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Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ATCO PHARMA FOR PHARMACEUTICAL INDUSTRIES |
|
|
|
|
Registered Office : |
Quisna Industrial
Zone, Estate No. 1, Phase No. 3, Menofeya |
|
|
|
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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|
|
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Year of Establishments: |
2002 |
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Com. Reg. No.: |
6964, Gharbeya |
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
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Line of Business : |
manufacturer of
veterinary and human pharmaceuticals |
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|
|
|
No. of Employees : |
200 |
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 |
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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 |
|
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 : ATCO PHARMA FOR PHARMACEUTICAL INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2002
Commercial Registration Number : 6964, Gharbeya
Tax Card Number : 2396-291-414
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Total Workforce : 200
Activities : Manufacturers of veterinary and human pharmaceuticals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ATCO PHARMA FOR
PHARMACEUTICAL INDUSTRIES
Registered &
Physical Address
Location : Quisna Industrial Zone, Estate No.
1, Phase No. 3
Town : Menofeya
Country : Egypt
Telephone : (20-40) 3405976 / 3405977 / 3332717
Facsimile : (20-40) 3330108
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Menofeya.
Branch Office (s)
Location Description
·
14 Kafr
Essam Street Office
premises
Tanta
Gharbeya
Tel: (20-40) 3332717
Fax: (20-40) 3330108
·
35 El
Obour Buildings Offices
premises
Salah Salem Road
Heliopolis
Cairo
Name Position
·
Moustafa
Ahmed Abou El Naga Chairman
·
Mohamed
Ahmed Abou El Naga Vice
Chairman
·
Ahmed
Abou El Naga Director
·
Mamdouh
Ayad Finance
Manager
·
Ahmed
Amin Accounts
Manager
·
Mohamed
Yassein Sales
Manager
·
Emtesal
Nofal Factory
Manager
·
Mohamed
Osman Project
Manager
Date of Establishment : 2002
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 6964,
Gharbeya
Tax Card No. : 2396-291-414
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of Shareholder
(s) Percentage
·
Moustafa
Ahmed Abou El Naga 49.9%
·
Mohamed
Ahmed Abou El Naga 49.9%
·
Ahmed
Abou El Naga 0.2%
Activities: Engaged in the manufacture of veterinary
and human pharmaceuticals.
Import
Countries: Spain, Germany,
China, India, Italy and Switzerland.
Operating Trend: Steady
Subject has a
workforce of approximately 200 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 62,000,000 £E 65,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Alexandria
49 Kasr El Nile Street
Cairo
Tel: (20-2) 24824056 /
24836073
Fax:
(20-2) 24837468
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
UK Pound |
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
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.