MIRA INFORM REPORT

 

 

Report Date :

04.12.2013

 

IDENTIFICATION DETAILS

 

Name :

MEIVO INTERNATIONAL FOR MANUFACTURE

 

 

Registered Office :

15 Kamal El Shafeii Street, Saphir Square, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1995

 

 

Com. Reg. No.:

137914, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of pharmaceuticals

 

 

No. of Employees :

100

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

TATUS

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 backtracked on economic reforms, drastically increasing 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 were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                     : MEIVO INTERNATIONAL FOR MANUFACTURE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1995

Commercial Registration Number            : 137914, Alexandria

Tax Card Number                                   : 705-997-146

Issued Capital                                        : £E 10,000,000

Paid up Capital                                      : £E 10,000,000

Total Workforce                                     : 100

Activities                                               : Manufacturers of pharmaceuticals

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

MEIVO INTERNATIONAL FOR MANUFACTURE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 15 Kamal El Shafeii Street, Saphir Square

Area                 : Heliopolis

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 24195188

Facsimile          : (20-2) 24156441

 

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

 

·       Borg El Arab El Gadidah                                                                    Factory premises

2nd Industrial Area, Block 22, Part 2

Alexandria

Tel: (20-3) 5411328 / 4599010

Fax: (20-3) 4599015

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Abd El Mohsen Soliman                                                                Chairman

 

·       Mohamed Mahmoud El Soury                                                            Managing Director

 

·       Abd Allah Abd El Razek Abd Allah                                                     Director

 

·       Adel Ali Abd El Mkksoud                                                                   Director

 

·       Mohamed Mohamed Moustafa El Azizy                                              Director

 

·       Ola Gamal Mohamed                                                                         Director

 

·       Rojih Fares Saada                                                                             Director

 

·       Mohamed Mohi El Din                                                                       Finance Manager

 

·       Edward Doghisian                                                                             Marketing Manager

 

·       Dr Ahmed Ali Hussein                                                                       Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1995

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 137914, Alexandria

 

Tax Card No.               : 705-997-146

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                             

 

·       Dr Abd El Mohsen Soliman                                                               

 

·       Mohamed Mahmoud El Soury                                                           

 

·       Abd Allah Abd El Razek Abd Allah                                                    

 

·       Adel Ali Abd El Mkksoud                                                                  

 

·       Mohamed Mohamed Moustafa El Azizy                                             

 

·       Ola Gamal Mohamed                                                            

 

·       Rojih Fares Saada

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Sales                                £E 14,191,340                           £E 14,451,646

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       HSBC Bank

53 Al Manial Al Gharbi

Cairo

Tel: (20-2) 23611152

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.34

UK Pound

1

Rs.102.06

Euro

1

Rs.84.46

 

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%)

 

 

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.