MIRA
INFORM REPORT
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Report Date : |
19th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
EL TAWFEEK FOR IMPORT AND EXPORT |
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Registered Office : |
El Mahata Street Abu Zabal El Balad, El Keliuobya Cairo, Egypt |
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Country : |
Egypt |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
358511, Cairo |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of general foodstuff
products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 85,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
EL TAWFEEK FOR IMPORT AND EXPORT |
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Country of Origin |
Egypt |
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Legal Form |
General Partnership |
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Registration Date |
2003 |
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Commercial Registration Number |
358511, Cairo |
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Import Licence Number |
40446 |
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Partners Capital |
£E 200,000 |
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Total Workforce |
10 |
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Line of Business |
Distributors of general foodstuff products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
EL TAWFEEK FOR IMPORT AND EXPORT
ADDRESS
Registered & Physical Address
Street : El Mahata Street
Area : Abu Zabal El Balad, El Keliuobya
Town : Cairo
Country : Egypt
Telephone : (20-2) 4678443
Facsimile : (20-2) 4682496
Mobile : (20-10) 1681363
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
3 Dawood Ford Street Warehouse premises
Gisr El Suez
Manshiyat El Bakry
Cairo
Tel : (20-2) 4533422
Fax : (20-2) 4533422
KEY PRINCIPALS
Sobhi El Sayed Bayoumi Managing Partner
Maha Shafi Abdul Hamid Partner
Rabab Hussain Administration Manager
LEGAL FORM & OWNERS
Date of Establishment : 2003
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 358511, Cairo
Import Licence No. : 40446
Partners Capital : £E 200,000
Name of Partner (s)
Sobhi El Sayed Bayoumi
Maha Shafi Abdul Hamid
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between
two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
AFFILIATED COMPANIES
El Tawfeek for Tahina Sweets
5th Zone , El Keliuobya
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of general foodstuff products, including
sesame seeds and tahina sweets.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue £E 3,700,000 £E 4,490,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Piraeus Bank
10 Talaat Harb Street
Cairo
Tel : (20-2) 5764644
Fax : (20-2) 5799862
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2003, subject is involved in
the import and distribution of general foodstuff products, including sesame
seeds and tahina sweets.
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 85,000
RATING EXPLANATIONS
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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 |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |