MIRA
INFORM REPORT
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Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
SAFA CEREALS & RELATED PRODUCTS SAE |
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Registered Office : |
4 Tayaran Square,
3rd Floor, Office No. 7, Rabaa El Adawiya,
Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1994 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production and Export of High Quality Flour for use in Bread,
Macaroni, and Biscuit Baking |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : SAFA CEREALS & RELATED PRODUCTS SAE
Trading As : EL MORSHEDY TRADING COMPANY
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1994
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Total Workforce : 120
Activities : Production and export of high quality flour for use in bread, macaroni, and biscuit baking
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
SAFA CEREALS & RELATED
PRODUCTS SAE
TRADING AS: EL MORSHEDY TRADING COMPANY
ADDRESS
Registered & Physical Address
Street : 4 Tayaran Square, 3rd Floor, Office No. 7
Area : Rabaa El Adawiya, Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 24025885
/ 24025829
Facsimile : (20-2) 22261051
Mobile : (20-)
Email : safa@elsafagrain.com
Premises
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
·
Badr City, 1st
Industrial Zone, Misr-Suiss Road, Plot 18/19 Owned factory premises
Cairo
Tel: (20-2) 28640191
Fax: (20-2) 28640192
KEY PRINCIPALS
Name Position
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El Said Abd El
Rehim El Morshedy Managing
Director
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Abd El Rehim
El Said Abd El Rehim El Morshedy Director
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Ahmed
El Abeid Commercial
Manager
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Mohamed
Al Tayeb Purchasing
Manager
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Mahmoud
El Mardshi Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1994
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Name of Shareholder (s)
·
El Said Abd El
Rehim El Morshedy
·
Abd El Rehim
El Said Abd El Rehim El Morshedy
OPERATIONS
Activities: Engaged in the production and export of
high quality flour for use in bread, macaroni, and biscuit baking.
Import
Countries: United States of
America, Canada and Russia
Export
Countries: Kenya and Uganda
Brand Names: MORSHEDY FLOUR
Operating Trend: Steady
Subject has a
workforce of approximately 120 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 28,350,000 £E 29,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Blom Bank
Egypt
54 Lebanon Street
Mohandessin, Giza
Cairo
Tel: (20-2) 33042404
Fax: (20-2) 33039801
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May
2004
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
Safa Cereals &
Related Products SAE has been in business for approximately 14 years and
produces high quality flour under the brand name of “Morshedy Flour”, which as well
as distributing in the local market in also exports to Kenya and Uganda.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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%)