MIRA INFORM REPORT

 

 

Report No. :

316548

Report Date :

11.04.2015

 

IDENTIFICATION DETAILS

 

Name :

CAKER FOR FOOD INDUSTRIES IMPORT AND EXPORT

 

 

Registered Office :

New Damietta Industrial Zone 72/6, El Behaira, Damietta

 

 

Country :

Egypt

 

 

Date of Incorporation :

30.01.2006

 

 

Com. Reg. No.:

57859

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the production, import and export of general foodstuff products, including cakes.

 

 

No. of Employees :

250

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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                                    : CAKER FOR FOOD INDUSTRIES IMPORT AND EXPORT

Country of Origin                                   : Egypt

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 30th January 2006

Commercial Registration Number           : 57859

Invested Capital                                    : £E 6,220,000

Total Workforce                                     : 250

Activities                                               : Production, import and export of general foodstuff products

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Salah Abu Saoud, Sales Manager

 

 

COMPANY NAME

 

CAKER FOR FOOD INDUSTRIES, IMPORT AND EXPORT

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : New Damietta Industrial Zone 72/6, El Behaira

Town                : Damietta

Country             : Egypt

Telephone         : (20-57) 2405570

Facsimile          : (20-57) 5405570

Mobile              : (20-12) 7389267 / 7389266 / (20-102) 3559184

Email                : heba@cakeregypt.com

 

Premises

 

Subject operates from a small suite of offices that are owned and located in the Industrial Area of Damietta.

 

Branch Offices

 

Location                                                                                               Description

 

3rd Industrial Zone Area A2                                                                    Factory premises

10th of Ramadan City

 

2nd Industrial Zone, Plot No. 26                                                               Factory premises

6th of October City

 

67 Kelout Bek Street, Shop No. 15 & 16                                                 Showroom premises

Al Azbakeya

Cairo

 

13 Ganzoury Street                                                                                Office premises

Cairo

Tel: (20-2) 24838828

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Ahmed Mansour Omar Dabaa                                                                Proprietor

 

Mohamed Rafaat                                                                                   Finance Manager

 

Salah Abu Saoud                                                                                  Sales Manager

 

Heba Mohamed Abd El Ghafar                                                              Import & Export Manager

 

Mohamed Saber                                                                                    Factory Manager

 

Rasha Abd El Naby                                                                               Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th January 2006

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 57859

 

Invested Capital           : £E 6,220,000

 

Mr Ahmed Mansour Omar Dabaa is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the production, import and export of general foodstuff products, including cakes.

 

Import Countries: Germany, Italy, Turkey, Kuwait, Lebanon and the United States of America.

 

Local Clients:

 

Carrefour

Metro Markets

Awlad Ragab Markets

El Mahmal Markets

 

Export Countries: Kuwait, Lebanon, Sudan and Libya.

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

QNB Al Ahli

23/2 Central Spine

El Motamayez District

6th of October City

 

QNB Al Ahli

67 Saad Zaghloul Street

Damietta

 

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.36

UK Pound

1

Rs.91.60

Euro

1

Rs.66.49

 

 

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.