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Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
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Name : |
MEDIZEN PHARMACEUTICAL INDUSTRIES |
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Registered Office : |
New Borg El Arab City, 4th Industrial Zone, Block 2 Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
2004 |
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Com. Reg. No.: |
2007 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture and distribution of pharmaceuticals, veterinary products and cosmetics. |
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No. of Employees : |
260 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : MEDIZEN PHARMACEUTICAL INDUSTRIES
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 2004
Commercial Registration Number : 2007
Tax Card Number : 210-069-198
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
Total Workforce : 260
Activities : Manufacture and distribution of pharmaceuticals, veterinary products and cosmetics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MEDIZEN PHARMACEUTICAL INDUSTRIES
Location : New Borg El
Arab City, 4th Industrial Zone, Block 2
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4597512
/ 4598131
Facsimile : (20-3) 5540449
/ 4598130
Mobile : (20-122)
28060223 / 28060224
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Alexandria.
Name Position
· Salah Abd El
Khalek Managing
Partner
· Dr Abdallah Omar General
Manager
· Mohamed Abd El
Moneim Accounting
Manager
· Manal Wagdy Purchasing
Manager
Date of
Establishment : 2004
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 2007
Tax Card No. : 210-069-198
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
· Mega Misr for
Pharmaceuticals 95%
· Salah Abd El
Khalek 5%
Activities: Engaged in the manufacture and distribution of pharmaceuticals,
veterinary products and cosmetics.
Import Countries: Spain, Italy and India
Operating Trend: Steady
Subject has a workforce of approximately 260 employees.
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
18,000,000 £E
19,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab African Bank
5 El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 35345094
Fax: (20-2) 33558493
·
Union National Bank
7 Adib Street
Alexandria
Tel: (20-3)
4878284
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.