MIRA
INFORM REPORT
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Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL GARAS FOR FOOD INGREDIENTS |
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Registered Office : |
4 Fahmy El
Nokrashi Street, El Sheikh Square, El Manshia, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31/12/2007 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
149145,
Alexandria |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of 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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL GARAS FOR FOOD INGREDIENTS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1998
Commercial Registration Number : 149145, Alexandria
Issued Capital : £E 8,050,000
Paid up Capital : £E 8,050,000
Total Workforce : 20
Line of Business : Import and distribution of foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL GARAS FOR
FOOD INGREDIENTS
ADDRESS
Registered & Physical Address
Street : 4 Fahmy El Nokrashi Street
Area : El Sheikh Square, El Manshia
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4853129 / 4853131 / 4853132 /
4865065
Facsimile : (20-3) 4853129
Mobile : (20-12) 3927450
Email : algaras@bellfoods.com.eg
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
·
4 El Saudia Building Rented
sales office
Nozha Street
Heliopolis
Cairo
Tel:
(20-2) 4141743
Fax:
(20-2) 4140217
KEY PRINCIPALS
·
Dr. Fawzy Gad Garas Managing
Partner
·
Atef Abd El Messih Finance
Manager
·
Rania Magdy Imports
Manager
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Raafat Fekry Cairo
Branch Manager
LEGAL FORM & OWNERS
Date of Establishment : 1998
Legal Form :
Sharikat Tadhamun Bill
Asshum (Limited Liability
Partnership)
Commercial Reg. No. : 149145,
Alexandria
Issued Capital : £E 8,050,000
Paid up Capital : £E 8,050,000
Name of Partner (s) Percentage
·
Dr. Fawzy Gad Garas 80%
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Fawzia Gad Garas 10%
·
Mariam Fawzy Gad Garas 5%
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Ramy Fawzy Gad Garas 5%
AFFILIATED COMPANIES
·
Garas Trading
Company
4 Fahmy El Nokrashi Street
El Sheikh Square, El Manshia
Alexandria
Tel: (20-3) 4879520 / 4873868
/ 4833868
Fax: (20-3) 4865065 / 4825065
Email: garasco@dataxprs.com.eg
·
Garas Est for
Trading
Amriya Free Zone
Alexandria
This
is a Sole Proprietorship owned by Dr Nosehy Gad Garas, and is located in the
Amriya Free Zone in order to benefit from the incentives given to companies
located within this area.
·
Bill Bac
4
Fahmy El Nokrashi Street
El Sheikh Square
El Manshia
Alexandria
Tel : (20-3) 4873868 / 4879520
Fax : (20-3) 4865065
·
Serra Import
& Export
23 Abdelaziz Agameya Street
Roshdy
Alexandria
Tel: (20-3) 5447303
Fax: (20-3) 5447404
Email: serra@cns-egypt.com
LINE OF BUSINESS
Operations : Engaged in the import and
distribution of cocoa butter & powder, dry yeast,
powder milk, food additives, whey powder
& vanilla.
Import Countries
: Netherlands and China.
International
Suppliers :
·
G.Van Den Bergh Numegen B.V Netherlands
·
Jiaxing & Exp Corp Wan Yan Trading China
Brand Names : CARGILL, KL-KEPONG, BELOVO SA,
PAK IHRACAT, and LAKTOS SPOL.
Operating Trend : Steady
Subject has a
workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue £E 6,300,000 £E 6,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Banque Misr
El Hanoville Street
Agami
Alexandria
Tel : (20-3) 4302697
·
Arab Bank Plc
PO Box : 68
Cairo
Tel : (20-2) 3029069 / 3029070
Fax : (20-2) 3029068
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction September
2005
Credit amount 135,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Al Garas For Food Ingredients was
established in 1998 and is engaged in the import
and distribution of cocoa butter & powder, dry yeast, powder milk, food
additives, whey powder & vanilla.
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 and the above credit figure is
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. |
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%)