MIRA INFORM REPORT

 

 

Report Date :

15.07.2011

 

IDENTIFICATION DETAILS

 

Name :

RIVA PHARMA

 

 

Registered Office :

Public Free Zone Street, No. 6 Nasr City Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1997

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of pharmaceuticals

 

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$ 600,000

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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                                     : 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$ 600,000

 

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

Email                : info@rivapharma.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Cairo.

 

Branch Offices

 

     Location                                                                                           Description

 

·       68 Street No. 105                                                                              Office premises

Maadi

Cairo

Tel: (20-2) 25253042

Fax: (20-2) 25251110

 

 

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

 

·       Mohamed Fathy                                                                                Purchasing Manager

 

·       Dr Ghada Kamel                                                                               Sales 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%

 

·       Mahmoud Abdallah Fekry Saad                                       45%

 

·       Amaal Saad El Din Mahmoud                              10%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of pharmaceuticals.

 

At present Riva supply the regional markets with more than 45 drugs covering a wide spectrum of

pharmacological activities.

 

The pharmaceutical manufacturing activities at Riva Pharma are licensed by the Ministry of Public Health          of Egypt and are covered by manufacturing license no. 2/2000 issued on 2/5/2000 for the manufacture of       non -sterile products.

Riva Pharma became an approved UNRWA supplier in September 2004.

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 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 29,500,000                           £E 31,000,000

 

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

 

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

 

 

BANKERS

 

·       Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

     Mohandessin

     Cairo 11111

     Tel: (20-2) 33619005 / 33385877

     Fax: (20-2) 33385940 / 33385938

 

 

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.

 

The above credit figure is higher than transactions previously seen and a measure of caution would be prudent given the magnitude of the transaction.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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.