|
Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN PHARMACEUTICALS INDUSTRIES |
|
|
|
|
Registered Office : |
4 Shafik Global
Street, Roxy, Heliopolis, PO Box
79, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturers of a wide range of medicines |
|
|
|
|
No. of Employees : |
270 employees |
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 |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
egypt - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source : CIA |
Company Name : WESTERN PHARMACEUTICALS INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2007
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 270
Activities : Manufacturers of a wide range of medicines
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
WESTERN
PHARMACEUTICALS INDUSTRIES
Registered &
Physical Address
Street : 4 Shafik Global Street
Area : Roxy, Heliopolis
PO Box : 79
Town : Cairo
Country : Egypt
Telephone : (20-2) 22750461 / 24501161
Facsimile : (20-2) 22750461
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Cairo.
Branch Office (s)
Location Description
·
1st
Industrial Zone, Part 1, Block 2000 Factory
premises
El Obour City
11828 Cairo/Ismailia Road
Cairo
Tel: (20-2) 46651072
Fax: (20-2) 46651076
Name Position
·
Ahmed
Khalil Managing
Director
·
Mohamed
Gamal Abd El Moaamen Financial
Manager
·
Yasser
Salah Accounts
Manager
·
Hesham
Abbas Administration
Manager
Date of Establishment : 2007
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Name of Shareholder
(s) Percentage
·
Ahmed
Khalil 95.5%
·
Amr
Ahmed Khalil 0.5%
Activities: Engaged in the manufacture of a wide range
of medicines.
Import
Countries: Germany,
Switzerland, Iceland, United States of America and New Zealand.
Agencies Held:
·
Arnet
Pharma
·
Eckhart
Pharma
·
Cornvita
Subject has a workforce
of 270 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Suez
Canal Bank
14 Wadi El Nile Street
Nahda Square
Maadi
PO Box: 249
Cairo
Tel: (20-2) 33582681
Fax: (20-2) 33582274
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.04 |
|
UK Pound |
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.