Download COUNTRY - Serasa Experian

COUNTRY:
EGYPT
OUR REF.:
194510
NOTES/QUESTION: CREDIT OF USD 400,000 IN 180 DAYS
ANSWER:
Given the political instability and turmoil within the country, extreme caution is advised.
ORDER DATE:
09.03.2011
DELIVERY DATE:
15.03.2011
NON WORKING
DAYS:
Friday & Saturday
CREDIT AMOUNT
REQUESTED:
USD 400000
DATE OF
VALIDITY:
15.03.2011
Name & Address:
Correct
BEL EGYPT EXPANSION FOR CHEESE PRODUCTION
Registered Name:
Other Trading
name:
Bel Expansion
Address:
Block 32 G 10th of Ramadan city, 2nd Industrial Zone B2
Sharkeya
EGYPT
Telephone:
+20-015-366181
+20-010-5373071
Fax:
+20-015-385290
Email:
[email protected]
Web:
www.bel-group.com
Business address:
Block 32 G 10th of Ramadan city, 2nd Industrial Zone B2
Sharkeya
EGYPT
Payment Records:
PAYMENT
No Complaints
HABITS:
Comment:
Credit Rating:
A check against all available information sources of Mecos Infocredit revealed that
no late payment incidents against subject company exist.
Without Rating
Nil
Rating
N
Rating
X Rating
Credit Rating
Low
Risk
Above
Normal Average
Average
Risk
Risk
Risk
High
Risk
Normal Risk
Indicates normal credit risk of default and is assigned to companies of particularly
good credit quality.
Commercial
Morality:
Financial
Strength:
Credit Rating:
Legal Status:
Legal Form:
Good
Unable to comment
Given the fact that no recent detailed financial statements were disclosed, we feel
unable to express a safe and reliable opinion regarding their creditability and
Financial Strength.
Normal Risk
Joint Stock Company
The capital is divided into shares of equal value (between LE 5 to LE 1000).
Company must have at least three founding shareholders whose liability for the
company’s debts is limited to the value of the shares subscribed by them. The
name of the company shall be derived from the objects of which to be
incorporated and may not include the name of shareholders. At least 25% of the
capital must be paid before the incorporation of the company. The minimum
capital of the Private Joint Stock Company is LE 250.000. The Joint Stock
Company is managed by a Board of Directors. The Board must have an odd
number of directors with three being the minimum allowed. Joint Stock Company
is obligated to publish their accounts.
Date of
foundation:
07.03.2005
Registration
4742 10th of Ramadan City
number and city:
Registration date: 07.03.2005
MECOS number: 627490
National ID: Car68303
Company Status:
Registration status: 2005 - registered company
Activity status: 2005 - Company is active
Principals:
Shareholders
Full Name
Fromageries Bel
Registration:
FRANCE
Sofico
Registration:
FRANCE
Sicopa
Registration:
FRANCE
Management
Full Name
Function
Shareholder
Nationality
Equity Address
99.00%
Shareholder
0.50%
Shareholder
0.50%
Age Function
Nationality Qualification Experience Address
Mr. Nader Samy
Fahmy
Mr. Sherif Auda
Financial Manager
Mr. Mohamed Selim
Zaki
Mr. El Tayeb
Mohsen
Mr. El Sayed Fathy
Member Of the Board
Accountant
Chairman
Mr. Amr Moussa
Production Manager
Dept.
Purchasing Manager
Mr. Wael Tolba
Administrative Manager
Mr. Abdel Ghany El
Adib
Factory Manager
Activities:
Activities:
Operations:
Not Disclosed. Not
Disclosed.
Not Disclosed. Not
Disclosed.
Not Disclosed. Not
Disclosed.
Not Disclosed. Not
Disclosed.
Not Disclosed. Not
Disclosed.
Not Disclosed. Not
Disclosed.
Not Disclosed. Not
Disclosed.
Not Disclosed. Not
Disclosed.
EGYPT
EGYPT
EGYPT
EGYPT
EGYPT
EGYPT
EGYPT
EGYPT
Importers & Exporters & Manufacturers & Distributors
NACE
1051 Operation of dairies and cheese making
SIC
2022 Natural, Processed, and Imitation Cheese
The company is working in the field of 100% manufacturing of cheese. Processing
of dairy products specially processed cheese under license of Fromageries
Bel(France).
It produces La vache qui rit, Mini Babybel, Kiri & Leerdammer
They are also importers of raw materials, spare parts & packaging material
and exporters of 90% of finished products
Description of Classification
Cheese Manufacturing (NAICS # 311513)
This U.S. industry comprises establishments primarily engaged in (1)
manufacturing cheese products (except cottage cheese) from raw milk and/or
processed milk products and/or (2) manufacturing cheese substitutes from soybean
and other nondairy substances. Manufacturing cheese-based salad dressings--are
classified in U.S. Industry 311941, Mayonnaise, Dressing, and Other Prepared
Sauce Manufacturing; and Manufacturing cottage cheese--are classified in U.S.
