|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTOPIA PHARMACEUTICALS SAE |
|
|
|
|
Registered Office : |
Al Mamoun Tower 4 Hassan Al Mamoun Street Nasr City Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2008 |
|
|
|
|
Com. Reg. No.: |
34537, Cairo |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of pharmaceuticals, medicines and healthcare products. |
|
|
|
|
No. of Employees : |
100 |
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 – 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 : UTOPIA PHARMACEUTICALS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2008
Commercial Registration Number : 34537, Cairo
Tax Card Number : 262-051-697
Authorised Capital : £E 10,000,000
Issued Capital : £E 5,000,000
Paid up Capital : £E 2,000,000
Total Workforce : 100
Activities : Manufacturers of pharmaceuticals, medicines and healthcare products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Jalal, Financial Controller
UTOPIA PHARMACEUTICALS SAE
Building : Al Mamoun
Tower
Street : 4 Hassan Al
Mamoun Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 26718822
/ 22745977
Facsimile : (20-2)
22719802
Mobile : (20-111)
0330007 / 0004845
Email : info@utopiapharma.com
/ mohamedmabrouk@utopiapharma.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Name Position
· Dr Saeed Kamel
Mohamed Chairman
· Masnoor Kamel
Mohamed Managing
Director
· Kamel Kamel
Mohamed Director
· Dr Mohamed Mabrook Chief
Executive Officer
· Hussam Fasikh Finance
Manager
· Dr Noha Abdul
Shakoor Commercial
Manager
· Mohamed Jalal Financial
Controller
Date of
Establishment : 2008 (however
production began during 2010)
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 34537, Cairo
Tax Card No. : 262-051-697
Authorised Capital : £E 10,000,000
Issued Capital : £E 5,000,000
Paid up Capital : £E 2,000,000
· Dr Saeed Kamel
Mohamed
· Masnoor Kamel
Mohamed
· Kamel Kamel
Mohamed
Activities: Engaged in the manufacture of pharmaceuticals, medicines and healthcare
products. Subject uses a third party manufacturing facility.
Import Countries: Europe and the Far East.
International
Suppliers:
· Hetero Drug India
· Belcare Ltd India
Operating Trend: Steady
Subject has a workforce of 100 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E
15,000,000 £E
19,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Jalal, Financial
Controller
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel: (20-2)
33912711 / 33912106
Fax: (20-2) 33919779
·
National Bank of Egypt
Zagazig Branch
Saad Zaglol Street
Cairo
Acc No.
21205001701
Swift Code.
NBEGEGCX
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
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 |
|
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.