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Report Date : |
28.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AL GARAS FOR FOOD INGREDIENTS |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
149145, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of cocoa butter & powder, dry yeast,
powder milk, food additives, whey powder and vanilla. |
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No. of Employees : |
20 |
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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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : AL GARAS FOR FOOD INGREDIENTS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1998
Commercial Registration Number : 149145, Alexandria
Tax Card Number : 298-254-344
Issued Capital : £E 8,050,000
Paid up Capital : £E 8,050,000
Total Workforce : 20
Activities : Import and distribution of foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Selvina Saleem, Human Resources Manager
AL GARAS FOR FOOD INGREDIENTS
Street : 3 Ali Amin
Maher Street, 2nd Floor
Area : El Attarin,
Ramleh
PO Box : 1456
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4853131
/ 4853132
Facsimile : (20-3) 4853129
Mobile : (20-12)
3927450 / 6979696
Email : algaras@bellfoods.com.eg
/ hr@bellfoods.com.eg
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,
Nasr City
Cairo
Tel:
(20-2) 24141743
Fax:
(20-2) 24140217
· 12 Orabi Square Rented
sales office
Alexandria
Tel: (20-3)
4865552 / 4863616
Fax: (20-3)
4872383
Name Position
· Dr Fawzy Gad Garas Managing
Partner
· Mariam Fawzy Gad
Garas Partner
· Ramy Gamil Finance
Manager
· Amina Kamal Sales
Manager
· Selvina Saleem Human
Resources Manager
Date of
Establishment : 1998
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 149145, Alexandria
Tax Card No. : 298-254-344
Issued Capital : £E 8,050,000
Paid up Capital : £E 8,050,000
· Dr Fawzy Gad Garas
80%
· Fawzia Gad Garas 10%
· Mariam Fawzy Gad
Garas 5%
· Ramy Fawzy Gad
Garas 5%
· 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
Activities: Engaged in the import and distribution of cocoa butter & powder,
dry yeast, powder milk, food additives, whey powder and vanilla.
Import Countries: India, Turkey, United States of America, the
Netherlands, Malaysia and China.
International Suppliers:
· G.Van Den Bergh
Numegen B.V Netherlands
· Jiaxing & Exp
Corp Wan Yan Trading China
Brand Names : CARGILL, ADM, FONTERRA, AGRI MARK, GREENFIELDS,
GUMCORP, OVOPROT, PRIMERA, COLSEN, HOOGWEGT, CHISHOLM, DMV VITALUS, INTERFOOD,
RZBC, LACNEA, TTCA, EUROVO, MUSIM MAS, KL-KEPONG, BELOVO SA, PAK IHRACAT and
LAKTOS SPOL.
Subject has a workforce of 20 employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Banque Misr
El Hanoville
Street
Agami
Alexandria
Tel: (20-3)
24302697
·
Arab Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
No complaints regarding subject’s payments have been reported.
Credit amount 135,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.71 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
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 |
|
-- |
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.