MIRA INFORM REPORT

 

 

Report Date :

21.02.2008

 

IDENTIFICATION DETAILS

 

Name :

NAHRAIN COMPANY FOR FOOD INDUSTRY IMPORT & EXPORT

 

 

Registered Office :

Building No. 3, 2nd Floor, Office No. 204, Street No. 79, Off Street No. 9, El Maadi, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

2000

 

 

Com. Reg. No.:

5884, Giza

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Importers and Exports of Foodstuff and Consumer  Products.

 

 

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

 

Maximum Credit Limit :

US$ 250,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

Company Name                         : NAHRAIN COMPANY FOR FOOD INDUSTRY

                                                              IMPORT & EXPORT

Also Known As                                      : NAHRAIN FOR FOOD INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2000

Commercial Registration Number            : 5884, Giza

Tax Card No.                                         : 14008

Issued Capital                                        : £E 1,000,000

Paid up Capital                                      : £E 1,000,000

Total Workforce                                     : 17

Line of Business                                    : Importers and exports of foodstuff and consumer products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

 NAHRAIN COMPANY FOR FOOD INDUSTRY IMPORT & EXPORT

 

ALSO KNOWN AS : NAHRAIN FOR FOOD INDUSTRIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 3, 2nd Floor, Office No. 204

Street               : Street No. 79, Off Street No. 9

Area                 : El Maadi

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 3589266 / 3787727

Facsimile          : (20-2) 3589277

Email                : nahrain@rite.com

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

·       Ahmed Abd El Wahab                                                           Managing Director

 

·       Osama Hussain                                                                    Director

 

·       Samir  Abd El Khaleq                                                            Commercial Manager

 

·       Afaf Ahmed                                                                           Administrative Secretary

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2000

 

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

 

Commercial Reg. No.  : 5884, Giza

 

Tax Card No.               : 14008

 

Issued Capital              : £E 1,000,000

 

Paid up Capital            : £E 1,000,000

 

Name of Shareholder (s)

 

·       Ahmed Abd El Wahab

 

·       Osama Hussain

 

·       Egyptian businessmen and private investors

 

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.

 

 

AFFILIATED COMPANIES

 

·       Daria for Import & Export

8 Khan Gaafar Street

El Azhar

     Cairo

     Tel : (20-2) 5928499

     Fax : (20-2) 5928499

 

 

LINE OF BUSINESS

 

Operations : Engaged as importers and exports of foodstuff and consumer products,

         including rice, frozen fruits and vegetables, and fruit juices.

 

Import Countries : India, Pakistan, Hong Kong and Thailand

 

Export Countries : United States of America

 

Brand Names : DARIA and NAHRAIN

 

Operating Trend : Steady

 

Subject has a workforce of 17 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Egyptian Pound (£E)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Revenue                            £E 5,475,000                             £E 6,190,000

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel : (20-2) 3924175

     Fax : (20-2) 3924143

 

·       Suez Canal Bank

14 Wadi El Nile Street

Nahda Square

Maadi

PO Box: 249

Cairo

Tel: (20-2) 3582681

Fax: (20-2) 3582274

 

·       Egyptian Saudi Finance Bank

75 Magless El Shaab

Cairo

Tel: (20-2) 7946208

Fax: (20-2) 7942911

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction         April 2002                      November 2004              February 2006

Credit amount                47,000                          100,000             50,000

Amount overdue 0                                  0                                  0

Payment terms              60 days                         60 days                         60 days

Payment Method           Letters of Credit             Letters of Credit             Letters of Credit

Paying record                No Complaints               No Complaints               No Complaints

Currency                       US Dollars                     US Dollars                     Euros

 

 

GENERAL COMMENTS

 

Nahrain Company For Food Industry Import & Export commenced operations in 2000, specialising in the import and export of foodstuff and consumer products.

 

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled.

 

Maximum suggested credit figure: US$ 250,000

 

 

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.

 

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