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Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.07.2001 |
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Com. Reg. No.: |
7239, |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Manufacturers of
Pharmaceuticals and Drugs. |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 : HOCHSTER
PHARMACEUTICAL INDUSTRIES
Previously Known As : TAIBA
PHARMACEUTICALS INDUSTRIES
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 5th
July 2001
Commercial
Registration Number : 7239,
Cairo
Issued Capital : £E
50,000,000
Paid up Capital : £E
50,000,000
Total Workforce : 200
Activities :
Manufacturers of pharmaceuticals and drugs
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Dr. Hussam Saeed, Executive
Manager
HOCHSTER
PHARMACEUTICAL INDUSTRIES
TAIBA
PHARMACEUTICALS INDUSTRIES
Street : El Robaky Road
Area : Bader Industrial City, Major Investors
Area, Plot No. 250F, 144Z
Town : Cairo
Country : Egypt
Telephone : (20-2) 23108218 / 23108219 / 23108220
Facsimile : (20-2) 23108221
Email : business@hochster.com.eg / customers@hochster.com.eg
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Cairo.
Name Position
·
Dr
Ahmed Mahmoud Maklad Chairman
·
Dr
Terez Tadroos Development
Manager
·
Dr
Hussam Saeed Executive
Manager
·
Dr
Mohamed Saeed Al Ghonaimi Marketing
Manager
·
Nabil
Abdul Hamid Accounts
Manager
Date of Establishment : 5th
July 2001
History : Subject began in 2001 under the name “Taiba
Pharmaceuticals Industries”. On 4th June
2006 it changed its name to “Hochster Pharmaceutical Industries”.
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 7239, Cairo
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
·
Dr
Ahmed Mahmoud Maklad
·
Private
investors including family members of Dr Ahmed Mahmoud Maklad
Activities: Engaged
in the manufacture of pharmaceuticals and drugs.
Import
Countries: Europe and the Far East.
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 68,000,000 £E 75,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Dr. Hussam Saeed, Executive Manager
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.78 |
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1 |
Rs.99.66 |
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Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.