MIRA
INFORM REPORT
|
Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BAKR SONS COMPANY
FOR TRADE & IMPORT |
|
|
|
|
Registered Office : |
100 Moaz LeDinallah El Fatemy Street, El Gamaleya, Abdin, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Manufacture of Jute and Elastic Yarns |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
US$ 70,000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : BAKR SONS COMPANY FOR
TRADE & IMPORT
Country of Origin : Egypt
Legal Form :
General Partnership
Registration Date : 2006
Partners Capital : £E 50,000
Total Workforce : 25
Line of Business : Manufacture of jute and elastic yarns.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
BAKR SONS COMPANY FOR TRADE
& IMPORT
ADDRESS
Registered & Physical Address
Street : 100 Moaz LeDinallah El Fatemy Street
Area : El Gamaleya, Abdin
Town : Cairo
Country : Egypt
Telephone : (20-2) 25905613
Facsimile : (20-2) 25905613
Mobile : (20-10) 1040709 / 5833394
Premises
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
· 13 El
Tambouksheya Street Factory
premises
El Gamaleya, Abdin
Cairo
Tel:
(20-12) 7770210
KEY PRINCIPALS
· Bakr
Mohamed Bakr Managing
Partner
· Mahmoud
Mohamed Bakr Partner
· Araby
Mohamed Bakr Partner
· Mohamed
Fouad Ahmed Factory
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2006
Legal Form : Sharikat Tadhamun
(General Partnership)
Partners Capital : £E 50,000
Name of Partner (s)
· Bakr
Mohamed Bakr
· Mahmoud
Mohamed Bakr
· Araby
Mohamed Bakr
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.
LINE OF BUSINESS
Operations : Engaged in the manufacture
of jute and elastic yarns.
Import Countries : India and Europe.
Subject has a workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
Banque du Caire SAE
19 Adly Street
Cairo
Tel:
(20-2) 3926915
Fax:
(20-2) 3951713
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Bakr Sons Company For Trade & Import is a newly established business
with operations commencing in 2006. It is engaged in the
manufacture of jute and elastic yarns.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the business is considered to
be a fair trade risk, however a measure of caution would be prudent given the
lack of financial and payment due to the short operating history.
Maximum suggested credit figure: US$ 70,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)