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Report No. : |
301283 |
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Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
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Name : |
EL RASHIDI EL MIZAN CONFECTIONARY SWEETS SAE (EL MIZAN) |
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Registered Office : |
2nd Industrial Zone, Block No.
38-39
Street No. 18/2 6th of October City |
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Country : |
Egypt |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
24925 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of sweets, jam, tomato paste and
Tahina |
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No. of Employees : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 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 : EL RASHIDI EL MIZAN CONFECTIONARY SWEETS SAE (EL MIZAN)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1995
Commercial Registration Number : 24925
Authorised Capital : £E 50,000,000
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 500
Activities : Manufacturers of sweets, jam, tomato paste and Tahina.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Haytham Noureddin, Assistant Sales Manager
EL RASHIDI EL MIZAN CONFECTIONARY SWEETS SAE (EL MIZAN)
Building : 2nd Industrial Zone, Block No. 38-39
Street : Street No. 18/2
Town : 6th
of October City
Country : Egypt
Telephone : (20-2) 38332081 / 38332082 / 38334007 / 38334005
Facsimile : (20-2) 38330557 / 38334008
Email : export@elrashidi.com
/ azaki@elrashidi.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of 6th of October City.
Name Position
· Mohamed Mokhtar El Rashidi Chairman
· Ahmed Mokhtar El Rashidi Managing
Director
· Ahmed Hassanian Hikal Director
· Ahmed Zaki Export
Manager
· Mohamed Hussain Finance
Manager
· Ahmed Galal Production
Manager
· Ehab Elwani Purchasing
Manager
· Karim Sweidan Sales
Manager
· Haytham Noureddin Assistant
Sales Manager
Date of
Establishment : 1995
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 24925
Authorised Capital : £E 50,000,000
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
· Mohamed Mokhtar El Rashidi
· Ahmed Mokhtar El Rashidi
· El Ghala Company
· El Rashidi El
Mizan Sweets Factory
176-178 Port Said Street
El Sayeda Zeinab Mounira
Cairo
Tel: (20-2) 23903472 / 23903474 / 23903477 /
23929481
Fax: (20-2) 23903470 / 23931615
Activities: Engaged in the manufacture of sweets, jam, tomato paste and Tahina.
Import Countries: Europe and the Far East.
Brand Names: EL MIZAN
Subject has a workforce of approximately 500 employees.
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.
·
National Societe Generale Bank
5 Champollion Street
Cairo
Tel: (20-2)
27707777 / 27707000
Fax: (20-2)
27707799
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “El Rashidi El Mizan
Confectionary Sweets SAE (El MIZAN)” and not “El Rashidi El Mizan
Confectionary”.
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.63.45 |
|
|
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.63.45 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
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<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.