Industry 311511, Fluid Milk Manufacturing.
Motor Vehicles:
2011
Number of
distribution vehicles
Total number of
vehicles
Imports:
IRELAND, NETHERLANDS, FRANCE
Payment terms:
Bank Transfer 60 - 90 days
rented: 20
20
Exports:
LIBYAN ARAB JAMAHIRIYA, SUDAN, OMAN, YEMEN
Payment terms:
Bank Transfer 60 - 90 days
Agencies:
None
Trade Suppliers:
Name
Country
NZ NP
NEW ZEALAND
Raw Materials
Tres Piv Board
IRELAND
Raw Materials
MAJOR
CUSTOMERS:
Workforce:
Number Of
Employees:
-
Product
Alamin
Hi Pack
Super Markets(Oscar,Ragab sons,Metro Market)
Hotels (Hilton, Sonesta)
1,000
Description Of Premises:
Address:
10of Ramdan City EGYPT
Type of premises:
Premises
Size:
2036 Sq. Metres
Type of ownership: owned
Area:
Industrial Area
Condition:
Good
Headquarters:
The company operates from its factory that is located in an industrial zone.
Branches:
-Warehouses: rented located in El obour City.
-Warehouses & Refrigerator: rented located in 10th of Ramadan City, Sharkeya.
These warehouses seemed full of products
-It has an administration office in 254 Degla Al Maadi st
Related Companies:
Sister Company
Bel Distribution , EGYPT
Sister Company
Bel Egypt SAE , EGYPT , National ID: Car53009
Parent Company
Fromageries Bel , FRANCE
Associated Company
Sicopa , FRANCE
Associated Company
Sofico , FRANCE
PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:
Parent Company:
Public Company
Incorporated: 1922 as S.A. Fromageries Bel, La Vache Qui Rit
Employees: 3996
Sales: FFr 8.62 billion (US $1.5 billion) (1996)
2006 Sales: 1,777,300,000
Major Industry: Food & Beverages
Sub Industry: Dairy Products
Stock Exchanges: Paris
SICs: 5143 Dairy Products Except Dried or Canned
Associated Companies:
SICOPA: a wholly owned foreign investments arm of Group Bel, one of the world's leading branded cheese
producers.
SOFICO: A principal subsidiary of Fromageries Bel(parent)
Business Description
Fromageries Bel(BEL). The Group's principal activity is to produce and sell dairy products. The Group operates
under two major segments, Cheese and Other products. Under Cheese, the Group offers different varieties of
cheese such as processed cheese, blue cheese, hard cheese, soft cheese, cheese for ready-cooked dishes and
individually wrapped cheese portions. Under Other products, the Group offers yoghurt, butter, cream, ice
creams and milk desserts. The Group markets its products under the brand names Nollibel, Belka, La vache qui
rit, Mini Babybel, Kiri, eerdammer and Apericube. The Group has a global presence. In 2007, the Group
acquired Gervais.
Sister companies:
Bel Egypt - was established in 1998 as a Joint Stock Company,it's involved in the field of manufacturing and
wholesale of milk products such as cheese.It uses the brand name "La Vache qui rit". The company is located:
El Nile St., B2 ,10th of Ramadan City,Sharkeya,
Tel: (015) 366181 - 3 - 4, (02) 7537190 - 91
Fax: (015) 366182, (02) 7537389
Bel Distribution- It is involved in the field of local distribution.
Bankers:
Arab Bank - Account no. Not Disclosed.
10th of Ramadan Branch, Sharkeyia
BNP Parisbas Bank - Account no. Not Disclosed.
Heliopolis Branch, Cairo
Credit Agricol Bank - Account no. Not Disclosed.
Main Branch
HSBC BANK EGYPT SAE - Account no. Not Disclosed.
Maadi Branch, Cairo
National Societe General Bank
10th of Ramadan city branch
Account numbers are not disclosed
Press:
22.06.2007, Media Day
Bel Group opens its second cheese factory in Egypt
Mouhcine, managing director of Bel Egypt, and Menu (center), vice president of Bel International
CAIRO: Committed to putting a smile on the faces of cheese lovers across the country, Bel Egypt —
manufacturer of single-serve cheese portions — opened its second factory in Egypt. The company
promised to bring in new products as well as boost production for both local and export markets.
“We choose to operate in countries with a stable economic environment, strong local markets, good
geographical location, good export capacities, and qualified human resources,” said Marina Menu, vice
president and general manager of Bel International.
