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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL CO FOR MODERN FOOD INDUSTRIES |
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Registered Office : |
Plot No. 39-40 1st Industrial Zone 6th of
October City |
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Country : |
Egypt |
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Year of Incorporation : |
2007 |
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Com. Reg. No.: |
6484 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of general foodstuffs and dairy products |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – 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 |
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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 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 : INTERNATIONAL CO FOR MODERN FOOD INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2007
Commercial Registration Number : 6484
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
Total Workforce : 100
Activities : Manufacturers of general foodstuffs and dairy products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
INTERNATIONAL CO FOR MODERN FOOD
INDUSTRIES
Building : Plot No.
39-40
Area : 1st
Industrial Zone
Town : 6th
of October City
Country : Egypt
Telephone : (20-2) 38333655
/ 38312360
Facsimile : (20-2)
38333655
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of 6th of October
City.
Name Position
· Safwan Ahmed
Thabet Chairman
· Sameh El Hodiby Finance
Manager
· Hogo Harbo Factory
Manager
· Mohamed Fekry Business
Development Manager
Date of
Establishment : 2007
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 6484
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
· Juhayna Food
Industries 99.99%
Cairo
· Safwan Ahmed
Thabet 0.01%
Activities: Engaged in the manufacture of general foodstuffs and dairy products.
Import Countries: Europe and the Far East.
Subject has a workforce of 100 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.
· Export Development
Bank of Egypt
Plot 3/1
4th
Industrial Region
Giza
6th of
October City
Tel: (20-11)
38330577 / 38330599
Fax: (20-11) 38330570
/ 38330551
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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.