MIRA INFORM REPORT

 

 

Report Date :

17.04.2013

 

IDENTIFICATION DETAILS

 

Name :

MISR FOOD ADDITIVES (MIFAD)

 

 

Registered Office :

El Kouad Building, Terreat El Mariouteya Street, 7, El Etihad City, Pyramids, Giza, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1994

 

 

Com. Reg. No.:

102109

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of food additives for bread and cake

 

 

No. of Employees :

80

 

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

(31.03.2012)

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

 

SUMMARY

 

Company Name                                     : MISR FOOD ADDITIVES (MIFAD)

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1994

Commercial Registration Number            : 102109

Tax Card Number                                   : 100-418-694

Chamber Licence Number                       : 1652

Issued Capital                                        : £E 400,000

Paid up Capital                                      : £E 400,000

Total Workforce                                     : 80

Activities                                               : Manufacturers of food additives for bread and cake.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

COMPANY NAME

 

MISR FOOD ADDITIVES (MIFAD)

 

 

Company ADDRESS

 

Registered & Physical Address

Building             : El Kouad Building

Street               : Terreat El Mariouteya Street

Area                 : 7, El Etihad City, Pyramids, Giza

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 33832513 / 33830062 / 33830257 / 33830094

Facsimile          : (20-2) 33830094 / 33872570

Mobile               : (20-12) 7440126 / 7440130

 

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Cairo.

 

Branch Offices

 

     Location                                                                                          Description

 

·       176 El Tahrir Street                                                                           Office premises

Bab El Louk

Cairo

Tel: (20-2) 33950909 / 33960388

Fax: (20-2) 33933282

 

·       Plot 154, 250 Feddan Area                                                                 Showroom premises

El Robeky

Badr City

Helwan

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Mohamed Shoukry                                                                            Managing Partner

·       Mohamed Mohab                                                                              Finance Manager

·       Hesham Tawfik                                                                                 Factory Manager

·       Mohamed Nawar                                                                               Sales Manager

·       Mohamed El Sayed                                                                           Import Manager

·       Dina Mohamed Shoukry                                                                     Business Development Manager

·       Dalia Mohamed Shoukry                                                                    Marketing Manager

·         Noha Nabil                                                                                      Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1994

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 102109

 

Tax Card No.               : 100-418-694

 

Chamber Licence No. : 1652

 

Issued Capital              : £E 400,000

 

Paid up Capital            : £E 400,000

 

Name of Shareholder (s)

·       Mohamed Shoukry

·       Dina Mohamed Shoukry

·       Dalia Mohamed Shoukry

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of food additives for bread and cake, such as aromas, flavours and natural colours.

 

Import Countries: India, Germany, Netherlands, Spain and Peru.

 

Export Countries: Sudan, United Arab Emirates, Qatar, Libya, Yemen and Saudi Arabia.

 

Brand Names: MIFAD

 

Operating Trend: Steady

 

Subject has a workforce of 80 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Sales                                £E 25,670,000                           £E 27,300,000

 

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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.33

UK Pound

1

Rs.83.17

Euro

1

Rs.71.05

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.