|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAGIRUS INTERNATIONAL CO |
|
|
|
|
Registered Office : |
4 Ahmed Ammar Street El Khalafawy Shubra Street, Shubra, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1969 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Distributors of gas pump equipment, gaskets, pistons,
turning machines and engine parts. |
|
|
|
|
No. of Employees : |
150 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
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 drastically increased 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 are among the hardest hit sectors of the
Egyptian economy, and economic growth is likely to remain slow at least through
2012. The government is utilizing foreign exchange reserves to support the
Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source : CIA |
Company Name :
MAGIRUS INTERNATIONAL CO
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
1969
Issued Capital :
£E 200,000
Paid up Capital :
£E 200,000
Total Workforce :
150
Activities :
Distributors of gas pump equipment, gaskets, pistons,
turning machines and engine parts.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MAGIRUS INTERNATIONAL CO
Street : 4 Ahmed
Ammar Street El Khalafawy Shubra Street
Area : Shubra
Town : Cairo
Country : Egypt
Telephone : (20-2) 22045566 / 22045567
Facsimile : (20-2) 24309371
Mobile : (20-12) 2111522
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
· El Sheikh Ali Abd
El Dayem Street Rented sales office
Assiut
Tel: (20-88)
2336052
· 28 Abu
El Dardaa Rented
sales office
El
Labban
Alexandria
Tel:
(20-3) 3903496 / 3909430
Fax:
(20-3) 3903496
Name Position
· Nabil
Mounir Fahmy Abd El Shahid Chairman
· Mounir
Fahmy Abd El Shahid Vice
Chairman
· Adel Mounir Fahmy Partner
· Ashraf Gamil General
Manager
· Talaat
Nabih Finance
Manager
· Ashraf
Kamel Administration
Manager
· Hanaa Yousry Office
Manager
Date of
Establishment : 1969
Legal Form : Limited Liability
Partnership
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
· Nabil
Mounir Fahmy Abd El Shahid
· Mounir
Fahmy Abd El Shahid
· Adel Mounir Fahmy
Activities: Engaged in the import and distribution of gas
pump equipment, gaskets, pistons, turning machines and engine parts.
Import Countries: China, Italy, Germany
and Turkey.
Agencies
Held:
·
Monark Diesal
·
Mahle
·
Yunan
·
Tam
Operating Trend: Steady
Subject has a workforce of 150 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/012
Total Sales £E
96,200,000 £E
100,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
United Bank
94A Shubra Street
Shubra
Cairo
Tel: (20-2)
24598837
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
UK Pound |
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
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 |
|
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.