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Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
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Name : |
FOUMEDCO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 (Estimated) |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
69309, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged
in the import, distribution and maintenance of medical x-ray equipment,
dental medical equipment and radiology equipment accessories. |
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No of Employees : |
20 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 |
Company Name : FOUMEDCO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1986
Commercial Registration Number : 69309, Cairo
Tax Card Number : 337-171-475
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
Total Workforce : 20
Activities :
Distributors and maintainers of medical x-ray
equipment, dental medical
equipment & radiology equipment accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
FOUMEDCO
Registered &
Physical Address
Street : 22 Abd El Hamid Lotfi Street
Area : El Mohandessin, Giza
Town : Cairo 12311
Country :
Telephone : (20-2) 33359572
Facsimile : (20-2) 33359572
Mobile : (20-12) 3122980
Email : info@foumedco.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Suburban Business
Area of Cairo.
Branch Office (s)
Location Description
·
7 El Shahid Farik Tayar Mahmoud Shourky Street Sales Office
Sidi
Gaber
Alexandria
Tel: (20-3)
4255047
Name Position
·
Mohamed Abdou Mahmoud Managing
Partner
·
Abd El Halim El Nokrashy Partner
·
Wael El Messiry Sales
Manager
·
Islam Shoukry Technical
Manager
·
Amr El
Bagoury Product
Manager
Date of Establishment : 1986
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 69309, Cairo
Tax Card No. : 337-171-475
Issued Capital : £E 150,000
Paid up Capita : £E 150,000
Name of Shareholder
(s)
·
Mohamed Abdou Mahmoud
·
Abd El Halim El Nokrashy
Activities: Engaged in the
import, distribution and maintenance of medical x-ray equipment, dental medical
equipment and
radiology equipment accessories.
Import
Countries: Germany, Italy, Finland and Sweden
Agencies Held:
·
Cawo
Photochemische Fabrik
·
BMI
·
GMM
·
Planmeka
Brand Names: MAVIG, SMAM, CAWO, PLANMECA and AMRAY
Operating Trend: Steady
Subject has a
workforce of 20 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 11,780,000 £E 12,350,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab International Bank (AIB)
35 Abdel Khalek Sarwat Street
PO Box: 1563
Cairo 11511
Tel: (20-2) 33918794 / 33916391 / 33916492
Fax: (20-2) 33916233 / 33912319
·
Misr
International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
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.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
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Report Prepared
by : |
MNL |
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 |
|
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 |
|
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 |
|
<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.