MIRA INFORM REPORT

 

 

Report No. :

342315

Report Date :

30.09.2015

 

IDENTIFICATION DETAILS

 

Name :

MAGIRUS INTERNATIONAL CO

 

 

Registered Office :

4 Ahmed Ammar Street El Khalafawy Shubra Street Shubra Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

1969

 

 

Com. Reg. No.:

223143, Cairo

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the import and distribution of gas pump equipment, gaskets, pistons, turning machines and engine parts.

 

 

No. of Employee :

150

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 pursued business climate reforms to attract foreignINVESTMENT and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : MAGIRUS INTERNATIONAL CO

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 1969

Commercial Registration Number           : 223143, Cairo

Tax Card Number                                  : 100-001-017

Issued Capital                                       : £E 200,000

Paid up Capital                                     : £E 200,000

Total Workforce                                     : 150

Activities                                               : Distributors of gas pump equipment, gaskets, pistons, turning machines and engine parts.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Adel Kamel, Financial Controller

 

COMPANY NAME

 

MAGIRUS INTERNATIONAL CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 4 Ahmed Ammar Street El Khalafawy Shubra Street

Area                 : Shubra

 

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22045566 / 22045567

Facsimile          : (20-2) 24309371

Mobile              : (20-12) 2111522 / (20-128) 3474019

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       El Sheikh Ali Abd El Dayem Street                                                    Rented sales office      

Assiut

Tel: (20-88) 2336052

 

·       28 Abu El Dardaa                                                                             Rented sales office

El Labban

Alexandria

Tel: (20-3) 3903496 / 3909430 / 3919296

Fax: (20-3) 3903496

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Nabil Mounir Fahmy Abd El Shahid                                                   Managing Partner

 

·       Mounir Fahmy Abd El Shahid                                                            Partner

 

·       Adel Mounir Fahmy                                                                           Partner

 

·       Ashraf Gamil                                                                                    General Manager

 

·       Ashraf Kamel                                                                                   Administration Manager

 

·       Adel Kamel                                                                                      Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1969

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 223143, Cairo

 

Tax Card No.                : 100-001-017

 

Issued Capital              : £E 200,000

 

Paid up Capital            : £E 200,000

 

Name of Shareholder (s)

 

·       Nabil Mounir Fahmy Abd El Shahid                                                  

 

·       Mounir Fahmy Abd El Shahid                                                           

 

·       Adel Mounir Fahmy

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of gas pump equipment, gaskets, pistons, turning machines and engine parts.

 

Import Countries: China, Italy, Germany and Turkey.

 

Agencies Held:

 

·         Monark Diesal

·         Mahle

·         Yunan

·         Tam

 

Operating Trend: Steady

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)           

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                £E 103,450,000                         £E 104,000,000

 

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

 

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

 

 

BANKERS

 

·       United Bank

94A Shubra Street

Shubra

Cairo

Tel: (20-2) 24598837

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.18

UK Pound

1

Rs.100.46

Euro

1

Rs.74.61

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.