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MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PHARMACEUTICAL EGYPTIAN ASSOCIATION (PEA) |
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Registered Office : |
Suite 201, 95D Merghany Street, Heliopolis, Cairo 11431 |
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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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Com. Reg. No.: |
203264, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Import and Distribution of Pharmaceuticals, Chemicals and
Veterinary Raw Materials |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PHARMACEUTICAL EGYPTIAN ASSOCIATION (PEA)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1997
Commercial Registration Number : 203264, Cairo
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Total Workforce : 35
Activities : Import and distribution of pharmaceuticals, chemicals and veterinary raw materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 800,000
COMPANY NAME
PHARMACEUTICAL EGYPTIAN ASSOCIATION (PEA)
ADDRESS
Registered & Physical Address
Building : Suite 201
Street : 95D Merghany
Street
Area : Heliopolis
Town : Cairo 11431
Country : Egypt
Telephone : (20-2) 22907065
/ 24148381 / 24195488
Facsimile : (20-2)
24173688
Mobile : (20-12)
7808853
Email : pea@intouch.com
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
· Amreya Free Zone Sales
office & warehouse
Alexandria
KEY PRINCIPALS
Name Position
· Dr William Ishaaq Managing
Director
· Dr Hani William
Ishaaq Director
· Safwat Amin Finance
Manager
· Sherif Mansour Sales
Manager
· Dalia Farid Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1997
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 203264, Cairo
Authorised Capital : £E 200,000,000
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of Shareholder (s)
· Dr William Ishaaq
· Dr Hani William Ishaaq
OPERATIONS
Activities: Engaged in the import and distribution of pharmaceuticals, chemicals
and veterinary raw materials.
Import Countries: Russia, China, India, Malaysia, United Arab
Emirates, Spain, Belgium, & Brazil
International Suppliers:
· Abott Inc United States of America
· Gentech Spain
Export Countries: Albania, Spain, Italy, France
Operating Trend: Steady
Subject has a workforce of 35 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
55,000,000 £E
58,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Arab International Bank
2 El Horreya Road
Cairo
Tel : (20-2)
4829873
·
Misr International Bank (MIBANK)
14, Alfy Street
PO Box :
631
Cairo
Tel :
(20-2) 5931002
Fax :
(20-2) 5912306
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction December
2004 June
2006
Credit amount 100,000 14,000
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Pounds
Sterling
GENERAL COMMENTS
Established in 1997, subject is involved in the import and distribution
of pharmaceuticals, chemicals and veterinary raw materials.
According to local sources, subject’s financial condition is
satisfactory whilst payments are made in a timely manner. The company’s
operating history is reportedly clear and the above credit figure is considered
to be within subject’s financial means.
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%)