MIRA INFORM REPORT

 

 

Report Date :

01.09.2012

 

IDENTIFICATION DETAILS

 

Name :

UNIVERT FOOD INDUSTRIES CO SAE

 

 

Registered Office :

11 Abu Zar El Ghaffary Street, 7th District, Nasr City 11 Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

1999

 

 

Com. Reg. No.:

19193, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of packaging and wrapping materials

 

 

No. of Employees :

200

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

SUMMARY

 

Company Name                                    : UNIVERT FOOD INDUSTRIES CO SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1999

Commercial Registration Number           : 19193, Cairo

Issued Capital                                       : £E 39,600,000

Paid up Capital                                     : £E 39,600,000

Total Workforce                                     : 200

Activities                                               : Manufacturers of packaging and wrapping materials

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

UNIVERT FOOD INDUSTRIES CO SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 11 Abu Zar El Ghaffary Street

Area                 : 7th District, Nasr City

 

PO Box            : 11

 

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 24012917 / 24013719

Facsimile          : (20-2) 24012917

 

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

 

·       Plot 16,17,18B                                                                                  Factory premises

2nd Industrial Zone

Badr City

Helwan

Tel: (20-2) 28640115

Fax: (20-2) 28640115

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Amin Abd El Khalek Hassan Moustafa                                               Chairman

 

·       Mohamed Assed Khalil Ibrahim                                                         Managing Director

 

·       Mohamed Ahmed Basmeh                                                                Director

 

·       Mohamed Salem Basmeh                                                                 Director

 

·       Ahmed Ali Basmeh                                                                           Director

 

·       Atef Said Ibrahim El Deeb                                                                 Director

 

·       Ahmed Labib                                                                                    Investor Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 19193, Cairo

 

Issued Capital              : £E 39,600,000

 

Paid up Capital            : £E 39,600,000

 

Name of Shareholder (s)                                  Percentage

 

·       El Sameh                                                                 34.0%

 

·       Amin Abd El Khalek Hassan Moustafa                       33.5%

 

·       Fanan                                                                      15.0%

 

·       Local businessmen and private individuals                 17.5%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of packaging and wrapping materials.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 200 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

     Mohandessin

     Cairo 11111

     Tel: (20-2) 3619005 / 3385877

     Fax: (20-2) 3385940 / 3385938

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.72

UK Pound

1

Rs.87.95

Euro

1

Rs.69.65

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.