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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SHEHFE CASINGS FREE ZONE LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1980 |
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Com. Reg. No.: |
98916 |
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Legal Form : |
Free Zone Limited Company |
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Line of Business : |
Processing, salting, packaging and distribution of animal casings |
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No. of Employees : |
600 |
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 : |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Egypt |
B1 |
B1 |
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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.
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Source : CIA |
Company Name : SHEHFE CASINGS FREE ZONE LTD
Country of Origin : Egypt
Legal Form : Free Zone Limited Company
Registration Date : 1980
Commercial Registration Number : 98916
Industry Registration Number : 96400
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 600
Activities : Processing, salting, packaging and distribution of animal casings
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SHEHFE CASINGS FREE
ZONE LTD
Registered & Physical
Address
Street : 5 Salah Salem Street
Area : Attarin
PO Box : 2482
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4865523 / 4480556
Facsimile : (20-3) 4861377
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office (s)
Location Description
·
Amriya
Free Zone Factory
premises
Alexandria
Tel: (20-3) 4500129
Fax: (20-3) 4500241
Name Nationality Position
·
Nadim Albert
Shehfe Libyan Managing Director
·
Mounir
Albert Shehfe Libyan Director
·
Essam
Mahgoub - Financial
Manager
·
Albert
Mounir Albert Shehfe - Production
Manager
·
Ahmed
Hassan Raouf Ismail - Administration
Manager
Date of Establishment : 1980
Legal Form :
Free Zone Limited Company
Commercial Reg. No. : 98916
Industry Reg. No. : 96400
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Name of Shareholder
(s) Percentage
·
Nadim
Albert Shehfe 45%
·
Mounir
Albert Shehfe 45%
·
Nicol
Albert Shehfe 10%
Activities: Engaged in the processing, salting,
packaging and distribution of animal casings.
Import
Countries: Europe and the
Far East
Production
Capacity: 2,000,000 hanks of sheep casing per year
Export
Countries: Germany, France,
Italy, United States of America, Australia and New Zealand.
Operating Trend: Steady
Subject has a
workforce of approximately 600 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 Revenue £E 89,600,000 £E 92,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
·
Egyptian
American Bank
14 Salah Salem Street
PO Box: 1737
Alexandria
Tel: (20-3) 4835008
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.60.10 |
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UK Pound |
1 |
Rs.91.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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NB |
New Business |
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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.