MIRA INFORM REPORT

 

 

Report Date :

10.06.2014

 

IDENTIFICATION DETAILS

 

Name :

AHMED MOHAMED MOHAMED FAHMY & CO

 

 

Registered Office :

14 Al Hamzawi Al Sageer Street,  Al Azhar, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013 (Estimated)

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

343950, Cairo

 

 

Legal Form :

General Partnership

 

 

Line of Business :

importer and distributor of dried foods, herbs, spices, seeds and rice

 

 

No of Employees :

15

 

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

 

 

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 – 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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

 

Source : CIA

 

SUMMARY

 

Concern Name                                      : AHMED MOHAMED MOHAMED FAHMY & CO

Also Known As                                     : ARAFA EL ATTAR ESTABLISHMENT

Country of Origin                                   : Egypt

Legal Form                                           : General Partnership

Registration Date                                  : 1984

Commercial Registration Number           : 343950, Cairo

Tax Card Number                                  : 614-079-176

Partners Capital                                     : £E 50,000

Total Workforce                                     : 15

Activities                                               : Distributors of dried foods, herbs, spices, seeds and rice

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Ahmed Mohamed Mohamed Fahmy, Partner

 

 

 

CONCERN NAME

 

AHMED MOHAMED MOHAMED FAHMY & CO

 

 

ALSO KNOWN AS

 

ARAFA EL ATTAR ESTABLISHMENT

 

 

concern ADDRESS

 

Registered & Physical Address

Street               : 14 Al Hamzawi Al Sageer Street

Area                 : Al Azhar

Town                : Cairo

Country             : Egypt

Telephone         : (20-2) 25900590

Facsimile          : (20-2) 25927435

Mobile              : (20-122) 3997166

Email                : manager@3arafa.com / arafaegy@yahoo.com / m.ali@3arafa.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Ahmed Mohamed Mohamed Fahmy                                                  Managing Partner

·       Mohamed Ahmed Mohamed Mohamed Fahmy                                   Partner

·       Mohamed Ali                                                                                    Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1984

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 343950, Cairo

 

Tax Card No.                : 614-079-176

 

Partners Capital           : £E 50,000

 

 

Name of Partner (s)

·       Ahmed Mohamed Mohamed Fahmy

·       Mohamed Ahmed Mohamed Mohamed Fahmy

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of dried foods, herbs, spices, seeds and rice.

 

Import Countries: Europe, India and Vietnam

 

Import Countries:

 

·       K M Ganatra & Co                India

·       ANTIMIX                               Vietnam

 

Brand Names: ARAFA

 

Operating Trend: Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/12:               Year Ending 31/12/13:

 

Total Revenue                           £E 10,000,000                           £E 10,635,000

 

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

 

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

 

BANKERS

 

·       Societe Arabe Internationale de Banque

PO Box: 124

Cairo

Tel: (20-2) 33499464 / 33603489

Fax: (20-2) 33603497 / 33603487

 

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 business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.06

UK Pound

1

Rs.99.35

Euro

1

Rs.80.62

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

 

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%)

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.