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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
EL NASR
CO FOR PHARMACEUTICAL CHEMICALS |
|
|
|
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Registered Office : |
28 Talaat Harb Street, Heliopolis, P O Box 7, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1960 |
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Com. Reg. No.: |
114118 |
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Legal Form : |
Egyptian Joint
Stock Company |
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|
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Line of Business : |
Manufacturers
of pharmaceutical and veterinary products and preparations. |
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|
|
|
No. of Employees : |
2,500 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 : EL NASR CO
FOR PHARMACEUTICAL CHEMICALS
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1960
Commercial
Registration Number : 114118
Tax Card Number : 100-282-784
Issued Capital : £E
150,000,000
Paid up Capital : £E
150,000,000
Total Workforce : 2,500
Activities :
Manufacturers of pharmaceutical and veterinary
products and
preparations.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EL NASR CO
FOR PHARMACEUTICAL CHEMICALS
Street : 28
Talaat Harb Street
Area : Heliopolis
PO Box : 7
Town : Cairo
Country : Egypt
Telephone : (20-2) 35746168
Facsimile : (20-2) 35771381
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
·
Abu Zaabal Owned
factory premises
Kaliubeya
Tel: (20-2) 44698450
/ 44620899 / 44622037
Fax: (20-2)
44698977
·
15 Mourtada Pasha Street Rented
sales office
Bakous
Station
Alexandria
Tel: (20-3)
4862872
Fax: (20-3)
4862872
·
El Selselah Tower Rented
sales office
95
El Horreya Road
Azareta
Alexandria
Tel: (20-3)
5708578
Fax: (20-3) 5708578
Name Position
·
Dr Shreen Mohamed Fathy Chairman
·
Dr Omar El Ahmady Director
·
Mahmoud
El Atar Director
·
Omar
Abd El Aaty Director
·
Magdy
Batneen Director
·
Ashraf Tantawy Finance
Manager
·
Sayed Amir Marketing
Manager
·
Dr Samy Hafez Export
Manager
·
Imam Abd El Meguid Administration
Manager
·
Ahmed El Gebal IT
Manager
·
Gamel
El Shehery Accounts
Manager
·
Nadia
Abu El Nager Production
Manager
Date of Establishment : 1960
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 114118
Tax Card No. : 100-282-784
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
·
Holding Co for Pharmaceuticals, Chemicals & Medical Appliances 100%
Cairo
Tel: (20-2) 25910439
Fax: (20-2)
25916866
Activities: Engaged in the manufacture and the export of pharmaceutical
chemicals, veterinary and pharmaceutical preparations, antibiotics, medical and
special solutions.
Subject is ISO
9002 and EN 46001 accredited.
Import
Countries: India, Europe and the United States of
America.
Export Countries: Romania, Kazakhstan, Sweden, Jordan, Yemen, Nigeria,
Germany, Netherlands, Italy, Syria, Saudi Arabia, Libya, Uganda, and Sudan.
Brand Names: ADWIC and VITWIGK
Operating Trend: Steady
Subject has a
workforce of approximately 2,500 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 251,205,000 £E 262,480,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Banque
du Caire SAE
20
Talaat Harb Street
Cairo
Tel: (20-2)
25763492
Fax: (20-2)
25787286
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Commerz
Bank
Bonn
Germany
Tel: (49-228) 605111
No complaints
regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.70.50 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.