MIRA INFORM REPORT

 

 

Report Date :

05.10.2013

 

IDENTIFICATION DETAILS

 

Name :

HORREIA 2000 FOR CHOCOLATE AND CONFECTIONERY

 

 

Registered Office :

14 Shubra Street, Shubra, P O Box 41, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1966

 

 

Com. Reg. No.:

1770, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

manufacturer and exporter of dried confectionery, such as chocolates, syrups, hard candies with coffee and coconut, Turkish delight, juices, chewing gum and biscuits filled with cream and chocolate.

 

 

No. of Employees :

500

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Egypt

B1

B1

 

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 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

 

 

SUMMARY

 

Company Name                                     : HORREIA 2000 FOR CHOCOLATE AND CONFECTIONERY

Also Known As                                      : HORREIA FOOD INDUSTRIES CO

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1966

Commercial Registration Number            : 1770, Cairo

Authorised Capital                                  : £E 30,000,000

Issued Capital                                        : £E 12,677,000

Paid up Capital                                      : £E 12,677,000

Total Workforce                                     : 500

Activities                                               : Manufacture and export of confectionery items

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

HORREIA 2000 FOR CHOCOLATE AND CONFECTIONERY

 

 

ALSO KNOWN AS

 

HORREIA FOOD INDUSTRIES CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 14 Shubra Street

Area                 : Shubra

PO Box             : 41

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 25761743 / 25771591 / 25797115 / 25764106

Facsimile          : (20-2) 25764106

Email                : horreia@soficom.com.eg / info@horreia.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                              Description

 

·       Orouba Street                                                                       Owned factory premises

     Industrial Zone B2, Plot No.E1

     Sharkeya

     PO Box: 87

     Tenth of Ramadan City

     Tel: (20-15) 361098 / 366096

Fax: (20-15) 361097

 

 

KEY PRINCIPALS

 

     Name                                                                                   Position

 

·       Hassan Imam Mohamed El Fendy                                          Chairman

 

·       Abd El Khalek Imam Mohamed El Fendy                                Vice Chairman

 

·       Esmat Youssef                                                                     Director

 

·       Hassan Farahat                                                                    Finance Manager

 

·       Mamdouh Samy                                                                    Production Manager

 

·       Mahmoud Samy                                                                    Export Manager

 

·       Mahmoud Attia                                                                     Accounts Manager

 

·       Ahmed Hassan                                                                     Quality Manager

 

·       Atef Ezzat                                                                            Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1966

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1770, Cairo

 

Authorised Capital       : £E 30,000,000

 

Issued Capital              : £E 12,677,000

 

Paid up Capital            : £E 12,677,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Hassan Imam Mohamed El Fendy                                          29.61%

 

·       Members of Imam Mohamed Imam El Fendy Family                  9.16%

 

·       Mohamed Saleh Abd El Hamid                                                 0.08%

 

·       Egyptian businessmen and private investors                            61.15%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of dried confectionery, such as chocolates, syrups, hard candies with coffee and coconut, Turkish delight, juices, chewing gum and biscuits filled with cream and

chocolate.

 

Import Countries: Germany, Italy, Netherlands, France, Switzerland, Turkey, Sri Lanka, Malaysia and Ghana.

 

Export Countries: Romania, Bulgaria, Russia, Canada, Kenya, Sudan, Algeria, Morocco, Saudi Arabia, Yemen,

United Arab Emirates, Jordan, Lebanon, Libya, Cameroon, Senegal, Ghana, Congo, Syria, United States of America and Israel.

 

Brand Names: ACTION, CHOCO HEND, SOULA, HORREYA, AROSA, TOSHKA, and BREAK

 

Operating Trend: Steady

 

Subject has a workforce of approximately 500 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 Revenue                            £E 88,500,000                           £E 90,100,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab African Bank

5 El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 33545094

     Fax: (20-2) 33558493

 

·       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

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.99.29

Euro

1

Rs.83.68

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.