MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BARTIMEX FOR FOREIGN TRADE |
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Registered Office : |
35 El
Obour Buildings, Salah Salem Road,
Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1994 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of paints
for decorative, industrial and construction uses, textiles dyes and printing
inks, varnishes, resins and colorants |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BARTIMEX FOR FOREIGN TRADE
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1994
Invested Capital : £E 100,000
Total Workforce : 25
Activities :
Import and distribution of paints for decorative,
industrial and construction uses, textiles dyes and printing inks, varnishes,
resins and colorants
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
BARTIMEX
FOR FOREIGN TRADE
ADDRESS
Registered & Physical Address
Building : 35 El Obour
Buildings
Street : Salah Salem Road
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22616420
/ 24025744
Facsimile : (20-2) 22616440
Mobile : (20-12) 7367120
Email : bartimex@bartimex.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
24
Shoubra Street Rented
Sales Office
Shoubra
Cairo
Tel: (20-2) 25790735
Fax: (20-2) 25798292
Mob: (20-12) 3921162
KEY PRINCIPALS
Name Position
·
Dr.
Abdallah Ibrahim Proprietor
& General Manager
·
Reda
Mounir Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1994
Legal Form :
Sole Proprietorship
Invested Capital
: £E 100,000
Dr.
Abdallah Ibrahim is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of paints for decorative, industrial and construction uses,
textiles dyes and printing inks, varnishes, resins and colorants.
Import
Countries: Turkey, Germany,
Switzerland, India and Thailand.
International
Suppliers:
·
Organik
Kimya Turkey
·
Sunkem Turkey
·
CKS Turkey
·
Sentapol Turkey
·
CBS Turkey
·
Teknocoat Turkey
·
Shin
Etsu Germany
·
Elotex Switzerland
·
Aditya
Birla Thailand
·
Chika India
Operating Trend: Steady
Subject has a
workforce of 25 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 10,200,000 £E 11,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Egypt
24, Sherif Street
Cairo
Tel : (20-2) 3924175
Fax : (20-2) 3924143
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
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%)