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Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN GROUP FOR PHARMACEUTICAL INDUSTRIES SAE |
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Registered Office : |
28 El Obour Buildings, 10th Floor El Shabab Street, Mubarak
Square Nasr City Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
1942 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of pharmaceuticals, specialising
in preparations for ophthalmology, ear, nose and throat and dentistry |
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No. of Employees : |
470 |
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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : EGYPTIAN GROUP FOR PHARMACEUTICAL INDUSTRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2000
Commercial Registration Number : 1942
Tax Card Number : 205-066-925
Authorised Capital : £E 443,000,000
Issued Capital : £E 43,300,000
Paid up Capital : £E 43,300,000
Total Workforce : 470
Activities : Manufacturers of pharmaceuticals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN GROUP FOR PHARMACEUTICAL INDUSTRIES SAE
Building : 28 El Obour
Buildings, 10th Floor
Street : El Shabab
Street, Mubarak Square
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 24042012
/ 22404836 / 24048936 / 24032775
Facsimile : (20-2)
24048360 / 22628686 / 22606570
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
· Cairo - Ismailia
Road Factory
premises
2nd Industrial
Zone, El Obour City
Cairo
Tel: (20-2) 44782937
/ 44782940 / 44782941 / 44782939
Fax: (20-2)
44782937
· 21 Ahmed El Zomer
Street Office
premises
Heliopolis
Cairo
Name Position
· Dr Youssef Badran Chairman
· Dr Mohamed
Moustafa El Barbary Managing
Director
· Dr Tarek Abd El
Rehim Omar Attallah Director
· Dr Niazi Zakaria
El Ghaffar Director
· Sohir Abu El
Hassan Director
· Wael Hassan Finance
Manager
· Khaled El Shaier Purchasing
Manager
· Sameh Ali Sales
Manager
Date of
Establishment : 2000
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 1942
Tax Card No. : 205-066-925
Authorised Capital : £E 443,000,000
Issued Capital : £E 43,300,000
Paid up Capital : £E 43,300,000
· Dr Youssef Badran 25%
· Dr Mohamed
Moustafa El Barbary 25%
· Dr Tarek Abd El
Rehim Omar Attallah 25%
· Dr Niazi Zakaria
El Ghaffar 25%
Activities: Engaged in the manufacture of pharmaceuticals, specialising in
preparations for ophthalmology, ear, nose and throat and dentistry.
Import Countries: China, France, Germany, United Kingdom, Italy and
the United States of America.
Operating Trend: Steady
Subject has a workforce of approximately 470 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
27,000,000 £E
33,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Ahli United Bank
64 Gamaet El Dewal
El Arabia Street
Mohandessin, Giza
Cairo
Tel: (20-2)
37491751
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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
|
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 |
|
<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.