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Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ORGANO PHARMACEUTICAL & CHEMICAL INDUSTRIES CO |
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|
|
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Registered Office : |
Obour City, Industrial Area No. 2,3,4, Block No. 2005, Cairo Ismailia
Desert Road, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
2006 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the manufacture of pharmaceutical
products, with approximately 50 registered brands. |
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No. of Employees : |
115 |
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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, 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 :
ORGANO PHARMACEUTICAL & CHEMICAL INDUSTRIES CO
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
2006
Issued Capital :
£E 500,000
Paid up Capital :
£E 500,000
Total Workforce :
115
Activities :
Manufacturers of pharmaceutical products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Dr Moafik Ali Abdullah Sakr, Managing Partner
ORGANO
PHARMACEUTICAL & CHEMICAL INDUSTRIES CO
Registered &
Physical Address
Location : Obour City,
Industrial Area No. 2,3,4, Block No. 2005
Street : Cairo
Ismailia Desert Road
Town : Cairo
Country : Egypt
Telephone : (20-2) 44665135
Facsimile : (20-2)
44665135
Mobile : (20-12)
3137590
Email : organomix@hotmail.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
Giza Rented
sales office
Cairo
Tel: (20-2) 33878893
Fax: (20-2) 37401321
Name Position
Dr Moafik Ali Abdullah Sakr Managing
Partner
Dr Asma Moafik Ali Abdullah Sakr Partner
Dr Yaser Mohamed Ali Commercial
Manager
Date of Establishment : 2006
Legal Form : Limited Liability
Partnership
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of
Shareholder (s)
Dr Moafik Ali Abdullah Sakr
Dr Asma Moafik Ali Abdullah Sakr
Activities: Engaged in the manufacture
of pharmaceutical products, with approximately 50 registered brands.
Import Countries: Italy
and India
Subject has a workforce of 115 employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources. Whilst Dr Moafik Ali Abdullah Sakr refused to
divulge any sales figures he did state that the business has assets of
approximately £E 60,000,000.
Faisal Islamic Bank
1113 Corniche El Nil Street
Dokki, Giza
Cairo
Tel: (20-2) 22753165
No complaints regarding subject’s payments have been reported.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.