

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.62.43

UK Pound

1

Rs.95.02

Euro

1

Rs.70.63

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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