MIRA INFORM REPORT

 

 

Report No. :

327431

Report Date :

26.06.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITED CONCENTRATES INDUSTRY SAE

 

 

Registered Office :

El Robiky Road, Plot No. 161 & 162, 3rd Industrial Zone, Badr City, Helwan

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Year of Establishment :

2009

 

 

Com. Reg. No.:

39569

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of Concentrates of Tomato, Guava, Mango, Peach and Other Fruits.

 

 

No. of Employees :

150

 

 

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 – 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

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                                    : UNITED CONCENTRATES INDUSTRY SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 2009

Commercial Registration Number           : 39569

Tax Card Number                                  : 316-101-982

Issued Capital                                       : £E 70,000,000

Paid up Capital                                     : £E 70,000,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of concentrates of tomato, guava, mango, peach

                                                              and other fruits.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Hisham Mahmoud, Finance Manager

 

COMPANY NAME

 

UNITED CONCENTRATES INDUSTRY SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : El Robiky Road, Plot No. 161 & 162

Area                 : 3rd Industrial Zone, Badr City

 

Town                : Helwan

Country             : Egypt

 

Telephone         : (20-2) 28607020 / 28607048

Facsimile          : (20-2) 28640620

Mobile              : (20-102) 6008886

Email                : info@ufieg.com / hisham.mahmoud@ufieg.com

 

Please note that subject’s previous address was, Genena Mall Buildings, Building No. 3, El Batrawy Street, Nasr City, Cairo.

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Helwan.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Karim Merghany El Sayed El Merghany                                             Managing Director

 

·       Ahmed Merghany                                                                             General Manager

 

·       Hisham Mahmoud                                                                             Finance Manager

 

·       Mohamed Shaaban                                                                           Export Manager

 

·       Haide Nasr                                                                                       Purchasing Manager

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2009

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 39569

 

Tax Card No.                : 316-101-982

 

Issued Capital              : £E 70,000,000

 

Paid up Capital            : £E 70,000,000

 

Name of Shareholder (s)                                                                 Percentage

 

·       Karim Merghany El Sayed El Merghany                                             56%

 

·       Ahmed Merghany                                                                             40%

 

·       Seif El Din Karim Merghany El Sayed El Merghany                              4%

 

 

AFFILIATED COMPANIES

 

·       United Food Industries SAE (UFI)

El Robiky Road, Plot No. 161 & 162

3rd Industrial Zone, Badr City

Helwan

Tel: (20-2) 28607020 / 28607048

Fax: (20-2) 28640620

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of concentrates of tomato, guava, mango, peach and other fruits.

 

Import Countries: Turkey, Netherlands, China and Spain.

 

Export Countries: Morocco, Libya, Iraq and Jordan.

 

Brand Names: ROSSO

 

Operating Trend: Steady

 

Subject has a workforce of 150 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 115,850,000                         £E 120,000,000

 

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

 

The above figures were provided by Mr Hisham Mahmoud, Finance Manager

 

 

BANKERS

 

·       Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 33606580 / 33606467

Fax: (20-2) 33420265 / 33606512

 

 

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.63.61

UK Pound

1

Rs.99.79

Euro

1

Rs.71.17

 

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.