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Report No. : |
330103 |
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Report Date : |
13.07.2015 |
IDENTIFICATION DETAILS
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Name : |
PORT SAID FOR
FOOD INDUSTRY SAE (RIYADA) |
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|
|
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Registered Office : |
5 El Sayed El Marghany Street, 3rd Floor, Roxy, Heliopolis, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
36758 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject
is engaged in the production and processing of dairy products, specialising
in semi dried and processed cheese. |
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No. of Employees : |
350 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 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. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name : PORT SAID
FOR FOOD INDUSTRY SAE (RIYADA)
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2002
Commercial
Registration Number : 36758
Tax Card Number : 205-105-769
Issued Capital : £E 20,000,000
Paid up Capital : £E
20,000,000
Total Workforce :
350
Activities :
Production and processing of dairy products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ms Yosria Hatatah, Finance Manager
PORT SAID FOR FOOD
INDUSTRY SAE (RIYADA)
Street : 5 El
Sayed El Marghany Street, 3rd Floor
Area : Roxy, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22585754
/ 22584071 / 22584072 / 24523051 / 24504415
Facsimile : (20-2) 22565984
Mobile : (20-106) 8800620 / (20-109) 9921276
Email : cairo@riyada.net / accmanager@riyada.net
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office
(s)
Location Description
·
39
Gomhoria Street Rented
factory premises
Port Said Industrial Zone
Port Said
Tel: (20-66) 3772070 / 3772071
Fax: (20-66) 3772074
Name Position
·
Ibrahim Mohamed Sudan Chairman
·
Ramy Ibrahim Mohamed Sudan Managing
Director
·
Hosam
El Din Moustafa Production
Manager
·
Kamal
Atya Assistant
Production Manager
·
Mohamed
El Jeheny Administration
Manager
·
Ahmed
Mousa Export
Manager
·
Adel
Feshara Maintenance
Manager
·
Ms Yosria Hatatah Finance
Manager
·
Jamal Othman Accountant
Date of Establishment : 2002
Legal Form :
Egyptian Joint Stock
Company
Commercial
Reg. No. : 36758
Tax
Card No. : 205-105-769
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
·
Ibrahim Mohamed Sudan 44.0%
·
Port
Said Modern Trade Development 20.0%
·
Salwa
Abdo Ahmed 11.2%
·
Ramy Ibrahim Mohamed Sudan 6.0%
·
Amr
Ibrahim Mohamed Sudan 5.3%
·
Khaled
Ibrahim Mohamed Sudan 5.3%
·
Mohamed
Ibrahim Mohamed Sudan 5.3%
·
Reem
Ibrahim Mohamed Sudan 2.9%
Activities: Engaged in the
production and processing of dairy products, specialising in semi dried and
processed
cheese.
Import
Countries: Australia, New
Zealand, Germany, France, Netherlands, Italy and Ireland.
Brand Names: CHEESA
Operating Trend: Steady
Subject has a
workforce of approximately 350 employees.
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 24,680,000 £E 27,125,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Societe Generale Bank
102 Osman Ibn Affan Street
Heliopolis
Cairo
Tel: (20-2) 22411699
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.63.38 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.