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Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
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Name : |
WAHBA EGYPT FOR FOOD INDUSTRIES |
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Formerly Known As : |
EL WAHBA EGYPT CO |
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Registered Office : |
Marouf Building, 7th Floor, Suite No. 74 33B Ramsis Street
Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.06.2001 |
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Com. Reg. No.: |
2904 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Processors and packagers of dried foodstuffs and vegetables. |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 backtracked on economic reforms, drastically increasing
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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
Source
: CIA
Company Name : WAHBA EGYPT FOR FOOD INDUSTRIES
Also Known As : EL WAHBA EGYPT CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 21st June 2001
Commercial Registration Number : 2904
Tax Card Number : 205-125-158
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
Total Workforce : 250
Activities : Processors and packagers of dried foodstuffs and vegetables.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hesham Abdulaziz, Finance Manager
WAHBA EGYPT FOR FOOD INDUSTRIES
ALSO KNOWN AS: EL WAHBA EGYPT CO
Building : Marouf
Building, 7th Floor, Suite No. 74
Street : 33B Ramsis
Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 25799781 / 25799782 / 25799783 / 25762488
Facsimile : (20-2) 25799784 / 25799785
Mobile : (20-122)
2180905 / (20-100) 6850089
Email : info@habbahabba.com
/ info@mufaddal.com
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
· 1st
Industrial Zone, Block 12018 Factory
premises
Sector 6/7
El Obour
City
Cairo
Tel:
(20-2) 46651021 / 46651776
Fax:
(20-2) 46651022
Name Position
· Seif Eddine Abd Ali Gafargi Managing
Partner
· Mufadal Seif Eddine Abd Ali Gafargi Partner
· Kutob Seif Eddine Abd Ali Gafargi Partner
· Hesham Abdulaziz Finance
Manager
· Mohamed Feras Sales
Manager
Date of
Establishment : 21st
June 2001
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 2904
Tax Card No. : 205-125-158
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
· Seif Eddine Abd Ali Gafargi
· Mufadal Seif Eddine Abd Ali Gafargi
· Kutob Seif Eddine Abd Ali Gafargi
· Mufaddal For Food Industries
Cairo
· Hanlico for Food
Cairo
· SQM Enterprises Ltd
United Kingdom
Activities: Engaged in the processing and packaging of dried foodstuffs and
vegetables.
Import Countries: Australia, Canada, Turkey, India, France, Spain
and the United Kingdom.
Brand Names: EL WAHBA
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
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
354,228,481 £E
375,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel: (20-2)
33912711 / 33912106
Fax: (20-2)
33919779
No complaints regarding subject’s payments have been reported.
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.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.