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Report No. : |
307066 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
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Name : |
EL GOUMHOURIA CO
FOR TRADING MEDICINES, CHEMICALS & MEDICAL APPLIANCES (GOMAC) |
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Registered Office : |
23 Sawah Street,
El Amireya Hadayek El Qobba, Cairo 11887 |
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Country : |
Egypt |
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Financials (as on) : |
30.06.2014 |
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Year of Establishments : |
1963 |
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Com. Reg. No.: |
117073, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
· Subject is a Commercial Agent and Distributor of Reputable International Manufacturers of Medical Equipment and Appliances, Pharmaceutical Raw Materials and Chemical Reagents. · Subject is also engaged in the production of Hospital Furniture such as Beds, Some Dental Units, Chairs and Lamps. |
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No of Employees : |
1,330 (Approximately) |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
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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 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 : EL GOUMHOURIA CO FOR TRADING MEDICINES, CHEMICALS &
MEDICAL APPLIANCES (GOMAC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1963
Commercial Registration Number : 117073, Cairo
Authorised Capital : £E 200,000,000
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Total Workforce : 1,330 (Approximately)
Activities : Distributors of reputable medical equipment and chemicals.
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
Person Interviewed : Hoda Nasr, Accounts Manager
EL GOUMHOURIA CO FOR TRADING MEDICINES,
CHEMICALS & MEDICAL APPLIANCES (GOMAC)
Registered &
Physical Address
Street : 23 Sawah Street
Area : El Amireya Hadayek El Qobba
Town : Cairo 11887
Country : Egypt
Telephone : (20-2) 24530827 / 22571314 / 26030458
/ 22575203 / 22674344 / 22572357
Facsimile : (20-2) 22575203 / 24513074 /
26030454 / 22571698
Mobile : (20-100) 0157189
Email : gomhoria@idsc.net.org
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
13 Mahmoud Bassiouny Street Sales
Office
Cairo
Tel: (20-2) 35743378
Fax: (20-2) 35743378
·
15a Sherif Street Sales
Office
Cairo
Tel: (20-2) 33936548
Fax: (20-2) 33936548
·
42 Kasr El Aini Street Sales
Office
Dar El Hekma,
Garden City
Cairo
Tel: (20-2) 27464930
Fax: (20-2) 27464930
·
Falaky Square Sales
Office
Bab El Louk, Abdin
Cairo
Tel: (20-2) 33547577
Fax: (20-2) 33547577
·
Cornish Street Sales
Office
Ramleh
Alexandria
Tel: (20-3) 5333012
Fax: (20-3) 5333012
·
Safeya Zaghloul Street Sales
Office
Ramleh
Alexandria
Tel: (20-3) 4869952
Fax: (20-3) 4869952
·
Chamber of Commerce Building Sales Office
El Guish Street
Tanta
Tel: (20-40) 3333973
Fax: (20-40) 3333973
·
Ghandi El Assiuty Building Sales
Office
Talaat Harb Street
Assiut
Tel:
(20-86) 333726
Fax:
(20-86) 333726
·
El Gomhoureya & Abd El Moneim Riad Street Sales Office
Port Said
Tel: (20-66) 323964 / 323966
Fax: (20-66) 323966
·
Faculty
of Pharmacy Sales Office
Kasr El Aini
Manial
Cairo
·
Adib
Ishaq Street Sales Office
Ramleh
Alexandria
Tel: (20-3) 4877978 / 4848871
Fax: (20-3) 4877978 / 4848871
·
4 El
Osskofia Street Sales Office
Mansheya
Down Town
Alexandria
Tel: (20-3) 4869952
Fax: (20-3) 4877867
·
1
Hassan Habib Street Sales Office
Tanta, Gharbeya
Tel: (20-40) 3303192
Fax: (20-40) 3303192
·
2 El
Aokaf Building Sales Office
Assiut
Tel: (20-88) 2335245
Fax: (20-88) 2335245
·
56 El
Gomhouria Street Sales Office
Mansoura
Dakahleya
Tel: (20-50) 2245357
Fax: (20-50) 2243299
·
El Sadr Hospital Building Sales
Office
Mansoura
Tel:
(20-50) 355991 / 343299
Fax:
(20-50) 345327
Name Position
·
Dr Wagdy Jaber Ahmed Chairman
·
Dr Badr Antar Moosa Vice
Chairman
·
Hassan Qornay El Sayed Hussain Director
·
Mohamed Hassan Sulaiman Rabee Director
·
Taha Hussain Hussain Director
·
Dr Mervat Seri Appliances
Manager
·
Dr Mona Joma Chemicals
Manager
·
Roshdy El Sharkawy Finance
Manager
·
Mahmoud Salem Public
Relations Manager
·
Ahmed Mahmoud Abdullah Administration
Manager
·
Bahy Elden Elbeblawy Purchasing
Manager
·
Hoda Nasr Accounts
Manager
·
Mona
Gomaa Sales
Manager
·
Mohamed
El Gundy Maintenance
Manager
·
Hala
Abadin Import
Manager
·
Taha
Hussein Legal
Affairs Manager
·
Mohamed
Gharib IT
Manager
·
Wafaa
Zein El Abdin Planning
Manager
·
Inas El
Naggar Office
Manager
Date of Establishment : 1963
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 117073,
Cairo
Authorised
Capital : £E 200,000,000
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Name of Shareholder
(s)
Percentage
·
Drug
Holding Company for Pharmaceutical & Medical Appliances
100%
12 Wakeed Street
PO Box: 2078
Cairo
Tel: (20-2) 35912825 / 35935533
Fax: (20-2) 35916866 / 35907560
Activities: The Company is a commercial agent and
distributor of reputable international manufacturers of medical equipment and
appliances, pharmaceutical raw materials and chemical reagents.
Subject is also
engaged in the production of hospital furniture such as beds, some dental
units, chairs and lamps.
The company is ISO 9001:2000 accredited.
Import
Countries: France, Germany,
United Kingdom, Italy, Switzerland, Netherlands, India, China, Japan, and the
United States of America
International
Suppliers:
·
Siemens Germany
·
Philips Germany
·
Essco Lab Germany
·
Eitekon United
Kingdom
Operating Trend:
Steady
Subject has a
workforce of approximately 1,330 employees.
Financial highlights
provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 30/06/13: Year Ending
30/06/14:
Total Revenue £E 1,004,430,613 £E 1,055,140,400
Net Profit £E 22,386,109 £E
16,269,569
Local sources consider
subject’s financial condition to be Good.
The above figures
were provided by Mrs Hoda Nasr, Accounts Manager
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Banque
du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
·
Export
Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel: (20-2) 33619005 /
33385877
Fax: (20-2) 33385940 /
33385938
Regular
Amount overdue 0 0 0
Payment terms 90
days 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling US Dollars US Dollars
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are conducted.
As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
UK Pound |
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
-- |
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.