MIRA INFORM REPORT

 

 

Report Date :

16.04.2014

 

IDENTIFICATION DETAILS

 

Name :

ALLAM PHARMACEUTICAL INDUSTRIES

 

 

Registered Office :

106 Talaat Harb Street, Shebin El Kom, Menoufeya

 

 

Country :

Egypt

 

 

Date of Incorporation :

2001

 

 

Com. Reg. No.:

55440, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the import and distribution of veterinary products, feed additives, pharmaceuticals and vaccines.

 

 

No. of Employees :

30

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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 remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                     : ALLAM PHARMACEUTICAL INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2001

Commercial Registration Number            : 55440, Cairo

Tax Card Number                                   : 447-312-332

Issued Capital                                        : £E 500,000

Paid up Capital                                      : £E 500,000

Total Workforce                                     : 30

Activities                                               : Distributors of veterinary products, feed additives, pharmaceuticals and

                                                            vaccines.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

ALLAM PHARMACEUTICAL INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 106 Talaat Harb Street

Area                 : Shebin El Kom

Town                 : Menoufeya

Country             : Egypt

 

Telephone         : (20-48) 2197713 / 2326650

Facsimile          : (20-48) 2326650

Mobile               : (20-10) 68834588 / 6068344

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Menoufeya.

 

Branch Office (s)

 

Location                                                                                              Description

 

28 Ahmed El Zomor Street                                                                      Office premises

Nasr City

Cairo

Tel: (20-2) 22742296

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Amgad Allam Ahmed Gaber                                                                    Managing Director

 

Ayman Allam Ahmed Gaber                                                                    Director

 

Ahmed Omara Moustafa                                                             Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           2001

 

Legal Form      :                       Egyptian Joint Stock Company

 

Commercial Reg. No.  :           55440, Cairo

 

Tax Card No.   :                       447-312-332

 

Issued Capital              :           £E 500,000

 

Paid up Capital            :           £E 500,000

 

Name of Shareholder (s)                                                          Percentage

 

Amgad Allam Ahmed Gaber                                                        33.34%

 

Ayman Allam Ahmed Gaber                                                        33.33%

 

Ahmed Omara Moustafa                                                 33.33%

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of veterinary products, feed additives, pharmaceuticals and vaccines.

 

Import Countries:         France, Canada and the United States of America.

 

Agencies Held:            Aeisseo

 

Operating Trend:         Steady

 

Subject has a workforce of 30 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 17,200,000                           £E 18,660,000

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

 

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

 

 

BANKERS

 

Qatar National Bank

Champollion Street

Cairo

Tel: (20-2) 27707628

Fax: (20-2) 27707799

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.26

UK Pound

1

Rs.100.71

Euro

1

Rs.83.27

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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%)

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