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Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
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Name : |
HARVEST FOODS CO SAE |
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Registered Office : |
23 Talaat Harb
Street, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments: |
1998 |
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Com. Reg. No.: |
30687, Cairo |
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Legal Form : |
Closed
Shareholding Company |
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Line of Business : |
Engaged in the
manufacturer and packing of general foodstuffs, including beans, peas, Tahini,
tomato paste, sweets and black honey. |
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No. of Employees : |
1,200 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – 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 |
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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.
|
Source : CIA |
Company Name : HARVEST FOODS CO SAE
Country of Origin : Egypt
Legal Form : Closed Shareholding Company
Registration Date : 1998
Commercial Registration Number : 30687, Cairo
Authorised Capital : £E 100,000,000
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
Total Workforce : 1,200
Activities : Manufacture and packing of general foodstuffs
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Wael Mohamed, General Manager
HARVEST FOODS CO
SAE
Registered &
Physical Address
Location : 23 Talaat Harb Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 23934299 / 23921634
Facsimile : (20-2) 23934431
Mobile : (20-128)
1400554
Email : mwael@harvest.com.eg
/ info@harvestfoodsegypt.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
3rd
Industrial Zone, Lot No. 65 Factory
premises covering
6th October City 10,000
square metres
Tel: (20-2) 38340528 / 38340529 / 38340530
Fax: (20-2) 38340531
·
Burg Al Arab Factory
premises
Alexandria
·
Teraat El Mansouria Street Office
premises
El Harm
Cairo
Tel: (20-2)
33811115 / 33811116
Fax: (20-2)
33811117
Name Position
·
Abdel
Salam El Zeidy Chairman
·
Helmi
Abdel Salam Mahmoud El Zeidy Managing
Director
·
Suzan
Salam Mahmoud El Zeidy Director
·
Wael
Mohamed General
Manager
·
Mohamed
Jalal Export
Manager
·
Amer
Adly Commercial
Manager
Date of Establishment : 1998
Legal Form :
Closed
Shareholding Company
Commercial Reg. No. : 30687, Cairo
Authorised
Capital : £E 100,000,000
Issued Capital : £E
60,000,000
Paid up Capital : £E 60,000,000
Name of
Shareholder (s)
·
Abdel
Salam El Zeidy
·
Helmi
Abdel Salam Mahmoud El Zeidy
·
Suzan
Salam Mahmoud El Zeidy
·
Misr
Free Shops
218 16th Street
Degla
Cairo
Tel: (20-2) 33538487
Activities: Engaged in the manufacture and packing of
general foodstuffs, including beans, peas, Tahini, tomato
paste, sweets and black
honey.
Import
Countries: Europe and
Australia
Export Countries: Libya, Palestine, Syria, Iraq, Germany,
Austria, Netherlands, Italy, France, Greece, Sudan, South Africa, Chad,
Cameroon, Togo, Burundi, Australia, Kuwait, United Arab Emirates and the United
States of America
Brand Names: HARVEST FOOD
Operating Trend: Steady
Subject has a
workforce of approximately 1,200 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue £E 276,000,000 £E 350,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Wael Mohamed, General Manager
·
Egyptian
British Bank SAE
Zamalek Abou El Feda Building
Abou El Feda Street
Zamalek
PO Box: 126D
Cairo
Tel: (20-2) 33404849 / 33408938
Fax: (20-2) 33414010
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints regarding
subject’s payments have been reported.
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.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.