MIRA INFORM REPORT

 

 

Report Date :           

27.04.2011

 

IDENTIFICATION DETAILS

 

Name :

UNITED FOOD INDUSTRIES

 

 

Registered Office :

5 Soliman El Halaby Street, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1987

 

 

Com. Reg. No.:

2338

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacturers of stabilizers, emulsifiers and colourings

 

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$ 700,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : UNITED FOOD INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 1987

Commercial Registration Number                        : 2338

Invested Capital                                     : £E 4,000,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of stabilizers, emulsifiers and colourings.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

 

 

COMPANY NAME

 

UNITED FOOD INDUSTRIES

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 5 Soliman El Halaby Street

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 25766380

Facsimile          : (20-2) 25766553

Email                : ufi@unitedfoodindustries.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       2nd Industrial Zone                                                                              Factory premises

Plot No. 77

6th October City

Tel: (20-2) 38324673 / 38324674 / 38341525

Fax: (20-2) 38339835 / 38324675

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Shenouda Lamie Shenouda                                                                Proprietor & General Manager

 

·       Lamie Shenouda Lamie Shenouda                                                      Assistant General Manager

 

·       Youssef George                                                                                Sales Manager

 

·       Maged Nasr Onsi Wesa                                                                     Public Relations Manager

 

·       Raef Shenouda Lamie                                                                        Assistant Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1987

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 2338

 

Invested Capital           : £E 4,000,000

 

Mr Shenouda Lamie Shenouda is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of stabilizers, emulsifiers and colourings for the food industry.

 

Export Countries: Libya, Sudan, Syria and Jordan.

 

Operating Trend: Steady

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pound (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 64,200,000                           £E 67,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Credit Agricole Egypt

4 Hassan Sabry Street

Zamalek

Cairo

Tel: (20-2) 27281800

Fax: (20-2) 27380450

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.73.44

Euro

1

Rs.64.81

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.