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Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MULTI APEX PHARMA FOR PHARMACEUTICALS INDUSTRIES |
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Registered Office : |
31 Ahmed Omar Bakier Street Heliopolis Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
2000 |
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Com. Reg. No.: |
2436, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of pharmaceutical products. |
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No. of Employees : |
290 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit: |
US$ 750,000 |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
Company Name : MULTI APEX PHARMA FOR PHARMACEUTICALS INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2000
Commercial Registration Number : 2436, Cairo
Tax Card Number : 205-122-035
Authorised Capital : £E 200,000,000
Issued Capital : £E 120,000,000
Paid up Capital : £E 120,000,000
Total Workforce : 290
Activities : Manufacture of pharmaceutical products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
MULTI APEX PHARMA FOR PHARMACEUTICALS INDUSTRIES
Street : 31 Ahmed
Omar Bakier Street
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 26388608
/ 26388404
Facsimile : (20-2)
26445042
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
· Cairo/Ismailia
Road Owned
laboratory & factory premises
Badr City
Industrial Zone, Plot 21D
Cairo
Tel: (20-2) 28643001/2/3/4/5/6/7/8
Fax: (20-2) 28643009
· 13 Aflaton Street Office
premises
Heliopolis
Cairo
Tel: (20-2)
24153009
Fax: (20-2)
24153009
Name Position
· Dr Ahmed Essam
Ragheb El Ezaby Chairman
· Magdy Ali Mohamed
Gad Elba Managing
Director
· Amr Yaccout General
Manager
· Hany Ali Finance
Manager
· Nagi Hassan Sales
Manager
Date of
Establishment : 2000
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 2436, Cairo
Tax Card No. : 205-122-035
Authorised Capital : £E 200,000,000
Issued Capital : £E 120,000,000
Paid up Capital : £E 120,000,000
· Apex Pharma SAE 65.61%
13
Aflatoun Street
Heliopolis
Cairo
11361
Tel:
(20-2) 26900044 / 24153009
Fax:
(20-2) 4180617
Email:
apex@apexpharma.net
· Multi Apex Pharma 32.31%
· Salem Bawzeer 2.06%
· Ahmed Essam Ragheb
El Ezaby 0.02%
Activities: Engaged in the manufacture of pharmaceutical products.
Import Countries: India, China, France, Spain, Germany, Denmark and the
United States of America.
Operating Trend: Steady
Subject has a workforce of approximately 290 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
128,000,000 £E
130,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Egypt
3 Abul Feda Street
Zamalek
Cairo
Tel: (20-2)
27394748
Fax: (20-2)
27361457
·
National Societe Generale Bank
5 Champollion
Street
Cairo
Tel: (20-2)
27707777
Fax: (20-2)
27707799
No complaints regarding subject’s payments have been reported.
Credit amount US$
100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
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.59.68 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.68 |
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 |
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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.