MIRA INFORM REPORT

 

 

Report No. :

316588

Report Date :

13.04.2015

 

IDENTIFICATION DETAILS

 

Name :

FIVE STAR FLOUR MILLS SAE

 

 

Registered Office :

8A Moharam Shawky Street, Heliopolis, Cairo 11341

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

21.10.1995

 

 

Com. Reg. No.:

29229

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the import, processing and distribution of wheat and related by-products

 

 

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 :

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 – 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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

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

 

SUMMARY

 

Company Name                                    : FIVE STAR FLOUR MILLS SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 21st October 1995

Commercial Registration Number           : 29229

Issued Capital                                       : £E 150,000,000

Paid up Capital                                     : £E 150,000,000

Total Workforce                                     : 250

Activities                                               : Import, processing and distribution of wheat and related by-products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Company name

 

FIVE STAR FLOUR MILLS SAE

 

 

company ADDRESS

 

Registered & Physical Address

 

Street               : 8A Moharam Shawky Street

Area                 : Heliopolis

 

Town                : Cairo 11341

Country             : Egypt

 

Telephone         : (20-2) 24147442

Facsimile          : (20-2) 24147441

Email                : fsfm@fivestar.com.eg

 

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

 

·       Industrial Zone                                                                                  Factory premises

Attaqa

El Adabeya

Suez

Tel: (20-62) 3230552

Fax: (20-62) 3230551

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mahmoud Moustafa El Shourbagy                                                    Chairman

 

·       Abdul Aziz Hamad El Faris                                                                Director

 

·       Abdullah Moussa Abd El Rahman                                                     Director

 

·       Amr Abd El Moneim Al Zawayi                                                          Director

 

·       Salem Hassan Youssef Meky                                                            Director

 

·       Nabil Mahmoud Moustafa El Shourbagy                                            Director

 

·       Mohamed Mahmoud Moustafa El Shourbagy                                     Director

 

·       Michel Andro Evano                                                                         Director

 

·       Boul Johan Ouneil                                                                            Director

 

·       Philip Dayan Gantry                                                                          Director

 

·       Jordan Richard Davis                                                                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st October 1995

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 29229

 

Issued Capital              : £E 150,000,000

 

Paid up Capital            : £E 150,000,000

 

Name of Shareholder (s)

 

·       Five Star Group

 

·       Mahmoud Moustafa El Shourbagy

 

·       Abdul Aziz Hamad El Faris

 

·       Abdullah Moussa Abd El Rahman

 

·       Amr Abd El Moneim Al Zawayi

 

·       Salem Hassan Youssef Meky

 

·       Nabil Mahmoud Moustafa El Shourbagy

 

·       Mohamed Mahmoud Moustafa El Shourbagy

 

·       Michel Andro Evano

 

·       Boul Johan Ouneil

 

·       Philip Dayan Gantry

 

·       Jordan Richard Davis

 

 

AFFILIATED COMPANIES

 

·       Five Star Feed Mills and Animal Produce

 

·       Star Packaging Company SAE

 

 

OPERATIONS

 

Activities: Engaged in the import, processing and distribution of wheat and related by-products.

 

Five Star commissioned its first fully-computerized flour mill with production capacity of 450 tons/day in late 1998. An expansion in production capacity up to 1000 tons/day ensued by operation of the second milling line in 1999. In 2001, the third milling line started operation with a production capacity of 250 tons/day, making it the largest flour mill in Egypt with a gross daily production of 1250 tons/day. Buhler of Switzerland - the global leader in flour milling technology – installed the milling lines for the company and equipped them with the most advanced flour milling technology available. Ready-mixes and household flour can also be produced from a stand-alone mixing plant. Five Star offers 30 specialized and ready-mixed products. Furthermore, Five Star owns a dedicated berth at El Adabeya port in Suez, fitted with a grain unloader capable of processing 600 tons/hour from large vessels and grain silos with storage capacity of 125,000 metric tons, which is also the largest in Egypt.

 

Production Capacity: 2,200 tons per day.

 

Import Countries: Far East

 

Export Countries: GCC countries

 

Brand Names: KANGAROO, BIG STAR and SHAMI

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                £E 930,000,000                         £E 1,000,000,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       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. 62.36

UK Pound

1

Rs. 91.60

Euro

1

Rs. 66.48

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.