MIRA INFORM REPORT

 

 

Report Date :

10.04.2014

 

IDENTIFICATION DETAILS

 

Name :

TENTH OF RAMADAN FOR PHARMACEUTICAL INDUSTRIES & DIAGNOSTIC REAGENTS (RAMEDA)

 

 

Registered Office :

2nd Industrial Zone, Plot No.5, Street No. 20, Giza, 6th of October City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishments:

1986

 

 

Com. Reg. No.:

84008, 6th of October City

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

manufacturer of pharmaceuticals and diagnostic chemicals.

 

 

No. of Employees

approximately 650

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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, pushing up unemployment levels, and economic growth is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

 

Source : CIA

SUMMARY

 

Company Name                                    : TENTH OF RAMADAN FOR PHARMACEUTICAL INDUSTRIES &

                                                               DIAGNOSTIC REAGENTS (RAMEDA)

Country of Origin                                   : Egypt                              

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1986

Commercial Registration Number           : 84008, 6th of October City

Tax Card Number                                  : 100-330-096

Issued Capital                                       : £E 200,000,000

Paid up Capital                                     : £E 200,000,000

Total Workforce                                     : 650

Activities                                               : Manufacturers of pharmaceuticals and diagnostic chemicals.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

TENTH OF RAMADAN FOR PHARMACEUTICAL INDUSTRIES & DIAGNOSTIC REAGENTS (RAMEDA)

 

 

company ADDRESS

 

Registered & Physical Address

Location           : 2nd Industrial Zone, Plot No.5, Street No. 20

Area                 : Giza

Town                : 6th of October City

Country : Egypt

Telephone         : (20-2) 38331848 / 38331849 / 38331766 / 38331773 / 38331887

Facsimile          : (20-2) 38335606 / 38331766 / 38331849

Mobile              : (20-100) 1015501

Email                : adibkh2000@yahoo.com

 

Premises

Subject operates from a suite of offices and a factory covering an area of 33,000 square metres that are owned and located in the Industrial Area of the 6th of October City.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       40 A Mohamed Mazhar Street                                                            Rented office premises

Zamalek

     Cairo

     Tel: (20-2) 27382190 / 27382191

     Fax: (20-2) 27355534

 

·       8 Gezert El Arab Street                                                                     Rented office premises

Mohandessin, Giza

Cairo

Tel: (20-2) 37613048 / 37613058

Fax: (20-2) 37613018

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Ayman Mamdouh Abbas                                                                   Chairman

·       Amr Abdallah Moursy                                                                       Managing Director

·       Shamel Fahim                                                                                  Chief Executive Officer

·       Dr Amer Adib Morsi                                                                          General Manager

·       Dr Adeeb Khalil                                                                                Finance Manager

·       Tarek Gharib                                                                         Accounts Manager

·       Dr Mohamed Moustafa Baraai                                                           Factory Manager

·       Hefny Ahmed                                                                                   Administration Manager

·       Ahmed Abdul Aal                                                                             Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1986

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 84008, 6th of October City

 

Tax Card No.                : 100-330-096

 

Issued Capital              : £E 200,000,000

 

Paid up Capital            : £E 200,000,000

 

Name of Shareholder (s)

 

·       Raya Holding for Technology & Communication

Cairo

 

·       Cravel Limited

United Kingdom

 

·       Sayed Shamel Fahim Abu El Fadl

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals and diagnostic chemicals.

The following is a list of licensing companies:

1. Alcon International (Belgium)
2. Axcan Pharma (Canada)
3. Laboratoire du Docteur Bouchara (France)
4. Krka Novomeisto (Slovenia)

A. Sterile areas for the production of:


1. Eye Drops: (12.000.000 unit annual capacity) where the products of the leading pharmaceutical company (Alcon) are manufactured according to the latest technology in this field.
2. Injectable Cephalosporins:
(12.000.000 unit annual capacity)
Where our range of injectables is produced by the most sophisticated technology in this field.

B. Production Lines for:

• Solid Forms: (Tablets, Capsules, Powders).
• Liquid Forms: (Syrup & Suspensions).
• Dermatologicals: (Ointment, Cream, Gel).
• Diagnostics.

Import Countries: United States of America, Japan and India.

 

Export Countries: Yemen, Iraq, Libya and Somalia.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 650 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/12:               Year Ending 31/12/13:

 

Total Sales                                £E 94,500,000                           £E 97,250,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

     Fax: (20-2) 33029068

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.07

UK Pound

1

Rs.100.56

Euro

1

Rs.82.79

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.