MIRA INFORM REPORT

 

 

Report Date :

07.03.2011

 

IDENTIFICATION DETAILS

 

Name :

HERO NUTRITIONAL FOOD INDUSTRIES SAE

 

 

Formerly Known As :

HERO MIDDLE EAST & AFRICA TRADING

 

 

Registered Office :

Tersa, Toukh  Kaliubeya

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1981

 

 

Com. Reg. No.:

212928, Giza

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture, packaging and export of jam, honey and natural juices

 

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$ 2,000,000

Status :

Good

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                                     : HERO NUTRITIONAL FOOD INDUSTRIES SAE

Also Known As                                      : HERO MIDDLE EAST & AFRICA TRADING

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1981

Commercial Registration Number            : 212928, Giza

Issued Capital                                        : £E 93,287,500

Paid up Capital                                      : £E 93,287,500

Total Workforce                                     : 960

Activities                                               : Manufacture, packaging and export of jam, honey and natural juices

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

 

COMPANY NAME

 

HERO NUTRITIONAL FOOD INDUSTRIES SAE

 

ALSO KNOWN AS: HERO MIDDLE EAST & AFRICA TRADING

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Tersa, Toukh

 

Town                 : Kaliubeya

Country             : Egypt

 

Telephone         : (20-13) 2600848 / 2600154

Facsimile          : (20-13) 2600032

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Kaliubeya.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       El Khalili Street, Area No.1149, Block 7                                              Office premises

Heliopolis

     Cairo

     Tel: (20-2) 26183081 / 26183082 / 26183083 / 26183084

     Fax: (20-2) 26183085

 

·       5 Bahey El Din Barakat Street                                                            Office premises

Giza

     Cairo

     Tel: (20-2) 35701615 / 35713142

     Fax: (20-2) 25702187

 

·       Plot No. 2/5 S, Zone 6, 1st District                                                     Factory premises

El Qahira El Gedida

Helwan

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mounir Fakhry Abd El Nour                                                                Chairman

 

·       Richard Merder                                                                                 Managing Director

 

·       Stephen Hezreg                                                                                Director

 

·       Andrew Lawson                                                                                 Director

 

·       Stephen Heidenreith                                                                          Director

 

·       Mahmoud Bazan                                                                               General Manager

 

·       Khaled Sabry                                                                                    Finance Manager

 

·       Ahmed Talaat                                                                                   Accounts Manager

 

·       Sherif Radwan                                                                                   Factory Manager

 

·       Sherif Nabil                                                                                       Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1981

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 212928, Giza

 

Issued Capital              : £E 93,287,500

 

Paid up Capital            : £E 93,287,500

 

Name of Shareholder (s)                                     Percentage

 

·       Hero Group                                                                  99.98%

     Spain

 

·       Hero Betelgon                                                                0.01%

     Switzerland

 

·       Mounir Fakhry Abd El Nour                                             0.01%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture, packaging and export of jam, honey and natural juices.

 

                 Subject is ISO 9001 accredited.

 

Import Countries: South Africa, Algeria, Germany, China, India and Saudi Arabia

 

Export Countries: Japan, United States of America, Canada, Saudi Arabia, United Arab Emirates, Cameroon, China, Australia, Sudan, Libya, Russia, South Korea, Senegal, Ghana, Italy, Germany, Malaysia, Kuwait, Qatar, Bahrain, Oman, Morocco, Yemen, Jordan, and Lebanon

 

Brand Names: VITRAC, FRUTESSA and HERO

 

Operating Trend: Steady

 

Subject has a workforce of approximately 960 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

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

 

Total Sales                                £E 270,000,000                         £E 300,000,000

 

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) 35703043

Fax: (20-2) 35703172 / 35072691

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       National Societe Generale Bank

1 El Mahatta Square

Maadi

Cairo

Tel: (20-2) 27680026

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.99

UK Pound

1

Rs.73.24

Euro

1

Rs.62.80

 

 

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%)

 

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

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