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Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MUFADDAL FOR FOOD INDUSTRIES LTD |
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Registered Office : |
Marouf Tower, 7th Floor, Suite No. 37, 33B Ramsis Street,
Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.11.2004 |
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Com. Reg. No.: |
5847 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of general foodstuff products. |
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No. of Employees : |
70 |
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 |
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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 – 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 |
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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 :
MUFADDAL FOR FOOD INDUSTRIES LTD
Trading As :
MUFADDAL GROUP
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
7th November 2004
Commercial Registration Number :
5847, Cairo
Issued Capital :
£E 35,000,000
Paid up Capital :
£E 35,000,000
Total Workforce :
70
Activities :
Import and distribution of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MUFADDAL FOR FOOD INDUSTRIES LTD
MUFADDAL
GROUP
Registered &
Physical Address
Building : Marouf Tower, 7th
Floor, Suite No. 37
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 : seif@mufaddal.com
/ seifmufd@internetegypt.com
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
Cairo - Ismailia Road Rented
warehouse premises
3rd Industrial Zone
Obour City
Tel: (20-2) 26101021 / 26101022
Fax: (20-2) 26101022
Name Position
Seif El Din Abed Managing
Partner
Mufaddal Seif El Din Abed Partner
Mohan Silvia Logistics
& Shipping Manager
Hesham Abdulaziz Financial
Controller
Ahmed Ghoneim Finance
Manager
Mohamed Fares Marketing
Manager
Hamza Ali Administrative
Officer
Date of Establishment : 7th
November 2004
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 5847, Cairo
Chamber Mem. No. : 49401
Issued Capital : £E 35,000,000
Paid up Capital : £E 35,000,000
Name of Partner
(s) Percentage
Seif El Din Abed 50%
Mufaddal Seif El Din Abed 50%
Wahba Egypt
Industrial Area, Plot No. 7, Block 12018
El Obour City
Cairo
Egypt
Tel: (20-2) 26101021 / 26101022
CR No. 2904
Hanlico For Food
Egypt
SQM Enterprises Ltd
United Kingdom
Activities: Engaged in the
import and distribution of general foodstuff products, including pulses,
spices, peanuts, coconut, flour and flakes, processed rice and rice products.
Import Countries: United
States of America, United Kingdom and Turkey
International Suppliers:
Blue Diamond Growers United States of America
Kraft Food Ingredients United States of America
Diamond Walnut Growers United States of America
James Finlay Group United Kingdom
Baskan Turkey
Brand Names: HABA HABA
Operating Trend: Steady
Subject has a workforce of 70 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales £E
86,000,000 £E
90,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Arab International Bank (AIB)
35 Abdel Khalek Sarwat Street
PO Box: 1563
Cairo 11511
Tel: (20-2) 33918794 / 33916391 / 33916492
Fax: (20-2) 33916233 / 33912319
Banque Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 23912711 / 23912106
Fax: (20-2) 23919779
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
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.54.54 |
|
UK Pound |
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.