MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MASHREQ FOR PERSONAL CARE PRODUCTS |
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Registered Office : |
4th Industrial Zone, Plot 16 & 17, Giza, Sixth of
October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of personal care products and cosmetics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MASHREQ FOR PERSONAL CARE PRODUCTS
SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1993
Issued Capital : £E 12,000,000
Paid up Capital : £E 12,000,000
Total Workforce : 300
Line of Business : Manufacture of personal care products & cosmetics
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MASHREQ FOR
PERSONAL CARE PRODUCTS SAE
ADDRESS
Registered & Physical Address
Location :
4th
Industrial Zone, Plot 16 & 17
Area :
Giza
Town :
Sixth of
October City
Country :
Egypt
Telephone :
(20-2) 8345080/6/7/8/9
/ 8330585
Facsimile :
(20-2) 8345085
Email :
mostafa.farouk@unilever.com
Premises
Subject operates from
a large suite of offices and a factory that are leased and located in the
Industrial Area of the Sixth of October City.
KEY PRINCIPALS
·
Rachid Mohamed Rachid Chairman
·
Hosna Rachid Mohamed Rachid Managing
Director
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Mostafa Farouk Commercial
Manager
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Ahmed Fady El Haraky Factory
Manager
·
Mohamed Hashem Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1993
Legal Form : Societe Anonyme Egyptienne – SAE (Egyptian
Joint Stock
Company)
Issued Capital : £E 12,000,000
Paid up Capital :
£E 12,000,000
Name of Shareholder (s)
·
Rachid Mohamed Rachid
·
Unilever Egypt
4th Industrial Zone, Plot No. 66
Sixth of October City
Egypt
Tel: (20-2) 8333441
Fax: (20-2) 8330343
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 manufacture of personal care
products and cosmetics, including shampoo, toothpaste, shower gel, skincare creams and lotions, as well as surfactants and sequestering
agents.
Subject’s
activities are conducted under license of Unilever Plc of the United Kingdom.
Import Countries : United Kingdom
Operating Trend : Steady
Subject has a
workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 67,580,000 £E 72,320,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
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Citibank
PO Box: 188
Cairo
Tel: (20-2) 3551877 / 3551874
Fax: (20-2) 3558056
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction March 2005
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 50,000:
Established in 1993,
Mashreq For Personal Care Products SAE has made good progress and now enjoys a
good reputation for the quality of its products.
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$ 400,000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)