MIRA INFORM REPORT

 

 

Report Date :

02.03.2007

 

 

IDENTIFICATION DETAILS

 

Name :

EUROPEAN EGYPTIAN FOR MEDICAL INDUSTRIES

 

 

Registered Office :

Alexandria - Cairo Road, Km. 25, Amreya, Alexandria

 

 

Country :

Egypt

 

 

Date of Incorporation :

1998

 

 

Com. Reg. No.:

146276

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the production and export of human and veterinary pharmaceutical preparations.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : EUROPEAN EGYPTIAN FOR MEDICAL INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1998

Commercial Registration Number            : 146276, Alexandria

Tax Card No.                                         : 706-004-132

Issued Capital                                        : £E 67,000,000

Paid up Capital                                      : £E 67,000,000

Total Workforce                                     : 1,000

Line of Business                                    : Production and export of human and veterinary

                                                              pharmaceutical preparations

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

EUROPEAN EGYPTIAN FOR MEDICAL INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Alexandria - Cairo Road, Km. 25

Area                 : Amreya

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4700465 / 4700462 / 4700463 / 4700461 / 4701154

Facsimile          : (20-3) 4701146 / 4700156

 

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Alexandria.

 

 

KEY PRINCIPALS

 

·       Hassan Abbass Helmy                                                          Managing Director

 

·       Abd El Moneim El Toukhy                                                      Director

 

·       Sherine Hassan Abbass                                                        Director

 

·       Raaouf Mayser                                                                      Finance Manager

 

·       Ibrahim Abd El Aal                                                                Accounts Manager

 

·       Mohamed Shawky                                                                 Sales Manager

 

·       Rashad El Bana                                                                    IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1998

 

Legal Form                  : Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock

  Company)

 

Commercial Reg. No.  : 146276, Alexandria

 

Tax Card No.               : 706-004-132

 

Issued Capital              : £E 67,000,000

 

Paid up Capital            : £E 67,000,000

 

 

Name of Shareholder (s)

 

·       Hassan Abbass Helmy

 

·       Abd El Moneim El Toukhy

 

·       Sherine Hassan Abbass

 

Note to the Legal Form  

 

The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the production and export of human and veterinary pharmaceutical preparations.

 

Import Countries : India and Europe

 

Export Countries : Yemen, United Arab Emirates, Saudi Arabia, and Kuwait.

 

Subject has a workforce of approximately 1,000 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Egyptian American Bank

14 Salah Salem Street

PO Box : 1737

Alexandria

Tel : (20-3) 4835008

 

·       Citibank

95, 26th July Street

Azarita

Alexandria

Tel: (20-3) 4834363 / 4840342

Fax: (20-3) 4884363

 

·       Misr International Bank (MIBANK)

33, Safia Zaghloul Street

Raml Station

Alexandria

Tel : (20-3) 4828174 / 4828213

       Fax : (20-3) 4838216

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 100,000

 

European Egyptian For Medical Industries is well established in the local market with operations dating back to 1998.

 

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 and the above credit figure is within subject’s financial means.

 

Maximum suggested credit figure: US$ 500,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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