MIRA INFORM REPORT

 

 

Report Date :

17.05.2011

 

IDENTIFICATION DETAILS

 

Name :

PHARMACEUTICAL EGYPTIAN ASSOCIATION (PEA)

 

 

Registered Office :

Suite 201 95D Merghany Street Heliopolis Cairo 11431

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment  :

1997

 

 

Com. Reg. No.:

203264, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Import and distribution of pharmaceuticals, chemicals and veterinary raw  materials

 

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$ 1,000,000

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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                                     : 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$ 1,000,000

 

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

 

Total Sales                                £E 69,000,000                           £E 71,500,000

 

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

 

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

 

 

BANKERS

 

·       Arab International Bank

2 El Horreya Road

     Cairo

     Tel: (20-2) 24829873

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  December 2004            June 2006                    June 2008

Credit amount                            100,000             14,000                          100,000

Amount overdue             0                                  0                                  0

Payment terms                          60 days                         90 days                         90 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            No Complaints               No Complaints               No Complaints

Currency                                   US Dollars                     Pounds Sterling             US Dollars

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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.