MIRA INFORM REPORT

 

 

Report Date :

04.01.2011

 

IDENTIFICATION DETAILS

 

Name :

PHARAONIA PHARMACEUTICALS

 

 

Registered Office :

138 Masged El Rahman Street, Apartment III, Semouha, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

134300, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of pharmaceuticals products

 

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

 

Maximum Credit Limit :

US$ 700,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : PHARAONIA PHARMACEUTICALS

Also Known As                                      : PHARO PHARMA FOR PHARMACEUTICALS

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1997

Commercial Registration Number            : 134300, Alexandria

Industrial Registration Number                 : 275670

Issued Capital                                        : £E 75,000,000

Paid up Capital                                      : £E 75,000,000

Total Workforce                                     : 850

Activities                                               : Manufacture of pharmaceuticals products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

 

COMPANY NAME

 

PHARAONIA PHARMACEUTICALS

 

Also known as

PHARO PHARMA FOR PHARMACEUTICALS

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 138 Masged El Rahman Street, Apartment III

Area                 : Semouha

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4254407 / 4593800

Facsimile          : (20-3) 4254406

Email                : pharmet@hotmail.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       3rd, Industrial Zone, Block 16, Plot No. 1                                             Owned factory premises covering an

     Borg El Arab                                                                                     area of 11,400 square metres

     PO Box: 49

     Alexandria

     Tel: (20-3) 4591520 / 4591470

     Fax: (20-3) 4591470

 

·       23 Fawzy Moaaz Street                                                                     Office premises

Smouha

Alexandria

Tel: (20-3) 4206533

 

·       4 Takssem Asmaa Fahmy                                                                 Office premises

Ard El Golf

Nasr City

Cairo

Tel: (20-2) 24155961

Fax: (20-2) 24155961

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Metwali Zakaria El Nomersy                                                           Managing Director

 

·       Dr Abd Allah Abd El Razak                                                                Director

 

·       Dr Ali Mohamed Sharkawy                                                                 Director

    

·       Dr Mohamed Gamal El Din                                                                 Director

 

·       Ahmed Ali Ahmed                                                                             Director

 

·       Abd El Rasheed Abd El Rahman                                                        Director

 

·       Reham Amer Hassan                                                                        Director

 

·       Dr Yousry El Masry                                                                           General Manager

 

·       Abd El Halim Hassanein                                                                    Purchasing Manager

 

·       Essam El Shafie                                                                               Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1998 (Production began in 2000)

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 134300, Alexandria

 

Industrial Reg. No.       : 275670

 

Issued Capital              : £E 75,000,000

 

Paid up Capital            : £E 75,000,000

 

Name of Shareholder (s)                                                       Percentage

 

·       El Ritaj Holding Co                                                                75%

PO Box: 50

Dasman 15451

Kuwait

Tel: (965) 22245900

Fax: (965) 22495001

 

·       Dr Metwali Zakaria El Nomersy                                               25%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals products, including raw materials for pharmaceutical such as acetic acid, as well as pharmaceutical preparations, diaphoretics, electrode creams and gels.

 

Import Countries: United States of America, Italy, Germany, China, India and Taiwan

 

Operating Trend: Steady

 

Subject has a workforce of approximately 850 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                £E 128,000,000                         £E 160,000,000

 

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

 

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

 

 

BANKERS

 

·       Misr International Bank (MIBANK)

Glym Branch

539 Bis, Horreya Road

Alexandria

Tel: (20-3) 5876572 / 5876279

Fax: (20-3) 5879601

 

·       National Societe Generale Bank SAE

240 El Corniche Street

Roushdy, Ramleh

Alexandria

Tel: (20-3) 5452352

Fax: (20-3) 5455715

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              March 2004                              December 2006

Credit amount                                        100,000                         100,000

Amount overdue                         0                                              0

Payment terms                                      60 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 US Dollars

 

 

GENERAL COMMENTS

 

Established in 1997, Pharaonia Pharmaceuticals, specialises in the manufacture of raw materials for pharmaceuticals products, as well as pharmaceuticals preparations. The company is run in a professional manner and has made steady progress in the local market.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.67

UK Pound

1

Rs.69.45

Euro

1

Rs.59.37

 

 

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.