MIRA INFORM REPORT

 

 

Report Date :

03.02.2014

 

IDENTIFICATION DETAILS

 

Name :

MUFADDAL FOR FOOD INDUSTRIES LTD

 

 

Registered Office :

Marouf Tower, 7th Floor, Suite No. 37, 33B Ramsis Street, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

07.11.2004

 

 

Com. Reg. No.:

5847, Cairo

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products, including pulses, spices, peanuts, coconut, flour and flakes, processed rice and rice products.

 

 

No of Employees :

75

 

 

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 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                                     : 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                                     : 75

Activities                                               : Distributors of general foodstuff products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

MUFADDAL FOR FOOD INDUSTRIES LTD

 

TRADING AS: MUFADDAL GROUP

 

 

 

COMPANY ADDRESS

 

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

 

 

 

KEY PRINCIPALS

 

     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

 

 

 

LEGAL FORM & OWNERS

 

 

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%

 

 

 

AFFILIATED COMPANIES

 

·       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

 

 

OPERATIONS

 

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 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

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

 

Total Sales                                £E 93,500,000                           £E 95,650,000

 

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

 

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

 

 

 

BANKERS

 

·       Arab 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

 

 

 

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. 62.47

UK Pound

1

Rs. 102.94

Euro

1

Rs. 84.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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.