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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AL MADINA FOR ADVANCED TECHNOLOGY |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
18721, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Import and distribution of printing plates, cardboard printing box
folding & gluing equipment,
development film cameras, paper cutting machines and film printing equipment. |
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No. of Employees : |
155 |
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
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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Source
: CIA |
Company Name : AL MADINA FOR ADVANCED TECHNOLOGY
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1985
Commercial Registration Number : 18721, Cairo
Tax Card Number : 220-252-424
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Total Workforce : 155
Activities : Distributors of printing equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL MADINA FOR ADVANCED TECHNOLOGY
Street : 66 Salah Salem
Street
Area : Ein El
Seira, Misr El Qadima
PO Box : 102
Town : Cairo 11451
Country : Egypt
Telephone : (20-2) 25313955
Facsimile : (20-2)
25313954
Mobile : (20-10)
1005637 / 1709087
Email : madinah@madinahtech.com
Subject operates from a large suite of offices and a warehouse that are
rented and located in the Central Business Area of Cairo.
Name Position
· Ashraf Fahmy Nasr Managing
Director
· Dr Ahmed Mohamed
Abou Al Wafa Director
· Asmaa Mohamed Abou
El Wafa Director
· Ahmed Hussein Accounts
Manager
· Wahba Abd El Aal Purchasing
Manager
· Gamal Abd El Alim Sales
Manager
· Khaled Salah Marketing
Manager
· Ashraf Farouk Credit
Manager
Date of
Establishment : 1985
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 18721, Cairo
Tax Card No. : 220-252-424
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
· Dr Ahmed Mohamed
Abou Al Wafa 98%
· Asmaa Mohamed Abou
El Wafa 1%
· Tahany Mohamed Ali
1%
Activities: Engaged in the import and distribution of printing plates, cardboard printing
box folding & gluing
equipment, development film cameras, paper cutting machines and film
printing equipment.
Import Countries: United Kingdom, Switzerland, France, Italy, Spain
Germany, Denmark, Japan, Taiwan, China,
United States of America, Singapore, India
and South Korea.
Export Countries: Saudi Arabia, United Arab Emirates, Oman, Syria,
Lebanon, Jordan, Libya and Sudan.
Brand Names: AGNATI, MORCHEM, INRAMIK, DANA GRAAFA, YAWA and
E.S.R.M
Operating Trend: Steady
Subject has a workforce of 155 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E
93,467,904 £E
100,630,575
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Banque du Caire Barclays Internationale SAE
12 Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 33542195 / 33549415 / 33549422
Fax: (20-2) 33552746
·
Arab African Bank
5 El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax:
(20-2) 33558493
·
Al Baraka Bank of Egypt
Mangles El Shaab
Cairo
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.59 |
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|
1 |
Rs.101.09 |
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Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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NB |
New Business |
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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.