MIRA INFORM REPORT

 

 

Report Date :           

16.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AFRI MEDICAL CO SAE

 

 

Registered Office :

13 El Obour Building, Salah Salem Road, Nasr City, P O Box 215, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1983

 

 

Com. Reg. No.:

224868, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of medical requisites

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 750,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : AFRI MEDICAL CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1983

Commercial Registration Number            : 224868, Cairo

Chamber Licence Number                       : 0133

Issued Capital                                        : £E 25,500,000

Paid up Capital                                      : £E 25,500,000

Total Workforce                                     : 450

Activities                                               : Manufacturers of medical requisites.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

 

COMPANY NAME

 

AFRI MEDICAL CO SAE

 

 

company ADDRESS

 

Registered & Physical Address

Building             : 13 El Obour Building

Street               : Salah Salem Road

Area                 : Nasr City

PO Box             : 215, Heliopolis

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22606025 / 22606015 / 22606045

Facsimile          : (20-2) 22615600

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       3C Industrial Zone                                                                             Factory premises

Sharkeya

10th of Ramadan City

Tel: (20-15) 361684 / 369428 / 369422

Fax: (20-15) 364104

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Nazih Ibrahim Ali El Aiady                                                             Chairman

 

·       Dr Amin Helmy Hagar                                                                        Managing Director

 

·       Dr Nariman Hassan Farid                                                                   Director

 

·       El Sayed Ahmed Mohsen                                                                  Director

 

·       Mohamed Nazih El Aiady                                                                   Director

 

·       Eman Nazih El Aiady                                                                        Director

 

·       Ahmed Essam                                                                                  Finance Manager

 

·       Mahmoud Labib                                                                                Production Manager

 

·       Tarek El Hagary                                                                                Sales Manager

 

·       Rami El Far                                                                                      Export Manager

 

·       Sherif Bahaa                                                                         Public Relations Manager

 

·       Hafez Abd El Rehim                                                                          Administration Manager

 

·       Rafik Qubtan                                                                         IT Manager

 

·       Ahmed Hegazi                                                                                  Project Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1983

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 224868, Cairo

 

Chamber Licence No.  : 0133

 

Issued Capital              : £E 25,500,000

 

Paid up Capital            : £E 25,500,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Dr Nazih Ibrahim Ali El Aiady                                                 29.94%

 

·       El Sayed Ahmed Mohsen                                                      25.72%

 

·       Dr Nariman Hassan Farid                                                       25.20%

 

·       Ahmed El Sayed Ahmed Mohsen                                             4.36%

 

·       Mohamed Nazih El Aiady                                                         3.78%

 

·       Nazly El Sayed Ahmed Mohsen                                               3.53%

 

·       Noha El Sayed Ahmed Mohsen                                                2.44%

 

·       Eman Nazih El Aiady                                                              1.93%

 

·       Abeer Nazih Ibrahim Ali El Aiady                                              1.89%

 

·       Tarek Ahmed Eissa Hassan                                                     1.03%

 

·       Dr Amin Helmy Hagar                                                              0.18%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of medical requisites, including plasters, bandages, blood transfusion

equipment, solutions equipment, artery and vein joints, kidney dialysis and solution packages

 

Subject is ISO 9001 and 9002 accredited.

 

Import Countries: Switzerland, Saudi Arabia, United States, Germany, United Kingdom, Taiwan, Australia, India, Sudan, France, Belgium, Spain, South Korea and Singapore

 

Export Countries: Sudan, Saudi Arabia, France, Syrian, Morocco, Yemen, India, Italy, Spain, United States, Turkey, Switzerland, Algeria and Jordan

 

Brand Names: AFRI MEDICAL

 

Operating Trend: Steady

 

Subject has a workforce of approximately 450 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 42,000,000                           £E 56,969,897

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 33606580 / 33606467

Fax: (20-2) 33420265 / 33606512

 

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.15

UK Pound

1

Rs.72.59

Euro

1

Rs.62.95

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.