MIRA INFORM REPORT

 

 

Report Date :

02.03.2007

 

 

IDENTIFICATION DETAILS

 

Name :

TENTH OF RAMADAN PHARMACEUTICALS INDUSTRIES DIOGNOSTIC REAGENTS (RAMEDA)

 

 

Registered Office :

2nd Industrial Zone, Plot No.5, St. No. 20, Giza, 6th of October City

 

 

Country :

Egypt

 

 

Date of Incorporation :

1988

 

 

Com. Reg. No.:

8008

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture and export of pharmaceuticals and diagnostic chemicals.

 

 

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                         : TENTH OF RAMADAN PHARMACEUTICALS INDUSTRIES

                                                              DIOGNOSTIC REAGENTS (RAMEDA)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1988

Commercial Registration Number            : 8008

Issued Capital                                        : £E 120,000,000

Paid up Capital                                      : £E 120,000,000

Total Workforce                                     : 450

Line of Business                                    : Manufacture and export of pharmaceuticals and diagnostic chemicals.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

TENTH OF RAMADAN PHARMACEUTICALS INDUSTRIES DIOGNOSTIC REAGENTS (RAMEDA)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 2nd Industrial Zone, Plot No.5, St. No. 20

Area                 : Giza

Town                 : 6th of October City

Country             : Egypt

Telephone         : (20-2) 8331848 / 8331849 / 8331766 / 8331773

Facsimile          : (20-2) 8335606

 

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of the 6th of October City

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       40 A Mohamed Mazhar Street                                                Rented office premises

Zamalek

     Cairo

     Tel: (20-2) 7382190 / 7382191

     Fax: (20-2) 7355534

 

 

KEY PRINCIPALS

 

·       Zeyad Hassan El Rawashda                                                   Chairman

 

·       Moustafa Wafaie Abd El Rahman                                           Managing Director

 

·       Hassan Mahmoud                                                                 Director

 

·       Gomaa Abel                                                                         Director

 

·       Adel Metawea                                                                       Director

 

·       Shafik Balbaa                                                                       Director

 

·       Farouk Ghourab                                                                    Director

 

·       Adeeb Khalil                                                                         Finance Manager

 

·       Tarek Gharib                                                             Accounts Manager

 

·       Dr. Mohamed Moustafa El Barky                                            Factory Manager

 

·       Akram El Hefenawy                                                               Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1988

 

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

 

Commercial Reg. No.  : 8008

 

Issued Capital              : £E 120,000,000

 

Paid up Capital            : £E 120,000,000

 

 

Name of Shareholder (s)

 

·       Islamia for Gulf Investment (Aliahams)

     Switzerland

 

·       Islamia for Gulf Investment (El Sharka)

United Arab Emirates

 

·       Comprehensive Bahrain Bank

     Bahrain

 

·       Egyptian businessmen & private investors

 

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 manufacture and export of pharmaceuticals and diagnostic chemicals.

 

Import Countries : United States of America, Japan and India.

 

Export Countries : Yemen and Somalia

 

Subject has a workforce of approximately 450 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

 

·       National Bank of Egypt

24, Sherif Street

     Cairo

     Tel : (20-2) 3924175

     Fax : (20-2) 3924143

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box : 2430

Cairo

Tel : (20-2) 5703043

Fax : (20-2) 5703172 / 5072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

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