MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

REGINA CO FOR PASTA & FOOD INDUSTRIES

 

 

Registered Office :

2nd Industrial Zone, Plot 11, Menoufeya, PO Box 10, Sadat City 32897

 

 

Country :

Egypt

 

 

Financials (as on) :

30.11.2014

 

 

Date of Incorporation :

1986

 

 

Com. Reg. No.:

70103

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Production and export of macaroni and pasta.

 

 

No. of Employee :

1,200

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Egypt

B2

B2

 

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                                    : REGINA CO FOR PASTA & FOOD INDUSTRIES

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1986

Commercial Registration Number           : 70103, Sadat City

Tax Card Number                                  : 100-243-754

Issued Capital                                       : £E 175,000,000

Paid up Capital                                     : £E 156,000,000

Total Workforce                                     : 1,200

Activities                                               : Production and export of macaroni and pasta.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Adel El Leithy, Accounts Manager

 

 

COMPANY NAME

 

REGINA CO FOR PASTA & FOOD INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 2nd Industrial Zone, Plot 11, Menoufeya

PO Box            : 10

Town                : Sadat City 32897

Country             : Egypt

Telephone         : (20-48) 2600138 / 2600769 / 2600137

Facsimile          : (20-48) 2600469

Mobile              : (20-122) 2420496

Email                : info@pastaregina.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sadat City.

 

Branch Office (s)

 

Location                                                                                               Description

 

59 Abu El Fawares Street                                                                       Rented office premises

Industrial Zone, 6th District

Nasr City

PO Box: 4513

Cairo 11717

Tel: (20-2) 24045317 / 24045318 / 24050835 / 22611677 / 24024536

Fax: (20-2) 24027329

 

Abou Ghali Tower                                                                                  Rented office premises

68 El Marghany Street

Heliopolis

Cairo

Tel: (20-2) 26902381

Fax: (20-2) 24171471

 

 

KEY PRINCIPALS

 

 

Name                                                                                       Position

 

Karim Montasser Moustafa Abou Ghali                                       Chairman

 

Mohamed Moursi Metwally                                                         Vice Chairman

 

Montasser Moustafa Abou Ghali                                                Managing Director

 

Sherif Gaber                                                                             Director

 

Dr Sayed Madbouly                                                                  Director

 

Askander Adel Timaa                                                                 Director

 

Hoda Abd El Rahman Elish                                                        Director

 

Mahmoud Zakaria                                                                      Director

 

Adel El Leithy                                                                            Accounts Manager

 

Hesham Farooq                                                                        Marketing Manager

 

Thamer Abu Sanoon                                                                  Sales Manager

 

Mohamed El Ghoul                                                                    Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1986

 

Legal Form      : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 70103, Sadat City

 

Industrial Reg. No.       : 204220

 

Tax Card No.    : 100-243-754

 

Authorised Capital       : £E 175,000,000

 

Issued Capital              : £E 175,000,000

 

Paid up Capital            : £E 156,000,000

 

Name of Shareholder (s)                                                           Percentage

 

Tana African                                                                              31.00%

South Africa

 

Montasser Moustafa Abou Ghali                                                9.00%

 

Moustafa Montasser Moustafa Abou Ghali                                 9.00% 

 

Karim Montasser Moustafa Abou Ghali                                       8.00%

 

Ahmed Fekry                                                                              2.70%

 

Mohamed Abd El Fattah Abu El Naga                                        2.30%

 

Local businessmen and private investors                                    38.00%

 

 

OPERATIONS

 

Activities: Engaged in the production and export of macaroni and pasta with more than 23 varieties. It has a market share of 75% for the packed pasta sector.

 

Production Capacity: 18,000 tonnes per annum

 

Import Countries: Italy, France, Turkey, Syria, Lebanon and the United States of America

 

Brand Names: REGINA, MASREYA, STAR, REGINA INDOME, VICTORIA and DELICIA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,200 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/13:              Period Ending 30/11/14:

 

Total Sales                                £E 350,000,000                         £E 450,000,000

 

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

 

The above figures were provided by Mr Adel El Leithy, Accounts Manager

BANKERS

 

 

Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 35931002

Fax: (20-2) 35912306

 

National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.