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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
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Name : |
HI PHARM FOR MANUFACTURED PHARMACEUTICALS |
|
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Registered Office : |
Cairo / Ismailia Road, 1st Industrial Zone, Plot No 8,
Block 13019, Obour City,
Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1997 |
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Com. Reg. No.: |
278, Obour City |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer and exporter of human pharmaceuticals,
including antibiotics, hypertension
medicines and vitamins |
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No. of Employees : |
300 |
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 |
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Status : |
Satisfactory |
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|
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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 : HI PHARM FOR MANUFACTURED PHARMACEUTICALS
Also Known As :
HI PHARM PHARMACEUTICALS
HI PHARM MEDICALS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1997
Commercial Registration Number : 278, Obour City
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Total Workforce : 300
Activities : Manufacture and export of human pharmaceuticals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
HI PHARM FOR MANUFACTURED PHARMACEUTICALS
HI PHARM PHARMACEUTICALS
HI PHARM MEDICALS
Registered &
Physical Address
Street : Cairo / Ismailia Road
Area :
1st Industrial Zone, Plot No 8, Block
13019, Obour City
Town : Cairo
Country : Egypt
Telephone : (20-2) 46100204
/ 46100205 / 46100206 / 46100207
Facsimile : (20-2) 46100201
Email : info@hipharm.com.eg
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Cairo.
Name Position
·
Dr Habib Thabit Bassily Managing
Director
·
Heidi Samir Director
·
Dr Maher Zaki General
Manager
·
Dr Imitisal Siddiqi Production
Manager
·
Eman Sobhy Finance
Manager
·
Ghada Fawzy Administration
Manager
·
Mohamed
Hussein Public
Relations Manager
Date of Establishment : 1997
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 278, Obour City
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Name of Shareholder
(s)
·
Dr Habib Thabit Bassily
·
Heidi Samir
·
Egyptian businessmen & private investors
Activities: Engaged in the manufacture and
export of human pharmaceuticals, including antibiotics, hypertension
medicines and vitamins.
Import
Countries: United Kingdom,
Germany and Japan.
Export
Countries: Saudi Arabia,
United Arab Emirates, and Romania.
Operating Trend: Steady
Subject has a
workforce of approximately 300 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 51,320,000 £E 53,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
Hi Pharm For Manufactured Pharmaceuticals is well established in the local market
specialising in the manufacture and export of human pharmaceuticals.
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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
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.