MIRA INFORM REPORT

 

 

Report Date :

15.03.2013

 

IDENTIFICATION DETAILS

 

Name :

BORG FOR PHARMACEUTICAL INDUSTRIES

 

 

Registered Office :

New Borg El Arab City, 3rd Industrial Zone, Block 17, Plot 3, P O Box 160, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

2001

 

 

Com. Reg. No.:

1228, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of pharmaceuticals and cosmetics

 

 

No. of Employees :

250

 

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

 

SUMMARY

 

Company Name                                     : BORG FOR PHARMACEUTICAL INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2001

Commercial Registration Number                        : 1228, Alexandria

Authorised Capital                                  : £E 70,000,000

Issued Capital                                        : £E 50,000,000

Paid up Capital                                      : £E 50,000,000

Total Workforce                                     : 250

Activities                                               : Manufacture of pharmaceuticals and cosmetics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

BORG FOR PHARMACEUTICAL INDUSTRIES

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : New Borg El Arab City, 3rd Industrial Zone, Block 17, Plot 3

PO Box             : 160

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4596931 / 4596932 / 4596933 / 4596934

Facsimile          : (20-3) 4596930

Mobile               : (20-122) 2114237

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       22 Mohamed Saleh Abu Youssef                                                        Rented Sales Office

El Bostan

Alexandria

Tel: (20-3) 5847019

Fax: (20-3) 5847050

 

·       Building No. 2                                                                                   Rented Sales Office

Block 21, Ahmed El Zomor Street

Emtidad Zaker Hussein, 10 District

Nasr City

Cairo

 

·       El Nahda Building                                                                              Rented Sales Office

     Sarayat El Maadi, Maadi

     Cairo

     Tel: (20-2) 23598548

     Fax: (20-2) 23598548

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Hussein Tharwat Hagar                                                                  Chairman

 

·       Dr Hisham Hussein Tharwat Hagar                                                      Vice Chairman

 

·       El Sayed Mohamed Hassan                                                               Finance Manager

 

·       Aml Hamza                                                                                      Administration Manager

 

·       Ahmed Arous                                                                                    Sales Manager

 

·       Jental Soltan                                                                         Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2001

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1228, Alexandria

 

Authorised Capital       : £E 70,000,000

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)

 

·       Dr Hussein Tharwat Hagar

 

·       Hisham Hussein Tharwat Hagar

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cosmetics and pharmaceuticals, including cough and catarrh preparations, blood tonics,  depuratives and salt tablets.

 

Import Countries: Europe and the United States of America.

 

Export Countries: Yemen, Qatar, Kenya and Oman.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 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 24,220,000                           £E 25,750,000

 

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

 

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

 

 

BANKERS

 

·       Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 33606580 / 33606467

Fax: (20-2) 33420265 / 33606512

 

·       Commercial International Bank (CIB)

61 Sultan Hussein Street

Alexandria

Tel: (20-3) 4824643 / 4834255

Fax: (20-3) 4832240

 

·       Delta International Bank

El Shallalat Branch

Alexandria

Tel: (20-3) 3938527 / 3938528

Fax: (20-3) 3938543

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              January 2005

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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.54.44

UK Pound

1

Rs.81.33

Euro

1

Rs.70.50

 

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.