MIRA INFORM REPORT

 

 

Report No. :

318336

Report Date :

23.04.2015

 

IDENTIFICATION DETAILS

 

Name :

EL RASHIDI EL MIZAN SWEET FACTORIES DEVELOPMENT

 

 

Formerly Known As :

EL RASHIDI EL MIZAN SWEETS FACTORY

 

 

Registered Office :

176-178 Port Said Street El Sayeda Zeinab Mounira Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

01.01.2002

 

 

Com. Reg. No.:

185583, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the production and processing of foodstuffs, specialising in dried confectionery, biscuits, chocolate, lollipops and wafer biscuits

 

 

No. of Employee :

400

 

 

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : EL RASHIDI EL MIZAN SWEET FACTORIES DEVELOPMENT

Also Known As                                     : EL RASHIDI EL MIZAN SWEETS FACTORY

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Start Date                                             : 1881

Registration Date                                  : 1st January 2002

Commercial Registration Number           : 185583, Cairo

Tax Card Number                                  : 200-176-685

Issued Capital                                       : £E 65,000,000

Paid up Capital                                     : £E 65,000,000

Total Workforce                                     : 400

Activities                                               : Production and processing of foodstuffs.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Shareef Rashad, Financial Manager

 

 

 

COMPANY NAME

 

EL RASHIDI EL MIZAN SWEET FACTORIES DEVELOPMENT

 

 

ALSO KNOWN AS

 

EL RASHIDI EL MIZAN SWEETS FACTORY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 176-178 Port Said Street

Area                 : El Sayeda Zeinab Mounira

 

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 23903472 / 23903474 / 23903477 / 23929481

Facsimile          : (20-2) 23903470 / 23931615 / 23903475

Mobile              : (20-111) 7006763 / (20-112) 4925800

Email                : tamer.ibrahim@elrashidy.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Central Business Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Nehad Ezzat Mohamed Hussein El Rashidi                                        Chairman

 

·       Hesham Fathy                                                                                  Director

 

·       Mohamed Qandeel                                                                           Chief Executive Officer

 

·       Shareef Rashad                                                                                Financial Manager

 

·       Waleed Abdul Wahab                                                                       Sales Export Manager

 

·       Tamer Ibrahim                                                                                   Purchase Officer

 

·       Mohamed Abu El Mansoor                                                                Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1881, however subject was registered on 1st January 2002

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 185583, Cairo

 

Tax Card No.                : 200-176-685

 

Issued Capital              : £E 65,000,000

 

Paid up Capital            : £E 65,000,000

 

Name of Shareholder (s)

 

·       Nehad Ezzat Mohamed Hussein El Rashidi

 

·       Hesham Fathy

 

·       Silk Trust Co

United Kingdom

 

 

OPERATIONS

 

Activities: Engaged in the production and processing of foodstuffs, specialising in dried confectionery, biscuits,

     chocolate, lollipops and wafer biscuits.

 

Import Countries: Europe and Asia

 

Brand Names: MONTY, TWENTY, SUPER DELIGHT and MESTRO WAFER

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 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 88,300,000                           £E 91,000,000

 

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

 

The above figures were provided by Mr Shareef Rashad, Financial Manager

 

 

BANKERS

 

·       National Societe Generale Bank

5 Champollion Street

Cairo

Tel: (20-2) 27707777 / 27707000

Fax: (20-2) 27707799

 

 

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.62.82

UK Pound

1

Rs.93.85

Euro

1

Rs.67.59

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.