MIRA INFORM REPORT

 

 

Report No. :

324680

Report Date :

04.06.2015

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED SAYED FARID FAHMY AND PARTNERS

 

 

Registered Office :

Flat No. 103, 1st Floor, Land No. 90, 9th Street, Al Mokatam, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

10.10.2011

 

 

Com. Reg. No.:

60569

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Import and Distribution of General Foodstuff Products.

 

 

No. of Employees :

5

 

 

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. Egypt's current Constitution passed in a referendum that took place in January 2014.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : MOHAMED SAYED FARID FAHMY AND PARTNERS

Also Known As                         : ALFARID GROUP FOR IMPORT AND EXPORT

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 10th October 2011

Commercial Registration Number           : 60569

Issued Capital                                       : £E 50,000

Paid up Capital                         : £E 50,000

Total Workforce                         : 5

Activities                                               : Distributors of general foodstuff products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

MOHAMED SAYED FARID FAHMY AND PARTNERS

 

 

ALSO KNOWN AS

 

ALFARID GROUP FOR IMPORT AND EXPORT

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Flat No. 103, 1st Floor, Land No. 90

Street               : 9th Street

Area                 : Al Mokatam

 

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 25055061

Facsimile          : (20-2) 25055047

Mobile              : (20-100) 0818178

Email                : chairman@alfarid-group.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Sayed Farid Fahmy                                                           Managing Partner

·       Ahmed Mohamed Sayed Farid Fahmy                                               Partner

·       Fares Mohamed Sayed Farid Fahmy                                     Partner

·       Farouk Mohamed Sayed Farid Fahmy                                                Partner

·       Bakr Ali                                                                                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment: 10th October 2011

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 60569

 

Issued Capital              : £E 50,000

 

Paid up Capital            : £E 50,000

 

Name of Partner (s)

 

·       Mohamed Sayed Farid Fahmy

 

·       Ahmed Mohamed Sayed Farid Fahmy

 

·       Fares Mohamed Sayed Farid Fahmy

 

·       Farouk Mohamed Sayed Farid Fahmy

 

 

AFFILIATED COMPANIES

 

·       Sentry Security Services

 

·       Royal Beach Apartments

 

·       Ken-Egypt for Trading

 

·       Motrex Ltd

 

·       United Tea Co

 

·       Uni-Mar

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products.

 

Import Countries: Europe and the Far East.

 

Suppliers:

 

·       Egyptian Sugar and Integrated Industries

·       Regina for Pasta & Food Industries

·       Macaroni Queen Co

 

Export Countries: Kenya

 

Operating Trend: Steady

 

Subject has a workforce of 5 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 9,600,000                             £E 10,100,000

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank

106 Road 9

Mokatam

Cairo

 

·       QNB Al Ahli

Road 9 Intersection of Road 10

Mokatam

Cairo

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Mohamed Sayed Farid Fahmy and Partners” and not “Alfarid Group Company”.

 

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.63.85

UK Pound

1

Rs.98.12

Euro

1

Rs.71.28

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.