MIRA INFORM REPORT

 

 

Report Date :

26.04.2014

 

IDENTIFICATION DETAILS

 

Name :

ACDIMA INTERNATIONAL TRADING

 

 

Registered Office :

13 Israa Street, Mohandessin, Giza, Cairo 11511

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

2002

 

 

Com. Reg. No.:

8053

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the distribution and marketing of pharmaceutical products.

 

 

No of Employees :

150

 

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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                                    : ACDIMA INTERNATIONAL TRADING

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 2002

Commercial Registration Number           : 8053

Issued Capital                                       : £E 10,000,000

Paid up Capital                                     : £E 10,000,000

Total Workforce                                     : 150

Activities                                               : Distribution and marketing of pharmaceutical products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

ACDIMA INTERNATIONAL TRADING

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 13 Israa Street

Area                 : Mohandessin, Giza

Town                : Cairo 11511

Country : Egypt

Telephone         : (20-2) 33469606 / 33469607 / 33034326

Facsimile          : (20-2) 33036920

Email                : info@acdimatrading.com

 

Premises

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

 

·       9 Nasr Street                                                                                    Office premises

Sidi Bishr

Alexandria

Tel: (20-3) 5403355

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Medhat Salah El Din Shaarwy                                                       Chairman

 

·       Hatem Borham                                                                                 Financial Manager

 

·       Tarek Fekry                                                                                       Purchase Manager

 

·       Dina Samaha                                                                                    Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2002

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 8053

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                                                  Percentage

 

·       Arab Pharmaceutical Industries & Medical Requisites / Acdima           55%

Egypt

 

·       Horse Import, Export, Packaging & Wrapping of Food Stuff              40%

Egypt

 

·       Arab Gelatinous Pharmaceutical Products                                            5%

Egypt

 

 

OPERATIONS

 

Activities: Engaged in the distribution and marketing of pharmaceutical products.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 150 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 Revenue                           £E 27,600,000                           £E 28,325,000

 

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

 

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

 

 

BANKERS

 

·       Citibank

PO Box: 188

Cairo

Tel: (20-2) 33551877 / 33551874

Fax: (20-2) 33558056

 

·       Suez Canal Bank

PO Box: 2620

Cairo

Tel: (20-2) 25769296

Fax: (20-2) 25322064

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Banque du Caire SAE

22 Adly Street

PO Box: 1495

Cairo

Tel: (20-2) 33904554

Fax: (20-2) 33908992

 

·       National Bank of Abu Dhabi

Nile Tower, 18th Floor

21, Giza Street

Cairo

Tel: (20-2) 33609724

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.12

UK Pound

1

Rs.102.71

Euro

1

Rs.84.52

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.