MIRA INFORM REPORT

 

 

Report Date :

30.06.2014

 

IDENTIFICATION DETAILS

 

Name :

FARCOMAKE FOR ADVANCED MEDICAL INDUSTRIES SAE

 

 

Registered Office :

31 El Fath Street, 2nd Floor, Fleming, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013 (Estimated)

 

 

Year of Establishment :

2004

 

 

Com. Reg. No.:

1947, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacturing of medical disposables, including intravenous cannula, blood lines and fistula needles.

 

 

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

 

 

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

 

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

COMPANY NAME

 

FARCOMAKE FOR ADVANCED MEDICAL INDUSTRIES SAE

 

 

company ADDRESS

 

Registered & Physical Address

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

 

Premises

 

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 & 16                                        Factory premises

New Borg El Arab City

Borg El Arab

Alexandria

Tel: (20-3) 4598439

Fax: (20-3) 4598439

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Ahmed Zaki Salama                                                                     Chairman

 

·       Dr Michael Emil Hanna                                                                      Vice Chairman

 

·       Amr Foad                                                                                         Factory Manager

 

·       Walaa Ismail                                                                                     Accounts Manager

 

 

LEGAL FORM & OWNERS

 

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

 

 

Name of Shareholder (s)                                              

·       Dr Ahmed Zaki Salama

·       Dr Michael Emil Hanna

 

OPERATIONS

 

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 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 Sales                                £E 14,200,000                           £E 15,000,000

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank (CIB)

61 Sultan Hussein Street

Alexandria

Tel: (20-3) 4824643 / 4834255

Fax: (20-3) 4832240

 

 

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 company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.102.40

Euro

1

Rs.81.88

 

 

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.