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Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
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Name : |
FRIDAL F TAREK ABOU BAKR & CO |
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Registered Office : |
3 Abd El Khaleq Azouz Street, Pyramids, Giza, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
14853 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the manufacture of aroma compounds and oils for perfumes, flavourings and food additives, medical and aromatic
herbs |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.
|
Source : CIA |
Company Name :
FRIDAL F TAREK ABOU BAKR & CO
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
1988
Commercial Registration Number :
14853
Tax Card Number :
100-475-477
Issued Capital :
£E 5,000,000
Paid up Capital :
£E 5,000,000
Total Workforce :
250
Activities :
Manufacturers of aroma compounds and oils for perfumes, flavourings
and food additives, medical and aromatic
herbs.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
FRIDAL F TAREK ABOU BAKR & CO
Street : 3 Abd El
Khaleq Azouz Street
Area : Pyramids,
Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 35822707
/ 35826247
Facsimile : (20-2)
35822707
Subject operates from a large suite of offices that are rented and
located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
· 2nd
Industrial Area Owned
factory &
Plot No. 13/14,
Street No. 18/81 warehouse
premises
Sixth of October
City
Tel: (20-2)
38330856 / 38330857 / 38331746 / 38339549
Fax: (20-2)
38331746
Name Position
· Fouad Tarek Abou
Bakr Managing
Partner
· Rabie Fouad Tarek
Abou Bakr Partner
· Hussein
Abd El Fattah Finance
Manager
· Mohamed Youssef Sales
Manager
· Ibrahim Youssef Marketing
Manager
· Marwa
Nasar Production
Manager
· Raghda
El Khouly Import
Manager
· Randa
Abd El Latif Export
Manager
· Mohamed Wafik Office
Manager
· Sherif
Mobarek Technical
Manager
Date of
Establishment : 1988
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 14853
Tax Card No. : 100-475-477
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
· Fouad Tarek Abou
Bakr
· Rabie Fouad Tarek
Abou Bakr
Activities: Engaged in the manufacture of aroma compounds and oils for perfumes, flavourings and food additives,medical and aromatic herbs.
Import Countries: Japan, United States of America, Spain and the
United Kingdom
Export Countries: France, Germany, Italy, Spain, Syria, Jordan,
India, Morocco, Sudan, Japan, Saudi Arabia and the United States of America
Brand Names: FRIDAL
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E
71,600,000 £E
72,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
· Export Development
Bank of Egypt
108 Mohi El Din
Abu El Ezz Street
Mohandessin
Cairo
11111
Tel:
(20-2) 33619005 / 33385877
Fax:
(20-2) 33385940 / 33385938
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
UK Pound |
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
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 |
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 |
|
-- |
NB |
New
Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.