Located in the heart of the Middle East and home to a huge consumer base, Egypt is a favorable
destination for Bel Group. The firm invested over 20 million euros to establish and fully operate its
second plant in Egypt.
“Egypt is a country with a population of 75 million, mostly youth and young adults, who need to
consume a large amount of food and nutrition products as they grow,” said Tayeb Mouhcine, managing
director of Bel Egypt.
Established in 1998, Bel Egypt produces the ever-popular La Vache Qui Rit and Kiri cheese portions and
plans to manufacture some of its other trademarks in the country. With total investments amounting to
over 32 million euros, Bel Egypt has become an export hub for the Middle East and North Africa region
with 70 percent of production bound for outside the country.
“We aim to be ambassadors of high quality ‘Made in Egypt’ products,” Mouhcine added. “And we want to
develop Egyptian-made products on a par with international standards.”
Headquartered in France, homeland of cheese, Bel Group operates over 23 factories across the globe.
Last year, the company’s sales revenues soared to 1.777 million euros and net profits to 79.4 million
euros. With the inauguration of its second facility, Bel Egypt ranks the third largest factory complex
within the entire group, after France and Morocco.
“Asian markets do not consume a lot of cheese; therefore, Egypt is a very important market for us which
also helps us reach other countries in the MENA region,” explained Menu.
Bel Group started selling its products in the market almost 30 years ago, way before beginning a
physical operation in Egypt. The company currently holds a 20 percent market share and plans to further
increase that figure through launching new products and improving its distribution network.
“Egypt is a very competitive market with strong local and international players, and this competition
keeps us on our toes,” Menu pointed out. “Bel has been addressing the Egyptian market for a long time
now, and we understand consumer needs. Our main objective is to manufacture products suitable in
terms of both pricing and taste.”
28.06.2007, http://www.flex-news-food.com/pages/9543/Dairy/Fra
28 June 2007 - French dairy group Bel has established a joint venture with Sahar Dairy, a cheese
producer in Iran. Bel will control 70% of the venture, which will produce and sell Sahar's products in the
local market. In the long-term Bel intends to introduce its own range of products in the Middle East,
reports the French business press.
Sahar sells Iran’s second most popular cheese brand “Rouzaneh” and employs approximately 200
people.
The joint venture is part of the company’s international strategy to expand in the Middle East and in the
Mediterranean region, considered as booming markets.
The company is present in Syria where it built a factory in September 2005. Bel also opened its first
plant in Algeria and its second in Egypt earlier this year. Furthermore, Bel acquired Karper in Turkey in
2006 where it has become the market leader for melted cheese.
Auditors / Accountants:
Auditor: Hazem Hassan
Date: 2011
Company: ( KPMG), Cairo-Alexandria desert road
Share Capital:
Registered
capital:
EGP 88,000,000.00
Issued capital:
EGP 88,000,000.00
Paid-up capital:
EGP 88,000,000.00
Charges:
This information is not available
Finance:
Amounts shown in
Egyptian Pound
(EGP)
2010
2009
2008
2007
250,000,000.00
20,000,000.00
245,000,000.00
240,000,000.00
15,000,000.00
220,000,000.00
PROFIT & LOSS
Sales Turnover
Gross Profit
Net Profit
13,200,000.00
BALANCE SHEET
FIXED ASSETS
CURRENT ASSETS
Average Stock
CURRENT
LIABILITIES
Issued and Paid Up
Capital
185,000,000.00
180,000,000.00
77,000,000.00
50,000,000.00
85,000,000.00
160,000,000.00
130,000,000.00
60,000,000.00
50,000,000.00
88,000,000.00
Please note that the subject declined to release any further detailed and latest financial information neither
such data was found being officially published
Ratios:
Return on sales ( ROS )
Net Profit x 100 / Sales Turnover
2010
-
2009
-
2008
-
2007
6
GENERAL COMMENTS:
The company was established in 2005 as a Joint Stock Company and is involved in manufacturing of cheese.
The distribution of products is handled by external partners.
Main competitors:
- President
- Panda
- Teama
- Labanita
The subject company occupies the first position among its competitors, as it is distinguished by its high quality,
good taste and suitable prices.
The Company is a member in the Egyptian Agribusiness Association /EAGA, General Export Sec./Federation of
Egyptian Chambers of Commerce.
The five core brands - The Laughing Cow, Mini Babybel, Kiri, Leerdammer,Boursin - are distributed on each of
the five continents and coexist with over 20 leading local brands.
Given the political instability and turmoil within the country, extreme caution is advised.
