MIRA INFORM REPORT

 

 

Report Date :

11.04.2014

 

IDENTIFICATION DETAILS

 

Name :

LIGHT FOOD (MOHAMOUD MOHAMED MOSTAFA EL MEERY)

 

 

Registered Office :

3rd Floor, Apartment No. 18, 3 Khairat Street, Saida Zeinab, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.11.2009

 

 

Com. Reg. No.:

42092, Cairo

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the import, processing and distribution of food ingredients, flavouring, colouring and fragrance.

 

 

No. of Employees :

10

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                     : LIGHT FOOD (MOHAMOUD MOHAMED MOSTAFA EL MEERY)

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 8th November 2009

Commercial Registration Number            : 42092, Cairo

Tax Card Number                                   : 205-061-354

Invested Capital                                     : £E 500,000

Total Workforce                                     : 10

Activities                                               : Processing and distribution of food ingredients, flavouring, colouring and fragrance

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Samer Yousef, Administration Manager

 

 

 

COMPANY NAME

 

LIGHT FOOD (MOHAMOUD MOHAMED MOSTAFA EL MEERY)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : 3rd Floor, Apartment No. 18

Street               : 3 Khairat Street

Area                 : Saida Zeinab

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 27941536

Facsimile          : (20-2) 27951768

Mobile               : (20-122) 7472526 / 2143585

Email                : mahmoud.elmeery@hotmail.com / k.ezzat@link.net / k.ezzat@andrepectin.com /

                           k.ezzat@andreingredients.com / melmeery@andreingredients.com

 

Please note that subject’s previous address was, 3H/2 Takseem El Lasalky, Minshawy Street, New Maadi, Cairo.

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Cairo.

 

Branch Offices

 

Location                                                                      Description

 

3rd Industrial Zone, Block 162                                          Factory premises

6th Of October City

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mohamoud Mohamed Mostafa El Meery                                      Proprietor & General Manager

 

Kamal Ezzat                                                                             Assistant General Manager & Marketing Manager

 

Samer Yousef                                                                            Administration Manager

LEGAL FORM & OWNERS

 

Date of Establishment  :           8th November 2009

 

Legal Form      :                       Sole Proprietorship

 

Commercial Reg. No.  :           42092, Cairo

 

Tax Card No.   :                       205-061-354

 

Invested Capital           :           £E 500,000

 

Mr Mohamoud Mohamed Mostafa El Meery is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities:                     Engaged in the import, processing and distribution of food ingredients, flavouring, colouring and fragrance.

 

Import Countries:         China and the United States of America.

 

International Suppliers:

 

Andre Bectins                China

DANISCO                      United States of America

 

Operating Trend:         Steady

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pound (£E)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                £E 8,230,000                             £E 8,700,000

 

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

 

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

 

BANKERS

 

Citibank

PO Box: 188

Cairo

Tel: (20-2) 33551877 / 33551874

Fax: (20-2) 33558056

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 May 2012

Credit amount                                        100,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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.60.21

UK Pound

1

Rs.101.05

Euro

1

Rs.83.33

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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