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Report No. : |
331113 |
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Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL NOURAN MULTITRADING CORPORATION PLC |
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Registered Office : |
Block No. 1258, Masaken Sheraton, 3 Al Akhbar Street, Misr El Gedidah Cairo |
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Country : |
Egypt |
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Year of Establishment : |
1985 |
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Com. Reg. No.: |
237822, Cairo |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in the import, distribution and export of general
foodstuff products, including sugar, canned fish, butter, cheese, seasonings
and edible oils |
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No. of Employee : |
90 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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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 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 |
Company Name :
AL NOURAN MULTITRADING CORPORATION PLC
Country of Origin :
Egypt
Legal Form :
Private Limited Company
Registration Date :
1985
Commercial Registration Number :
237822, Cairo
Issued Capital :
£E 229,600,000
Paid up Capital :
£E 229,600,000
Total Workforce :
90
Activities :
Distributors of general foodstuffs.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Manal Tawfik, Financial Controller
AL NOURAN MULTITRADING CORPORATION PLC
Location : Block No. 1258, Masaken Sheraton
Street : 3 Al Akhbar Street
Area : Misr El Gedidah
Town : Cairo
Country : Egypt
Telephone : (20-2) 26962800
Facsimile : (20-2) 26962821
Mobile :
(20-100) 5406072
Email : mtawfik@alnouran.com
Please note that subject’s previous address was, 237 El Hegaz Street,
6th Floor, Heliopolis, Cairo.
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 66 El Meedan
Street Sales
office
El Mansheya
Alexandria
Tel: (20-3)
4801554
Fax: (20-3)
4873131
· 66 Mahmoud Fahmy
El Nokrashy Warehouse
premises
Alexandria
Tel:
(20-3) 4873838 / 4878616
· 62a Hdaek El Ahram Warehouse
premises
1st
Gate, Khofo, Giza
Cairo
Tel: (20-2)
27430039
Fax: (20-2)
27430029
Name Position
· Mohamed Ashraf
Mahmoud Chairman
· Abdel Moneim Sayer
Dayer Vice
Chairman
· Abd El Moneim Hamza Ahmed Managing
Director
· Hamed Ahmed Hamed Director
· Mohamed Abd Al
Qader General
Manager
· Manal Tawfik Financial
Controller
Date of
Establishment : 1985
Legal Form : Private Limited
Company
Commercial Reg. No. : 237822, Cairo
Issued Capital : £E 229,600,000
Paid up Capital : £E 229,600,000
· Abd El Moneim Hamza Ahmed 50.0%
· Mohamed Ashraf
Mahmoud 35.0%
· Azza Mahmoud
Mohamed 7.5%
· Nagwa Mohamed Roshdi 7.5%
· Nouran Trading & Distribution Co
237 El Hegaz Street
Heliopolis
Cairo
Tel: (20-2) 26225281/2/4/5/6
· Nouran Sugar Co
3 Al Akhbar Street, Block No. 1258
Masaken Sheraton, Misr El Gedidah
Cairo
Tel: (20-2) 26962800
Fax: (20-2) 26962821
Activities: Engaged in the import, distribution and export of general foodstuff
products, including sugar, canned fish, butter, cheese, seasonings and edible
oils.
Sugar corresponds to 90% of Nouran's business. It is bought entirely
from Brazil and the company negotiates between 600,000 and 700,000 tonnes of
Brazilian sugar per year, which represents, on average, US$ 120 million. About
60% of the total is sold in Egypt and the remainder is negotiated in the international market.
Local sources report that the subject, together with Brazilian partners,
is believed to be studying the feasibility of constructing a refinery to
produce 200,000 tonnes of sugar per year at an estimated cost between US$ 20
million and US$ 30 million.
The company has been concentrating its
activities in the trading of sugar whether local or imported, raw or refined.
Al Nouran enjoys a high degree of flexibility that enables it to;
The
types of sugar traded include local white sugar and imported sugar both raw and
white. Cuba was the first sugar producing country selected by Al Nouran as a
main supplier to the Egyptian market. To limit its regional risk (both climatic
and political) and to allow multiplying trades all year round, Al Nouran began
looking at Brazil as a diversification of its sources.
Al
Nouran is highly efficient in sourcing raw sugar from its origin by adopting
different trading techniques.
The company has performed several tolling agreements with ESIIC & Delta,
Dakahlia, & Nile Sugar, and is considered a pioneer in utilizing the
existing refining capacities with these companies. The imported raw sugar is
obtained through ANM’s main foreign suppliers;
White
sugar is either purchased locally or imported. The locally purchased white
sugar is mainly obtained from the following local companies on cash basis;
Import Countries : Brazil, Switzerland, Canada, Cuba, and the United
States of America.
Export Countries : Netherlands Antilles, United States of America,
France, and Cuba.
Brand Names : EDAM, NCZ, and BATTAN.
Operating Trend: Steady
Subject has a workforce of 90 employees.
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
1,180,000,000 £E
1,300,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Manal Tawfik, Financial Controller
·
Misr International Bank (MIBANK)
14 Alfy Street
PO Box:
631
Cairo
Tel:
(20-2) 25931002
Fax:
(20-2) 25912306
·
Suez Canal Bank
PO Box: 2620
Cairo
Tel: (20-2)
25769296
Fax: (20-2)
25322064
No complaints regarding subject’s payments have been reported.
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.63.37 |
|
|
1 |
Rs.98.86 |
|
Euro |
1 |
Rs.69.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
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Report Prepared
by : |
ASH |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.