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Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FARCOMAKE FOR ADVANCED MEDICAL INDUSTRIES SAE |
|
|
|
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Registered Office : |
31 El Fath
Street, 2nd Floor, Fleming, Alexandria |
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|
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Country : |
Egypt |
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|
|
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Financials (as on) : |
31.12.2012 |
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Year of Establishment : |
2004 |
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|
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Com. Reg. No.: |
1947, Alexandria |
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Legal Form : |
Egyptian Joint
Stock Company |
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|
|
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Line of Business : |
Manufacturers of
Medical Disposables. |
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|
|
|
No. of Employees : |
90 |
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 : |
Satisfactory |
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|
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : FARCOMAKE
FOR ADVANCED MEDICAL INDUSTRIES SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2004
Commercial
Registration Number : 1947,
Alexandria
Tax Card Number : 207-954-690
Issued Capital : £E
44,000,000
Paid up Capital : £E
11,000,000
Total Workforce : 90
Activities :
Manufacturers of medical disposables.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
FARCOMAKE FOR ADVANCED MEDICAL INDUSTRIES
SAE
Street : 31 El Fath Street, 2nd
Floor
Area : Fleming
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5852840 / 5231011 / 5844544
Facsimile : (20-3) 5852840 / 5844544
Mobile : (20-19) 9925755
Email : farcomake@farcomake.com
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
·
4th
Industrial Zone, Block No. 2, Part 7 Factory
premises
16 New Borg El Arab City
Borg El Arab
Alexandria
Tel: (20-3) 4598439
Name Position
·
Dr
Ahmed Zaki Salama Chairman
·
Dr
Michael Emil Hanna Vice
Chairman
·
Amr
Foad Factory
Manager
·
Walaa
Ismail Accounts
Manager
Date of Establishment : 2004
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 1947,
Alexandria
Tax
Card No. : 207-954-690
Issued Capital : £E 44,000,000
Paid up Capital : £E 11,000,000
·
Dr
Ahmed Zaki Salama
·
Dr
Michael Emil Hanna
Activities: Engaged in the manufacture of medical
disposables, including intravenous cannula, blood lines and fistula needles.
Subject is ISO 13485
and 9001:2000 accredited.
Import
Countries: Germany, France,
India, Italy, United States of America and Japan.
Export
Countries: Pakistan and
Sudan.
Operating Trend: Steady
Subject has a
workforce of 90 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 13,000,000 £E 14,200,000
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)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
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.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
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 |
|
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.