|
Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
EL Rashidi EL Mizan Sweets Factory |
|
|
|
|
|
|
Formerly Known As : |
|
|
|
Registered Office : |
|
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Date of Incorporation : |
1881 |
|
|
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
|
|
Line of Business : |
Production and Processing of Foodstuffs, Specialising in Dried
Confectionery, Biscuits, Chocolate, Lollipops and Wafer Biscuits. |
|
|
|
|
|
|
No. of Employees : |
400 |
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Egypt - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source : CIA |
Company Name :
EL RASHIDI EL MIZAN SWEETS FACTORY
Also Known As :
RASHIDI EL MIZAN
CONFECTIONERY FACTORIES DEVELOPMENT
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1881
Issued Capital :
£E 30,000,000
Paid up Capital :
£E 30,000,000
Total Workforce :
400
Activities :
Production and processing of foodstuffs.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
EL RASHIDI EL MIZAN SWEETS FACTORY
RASHIDI EL MIZAN CONFECTIONERY FACTORIES DEVELOPMENT
Street : 176-178 Port
Said Street
Area : El Sayeda
Zeinab Mounira
Town : Cairo
Country :
Telephone : (20-2) 23903472
/ 23903474 / 23903477 / 23929481
Facsimile : (20-2)
23903470 / 23931615 / 23903475
Subject operates from a large suite of offices that are rented and located
in the Central Suburban Business Area of Cairo.
BRANCH OFFICE (S)
Location Description
· 2nd Industrial
Zone, Block 38,39 Owned
factory premises
6th of
October City
Tel:
(20-2) 8332081 / 83332082 / 8334007
Fax:
(20-2) 8330557 / 8334008 / 8342525
Name Position
· Nehad Ezzat
Mohamed Hussein El Rashidi Chairman
· Alia Ahmed Director
· Fawzy Azzam Director
· Hafez Mahmoud Director
· Ahmed Abd El
Moneim General
Manager
· Mohamed Nasr El
Din Sales
Manager
· Magdy Bahgat Production
Manager
· Hanafy Awad Administration
Manager
· Sherif Khoursheid Sales
Manager
Date of
Establishment: 1881
Legal Form : Egyptian Joint
Stock Company
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
· Nehad Ezzat
Mohamed Hussein El Rashidi
· Mohamed Mokhtar El
Rashidi
· Ahmed Mokhtar El
Rashidi
· Members of the El
Rashidi family
Activities: Engaged in the production and processing of foodstuffs, specialising in
dried confectionery, biscuits,
chocolate, lollipops and wafer biscuits.
Import Countries: Europe and Asia
Brand Names: MONTY, TWENTY, SUPER DELIGHT and MESTRO WAFER
Subject has a workforce of approximately 400 employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
National Societe Generale Bank
5 Champollion
Street
Cairo
Tel: (20-2)
27707777 / 27707000
Fax: (20-2)
27707799
No complaints regarding subject’s payments have been reported.
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.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.