MIRA INFORM REPORT

 

 

Report Date :

2nd March, 2007

                                                         

 

IDENTIFICATION DETAILS

 

Name :

EL RASHIDI EL MIZAN SWEETS FACTORY

 

 

Registered Office :

178 Port Said Street, El Sayeda Zeinab Mounira, Cairo, Egypt.

 

 

Country :

Egypt

 

 

Date of Incorporation :

1881

 

 

Legal Form :

Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock Company)

 

 

Line of Business :

Engaged in the production and processing of foodstuffs, specialising in dried confectionery, biscuits, chocolate, lollipops, wafer biscuits.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 600,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

 

Company Name

EL RASHIDI EL MIZAN SWEETS FACTORY

Also Known As

RASHIDI EL MIZAN CONFECTIONERY FACTORIES DEVELOPMENT

Country of Origin

Egypt

Legal Form

Egyptian Joint Stock Company

Registration Date

1881

Issued Capital

£E 30,000,000

Paid up Capital

£E 30,000,000

Total Workforce

400

Line of Business

Production and processing of foodstuffs

Financial Condition

Undetermined

Payments

Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

EL RASHIDI EL MIZAN SWEETS FACTORY

 

 

ALSO KNOWN AS

 

RASHIDI EL MIZAN CONFECTIONERY FACTORIES DEVELOPMENT

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 178 Port Said Street

Area                 : El Sayeda Zeinab Mounira

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 3903472 / 3903474 / 3903477 / 3929481

Facsimile          : (20-2) 3903470 / 3931615

 

 

Premises

 

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

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       2nd Industrial Zone, Block 38,39                                             Owned factory premises

     6th of October City

     Tel: (20-2) 8332081 / 83332082 / 8334007

     Fax: (20-2) 8330557 / 8334008 / 8342525

 

 

KEY PRINCIPALS

 

·       Nehad El Rashidi                                                                  Chairman

 

·       Mohamed Mokhtar El Rashidi                                     Director

 

·       Ahmed Mokhtar El Rashidi                                                     Director

 

·       Alia Ahmed                                                                           Director

 

·       Fawzy Azzam                                                                       Director

 

·       Fawzy Azzam                                                                       Finance Manager

 

·       Mohamed Nasr El Din                                                            Sales Manager

 

·       Magdy Bahgat                                                                      Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1881

 

Legal Form                  : Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock Company)

 

Issued Capital              : £E 30,000,000

 

Paid up Capital            : £E 30,000,000

 

 

Name of Shareholder (s)

 

·       Nehad El Rashidi

 

·       Mohamed Mokhtar El Rashidi

 

·       Ahmed Mokhtar El Rashidi

 

·       Members of the El Rashidi family

 

Note to the Legal Form  

The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the  public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the production and processing of foodstuffs, specialising in dried confectionery, biscuits, chocolate, lollipops, wafer biscuits.

 

Import Countries : Europe and Asia

 

Brand Names : MONTY, TWENTY, SUPER DELIGHT, and MESTRO WAFER.

 

Subject has a workforce of approximately 400 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Societe Generale Bank

5 Champollion Street

Cairo

Tel   : (20-2) 7707777 / 7707000

Fax  : (20-2) 7707799

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 100,000

 

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 and the above credit figure is within subject’s financial means.

 

Maximum suggested credit figure: US$ 600,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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