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Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Apartment III, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1998 |
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Com. Reg. No.: |
134300 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of pharmaceuticals |
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No of Employees : |
850 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Egypt |
B1 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
Company Name : PHARAONIA PHARMACEUTICALS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1998
Commercial Registration Number : 134300, Alexandria
Industry Registration Number : 275670
Issued Capital : £E 75,000,000
Paid up Capital : £E 75,000,000
Total Workforce : 850
Activities : Manufacturers of pharmaceuticals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
PHARAONIA
PHARMACEUTICALS
Building : Apartment III
Street : 138 Masged El Rahman Street
Area : Smouha
PO Box : 49
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4591520 / 4254407 / 4593800
Facsimile : (20-3) 4591520 / 4254406
Email : pharmet@hotmail.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office
(s)
Location Description
·
3rd
Industrial Zone, Plot No. 1 Factory
premises
Borg El Arab
Alexandria
·
23
Fawzy Moaaz Street Office
premises
El Horeeya Towers
Smouha
Alexandria
Tel: (20-3) 4206533 / 4206536
·
4
Takssem Asmaa Fahmy Office
premises
Apt 14/21/22
Pharma Plaza Building
Ard El Golf
Nasr City
Cairo
Tel: (20-2) 24155961 / 26907394 / 26907395 / 26907396
Fax: (20-2)
24155961 / 26907394 / 26907395 / 26907396
Name Position
·
Dr
Metwally Zakaria El Nomrosy Chairman
·
Hassan
Mahmoud Zohdy Director
·
Dr
Youssry El Masry General
Manager
·
Essam
El Shafie Financial
Manager
·
Ayman
Salah Accounts
Manager
·
Abd El
Halim Hassanein Purchase
Manager
Date of Establishment : 1998
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 134300,
Alexandria
Industry Reg. No. : 275670
Issued Capital : £E 75,000,000
Paid up Capital : £E 75,000,000
·
El
Ritag Holding Co. 75%
Kuwait
·
Dr
Metwally Zakaria El Nomrosy 25%
Activities: Engaged in the manufacture of
pharmaceuticals.
Import
Countries: Germany, China,
India, Italy, Spain, United Kingdom and Taiwan.
Export
Countries: Romania,
Tanzania, Bahrain, Qatar, Yemen, Kuwait, Libya, Uganda, Mauritania, Ghana and
Gulf Countries.
Operating Trend: Steady
Subject has a
workforce of approximately 850 employees.
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 180,000,000 £E 192,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Suez
Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 25769296
Fax: (20-2) 25322064
·
Banque
Misr
El Hanoville Street
Agami
Alexandria
Tel: (20-3) 4302697
·
Al
Watany Bank of Egypt
601 Horreya Road
Alexandria
Tel: (20-3) 5745621
Fax: (20-3) 5703282
·
Misr
International Bank (MIBANK)
Glym Branch
539 Bis, Horreya Road
Alexandria
Tel: (20-3) 5876572 / 5876279
Fax: (20-3) 5879601
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.86 |
|
|
1 |
Rs. 102.67 |
|
Euro |
1 |
Rs. 81.69 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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|
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Report Prepared
by : |
DPT |
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 |
|
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 |
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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.