Contact Person:
Mr.Sherif Auda
Accountant
012-7502824
CREDIT RISK EVALUATION
A credit rating assesses the credit worthiness of a company. A poor credit rating indicates a high risk of
defaulting on a loan. A Credit rating is estimated based on an analysis of commercial, financial and trading
data.
MAXIMUM CREDIT RECOMMENDED
The amount advised is a recommended maximum credit exposure at any one time.
SCALES
Low Risk Rating
Indicates specifically low risk of credit defaulting and is assigned to companies of exceptional credit quality.
Normal Risk Rating
Indicates normal credit risk of default and is assigned to companies of particularly good credit quality.
Average Risk Rating
Indicates average risk of credit defaulting and is assigned to companies of moderate credit quality.
Above Average Risk Rating
Indicates increased risk of credit defaulting and is assigned to companies of low credit quality.
High Risk Rating
Indicates possibility of very high risk of credit defaulting and is assigned to companies of very low credit
quality.
N Risk Rating
This is a recently established company.
Unable to provide credit risk rating due to lack of historical data.
X Risk Rating
Indicates the highest risk of credit defaulting and is assigned to companies of extremely low credit quality.
(adverse press information, dissolved, bankruptcy procedures, termination of activities, detrimental
information)
Nil Risk Rating
Lack of sufficient data. (financial statements overdue or dormant).
EGYPT – FACTS AND FIGURES
Population: 78,866,635
Area: 1,001,450 SQ KM
Capital: Cairo
Currency: Egyptian Pound
Currency Code: EGP
GDP (Purchasing Power Parity): $470,4 Billion
GDP - Composition by Sector:
GDP (Official Exchange Rate): $188 Billion
Agriculture: 13.1%
GDP - Real Growth Rate: 4.5%
Industry: 37.7%
GDP - Per Capita (PPP): $6,000
Services: 49.2%
Industries:
Textiles, Food Processing, Tourism, Chemicals, Pharmaceuticals, Hydrocarbons, Construction, Cement,
Metals, Light Manufactures
Egypt occupies the north part of the African continent, and most of the economic activity takes place around
the Nile valley.
Egypt’s GDP growth slowed down to 4.5% in 2009 due to the international economic downturn, which
affected export sectors, manufacturing and tourism. Unemployment was rising.
In 2009 the government implemented a $2.7 billion stimulus package favoring infrastructure projects and
export subsidies, and is considering spending up to $3.3 billion in additional stimulus in 2010 to mitigate the
slowdown in economic growth
Last Updated: March 2010
GETTING CREDIT (Source Doing Business – The World Bank Group DATE
UPDATED: JULY 2009)
Getting Credit DB09 rank: 84
Getting Credit DB08 rank: 102
Change in rank: +18
Measures on credit information sharing and the legal rights of borrowers and lenders are shown
below. The Legal Rights Index ranges from 0-10, with higher scores indicating that those laws are
better designed to expand access to credit. The Credit Information Index measures the scope, access
and quality of credit information available through public registries or private bureaus. It ranges from
0-6, with higher values indicating that more credit information is available from a public registry or
private bureau.
Legal Rights Index Egypt
3
Legal Rights Index Region
3.3
Legal Rights Index OECD
6.8
Credit Information Index Egypt
5
Credit Information Index Region
2.9
Credit Information Index OECD
4.8
Public registry coverage (% adults) Egypt
2.2
Public registry coverage (% adults) Region
4.8
Public registry coverage (% adults) OECD
8.4
Private bureau coverage (% adults) Egypt
4.7
Private bureau coverage (% adults) Region
9.7
Private bureau coverage (% adults) OECD
58.4
PROTECTING INVESTORS (Source Doing Business – The World Bank Group)
Protecting Investors DB09 rank: 70
Protecting Investors DB08 rank: 84
Change in rank: +14
The indicators below describe three dimensions of investor protection: transparency of transactions
(Extent of Disclosure Index), liability for self-dealing (Extent of Director Liability Index), shareholders’
ability to sue officers and directors for misconduct (Ease of Shareholder Suits Index) and Strength of
Investor Protection Index. The indexes vary between 0 and 10, with higher values indicating greater
disclosure, greater liability of directors, greater powers of shareholders to challenge the transaction,
and better investor protection.
Disclosure Index Egypt
8
Disclosure Index Region
5.9
Disclosure Index OECD
5.9
Director Liability Index Egypt
3
Director Liability Index Region
4.8
Director Liability Index OECD
5
Shareholder Suits Index Egypt
5
Shareholder Suits Index Region
3.7
Shareholder Suits Index OECD
6.6
Investor Protection Index Egypt
5.3
Investor Protection Index Region
4.8
Investor Protection Index OECD
5.8
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therefore we do not make any representation as to its accuracy. Any advice or recommendation in this
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