MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
RIVA PHARMA |
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Registered Office : |
Public Free
Zone Street, No. 6, Nasr
City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1997 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and Export of Pharmaceuticals |
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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : RIVA PHARMA
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1997
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Total Workforce : 80
Activities : Manufacture and export of pharmaceuticals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
RIVA PHARMA
ADDRESS
Registered & Physical Address
Street : Public Free
Zone Street, No. 6
Area : Nasr
City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22709936
Facsimile : (20-2) 22709937
Premises
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of Cairo.
KEY PRINCIPALS
Name Position
·
Dr. Saad El Din Mahmoud Mohamed Chairman
·
Mahmoud Abdallah Fekry Saad Managing
Director
·
Amaal Saad El Din Mahmoud Director
·
Mohamed Ali Abd El Aziz Director
·
Ahmed Badawi General
Manager
·
Ayman Ismail Finance
Manager
·
Ahmed Abdallah Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1997
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Name of Shareholder (s) Percentage
·
Dr. Saad El Din Mahmoud Mohamed 45%
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Mahmoud Abdallah Fekry Saad 45%
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Amaal Saad El Din Mahmoud 10%
OPERATIONS
Activities: Engaged in the manufacture and export of pharmaceuticals.
Import
Countries: India
Export
Countries: Kuwait,
United Arab Emirates, Tunisia, Algeria, and Libya.
Operating Trend: Steady
Subject has a
workforce of 80 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 24,800,000 £E 27,500,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Export
Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel : (20-2) 3619005 / 3385877
Fax : (20-2) 3385940 / 3385938
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 and the above credit figure is within
subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
RATING
EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)