MIRA INFORM REPORT

 

 

Report Date :           

18.05.2011

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN PHARMACEUTICAL & FOOD CHEMICALS CO

 

 

Registered Office :

95D El Merghany Street, Heliopolis, Cairo

 

 

Country :

Egypt 

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

2004

 

 

Com. Reg. No.:

5, Amreya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Import of chemicals for the pharmaceutical and food industries

 

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$ 125,000

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

 

 Bottom of Form

SUMMARY

 

Company Name                                     : EGYPTIAN PHARMACEUTICAL & FOOD CHEMICALS CO

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2004

Commercial Registration Number                        : 5, Amreya

Tax Card Number                                   : 232-669-538

Issued Capital                                        : £E 4,300,000

Paid up Capital                                      : £E 4,300,000

Total Workforce                                     : 30

Activities                                               : Import of chemicals for the pharmaceutical and food industries.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 125,000

 

 

COMPANY NAME

 

EGYPTIAN PHARMACEUTICAL & FOOD CHEMICALS CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 95D El Merghany Street

Area                 : Heliopolis

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22907065 / 24148381 / 24195488

Facsimile          : (20-2) 24173688

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Street No. 8, Amreya Free Zone                                                         Rented warehouse

     Alexandria

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr William Ishaq                                                                                Chairman

 

·       Dr Hany William                                                                                Vice Chairman

 

·       Safwat Amin                                                                                     Finance Manager

 

·       Dalia Farid                                                                                        Purchasing Manager

 

·       Mina Moheb                                                                                      Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2004

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 5, Amreya

 

Tax Card No.               : 232-669-538

 

Issued Capital              : £E 4,300,000

 

Paid up Capital            : £E 4,300,000

 

Name of Shareholder (s)                                         Percentage

 

·       Dr Hany William                                                        60%

 

·       Dr William Ishaq                                                        25%

 

·       Joseph Amin Youssef                                                15%

 

 

OPERATIONS

 

Activities: Engaged in the import of chemicals for the pharmaceutical and food industries.

 

Import Countries: China, India, Brazil, Japan, South Korea and the United States of America.

 

Operating Trend: Steady

 

Subject has a workforce of 30 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 5,710,000                             £E 6,000,000

 

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

 

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

 

 

BANKERS

 

·       Arab Banking Corporation

PO Box: 781

Cairo

Tel: (20-2) 35745488 / 35780417

Fax: (20-2) 35780416

 

·       Arab African International Bank

5 El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 33545094

     Fax: (20-2) 33558493

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              September 2006                       August 2008

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

 

Egyptian Pharmaceutical & Food Chemicals Co commenced operations in 2004. It is engaged in the import of chemicals for the pharmaceutical and food industries.

 

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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.63.57

Euro

1

Rs.72.97

 

 

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.