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Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
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Name : |
BIOXELL PHARMACEUTICALS CORP (BIOXELL PHARMA) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
2007 |
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Com. Reg. No.: |
4579, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the import and distribution of human pharmaceuticals,
including products for dermatology, neurology, cardiovascular treatment, ENT,
ophthalmology, endocrinology and antibiotics. |
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No of Employees : |
65 |
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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Maximum Credit Limit : |
US$ 150,000 |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source
: CIA |
Company Name : BIOXELL PHARMACEUTICALS CORP (BIOXELL PHARMA)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2007
Commercial Registration Number : 4579, Cairo
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Total Workforce : 65
Activities : Distributors of human pharmaceuticals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
BIOXELL PHARMACEUTICALS
CORP (BIOXELL PHARMA)
Street : 4 El Shaheed
Ibrahim Salem Street
Area : Ard El Golf,
Heliopolis
Town : Cairo 11341
Country : Egypt
Telephone : (20-2) 24152644
/ 22904609
Facsimile : (20-2)
24152644
Mobile : (20-111)
40887079 / 49110815
Email : info@bioxellpharma.com / mrp@bioxellpharma.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Name Position
·
Hesham
A Agour Managing
Director
·
Rania
Hassan Finance
Manager
·
Ahmed
Salah Purchasing Manager
Date of
Establishment : 2007
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 4579, Cairo
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
· Medi Plus 66.6%
Cairo
· Hesham A Agour 31.3%
· Local businessmen
and private investors 2.1%
Activities: Engaged in the import and distribution of human pharmaceuticals,
including products for dermatology,
neurology, cardiovascular treatment, ENT, ophthalmology, endocrinology
and antibiotics.
Import Countries: China, India and the United Kingdom.
Operating Trend: Steady
Subject has a workforce of 65 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 22,350,000 £E
23,615,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab African Bank
5 El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax: (20-2)
33558493
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.28 |
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1 |
Rs. 103.84 |
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Euro |
1 |
Rs. 85.69 |
INFORMATION DETAILS
|
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.