MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
411, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged
in the packing, packaging and export of food products, specialising in spices
and grains |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1998
Commercial Registration Number :
411,
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Total Workforce : 30
Line of Business : Packing, packaging and export of food products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Street :
Area :
Town :
Country :
Telephone : (20-3) 4835801
/ 4835804 / 4853131
Facsimile : (20-3) 4865065
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office
(s)
Location Description
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3rd Industrial Zone, Plot 7, Block 1 Owned
warehouse
New Borg El Arab
City
Tel: (20-3) 4594052
KEY PRINCIPALS
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Dr. Noshy Gad Garas Managing
Director
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Fawzy Gad Garas Director
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Garas Gad El Guindy Director
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Fawzeya Gad Garas Director
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Emad Raouf Nabih Director
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Emad Samir Finance
Manager
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Sherif George Export
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1998
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 411,
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Name of Shareholder
(s) Percentage
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Dr. Noshy Gad Garas 86%
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Fawzeya Gad Garas 5%
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Emad Raouf Nabih 5%
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Garas Gad Garas 4%
Note to the Legal Form The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.
AFFILIATED COMPANIES
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Garas
Trading Company
Tel: (20-3) 4879520 / 4873868
/ 4833868
Fax: (20-3) 4865065 / 4825065
Email: garasco@dataxprs.com.eg
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Garas
Est for Trading
Amriya Free Zone
This
is a Sole Proprietorship owned by Dr Noshy Gad Garas, and is located in the
Amriya Free Zone in order to benefit from the incentives given to companies
located within this area.
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Al Garas For Food Ingredients
El
Attarin, Ramleh
Tel:
(20-3) 4853129
/ 4853131 / 4853132 / 4865065
Fax:
(20-3) 4853129
Email:
algaras@bellfoods.com.eg
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Serra
Import & Export
Roshdy
Tel: (20-3) 5447303
Fax: (20-3) 5447404
Email: serra@cns-egypt.com
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Roshdy
Tel: (20-3) 5447303
Fax: (20-3) 5447304
Email: bellagri@link.net
LINE OF BUSINESS
Operations : Engaged in the
packing, packaging and export of food products, specialising in spices and
grains.
Import Countries
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Export Countries
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Brand Names : EL GARAS
Operating Trend
: Steady
Subject has a
workforce of 30 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E
7,380,000 £E
7,610,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of
6,
Tel : (20-3) 4824056
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Banque
Misr
Agami
Tel : (20-3) 4302697
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction September
2006
Credit amount 66,660
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000
Established in
1998, Bell
Pack Food Industries has made steady progress in the local market and enjoys a
good reputation for the quality of its products.
According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 250,000
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)