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Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MISR FEED ADDITIVES COMPANY |
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Registered Office : |
57 Abel Hamid Wadawy Street El Houria, Heliopolis PO Box 2399 Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
1042, Sharkeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the production of poultry feed additives, liquid and powder
vitamins and mineral salt blocks. |
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No. of Employees |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
Company Name : MISR FEED
ADDITIVES COMPANY
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1997
Commercial
Registration Number : 1042,
Sharkeya
Tax Card Number : 207-449-074
Issued Capital : £E
5,000,000
Paid up Capital : £E
5,000,000
Total Workforce :
300
Activities :
Producers of poultry feed additives, liquid and powder vitamins and mineral
salt blocks
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
MISR FEED ADDITIVES COMPANY
Street : 57 Abel
Hamid Wadawy Street
Area : El Houria,
Heliopolis
PO Box : 2399
Town : Cairo
Country : Egypt
Telephone : (20-2) 26241132
/ 26241136 / 26241139 / 26241201
Facsimile : (20-2)
26236571
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
· 2nd
Industrial Zone A2 Factory
premises
Small Industries
Complex
Plot No. 302, 311
10th of
Ramadan
Sharkeya
Tel: (20-15)
410732
Fax: (20-15)
410732
Name Position
· Mohamed Abd El
Moneim El Ashkar Managing
Director
· Arsen Artin
Emirzian Director
· Dr Hussein
Abdallah El Alaily Director
· Ahmed Ali Sami Director
· Mohamed Abd El
Aziz Financial
Manager
· Yasmin El Alaily Sales
Manager
· Dr Sayed Deif Marketing
Manager
· Mahmoud El Nady Factory
Manager
Date of
Establishment : 1997
Legal Form : Egyptian Joint Stock
Company
Commercial Reg.
No. : 1042, Sharkeya
Tax Card No. : 207-449-074
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
· Mohamed Abd El
Moneim El Ashkar 25%
· Arsen Artin
Emirzian 25%
· Dr Hussein
Abdallah El Alaily 25%
· Ahmed Ali Sami 25%
Activities: Engaged in the production of poultry feed additives, liquid and powder
vitamins and mineral salt blocks.
Import Countries: Germany, Netherlands, Saudi Arabia and China.
Brand Names: MIFACO
Operating Trend: Steady
Subject has a workforce of approximately 300 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 Sales £E
19,000,000 £E
19,738,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Suez Canal Bank
14 Wadi El Nile
Street
Nahda Square
Maadi
PO Box: 249
Cairo
Tel: (20-2)
33582681
Fax: (20-2)
33582274
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax: (20-2)
33924143
·
Credit Agricole Egypt
2-6 Hassan Sabry
Street
Cairo
Tel: (20-2)
27281800
Fax: (20-2)
27380450
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.60.05 |
|
|
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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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 |
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|
-- |
NB |
New Business |
-- |
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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.