MIRA INFORM REPORT

 

 

Report Date :

15.07.2014

 

IDENTIFICATION DETAILS

 

Name :

AL RAWAD PHARMACEUTICAL INDUSTRIES CO

 

 

Registered Office :

8 Saudia Street, Zagazig

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

August 2004

 

 

Com. Reg. No.:

283, 10th of Ramadan City

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the manufacture of pharmaceuticals and drugs. Subject began manufacturing activities at the start of 2009 and was previously marketing and distributing pharmaceutical products.

 

 

No. of Employees :

150

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

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

 

 

 

 

SUMMARY

 

Company Name                         : AL RAWAD PHARMACEUTICAL INDUSTRIES CO

Also Known As                                      : AL RAWAD PHARMA INC CO

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : August 2004

Commercial Registration Number            : 283, 10th of Ramadan City

Tax Card Number                                   : 432-929-940

Issued Capital                                        : £E 8,000,000

Paid up Capital                                      : £E 8,000,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of pharmaceuticals and drugs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Dr Nourah Al Akkad, Commercial Manager

 

 

 

 

 

COMPANY NAME

 

AL RAWAD PHARMACEUTICAL INDUSTRIES CO

 

ALSO KNOWN AS: AL RAWAD PHARMA INC CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 8 Saudia Street

Town                 : Zagazig

Country             : Egypt

 

Telephone         : (20-55) 2387040 / 2387050

Facsimile          : (20-55) 2387040

Mobile               : (20-100) 081966

Email                : rpicpharma@yahoo.com / sameh_alakkad@yahoo.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Suburban Business Area of Zagazig.

 

Branch Office (s)

 

Location                                                                                  Description

 

Plot No. 146, Block B3                                                               Factory premises

Industrial Zone

10th Of Ramadan City

Tel: (20-15) 375817

Fax: (20-15) 375823

 

22 Mohamed Joma Street                                                           Sales office

Heliopolis, Misr El Gedidah

Cairo

Tel: (20-2) 26398448

Fax: (20-2) 26398448

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Dr Khalid Mohamed Abdul Fattah Al Akkad                                  Chairman

 

Dr Hisham Mohamed Hussain Al Maghrabi                                   Managing Director

 

Dr Mohamed Othman Lofty                                                         Director

 

Sameh Mohamed Abdul Fattah Al Akkad                                     Director

 

Dr Abdul Zaher Hamed                                                               Director

 

Dr Mohamed El Mahdi                                                                Director

 

Dr Mohamed Hamdy El Ass                                                        Director

 

Tariq Suwaidan                                                                          Business Development Manager

 

Dr Nabiha Balikini                                                                      Production Manager

 

Dr Nourah Al Akkad                                                                   Commercial Manager

 

Shrihan Adel                                                                              Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           August 2004

 

Legal Form      :                       Egyptian Joint Stock Company

 

Commercial Reg. No.  :           283, 10th of Ramadan City

 

Tax Card No.   :                       432-929-940

 

Authorised Capital       :           £E 20,000,000

 

Issued Capital              :           £E   8,000,000

 

Paid up Capital            :           £E   8,000,000

 

Name of Shareholder (s)

 

Dr Khalid Mohamed Abdul Fattah Al Akkad

 

Dr Hisham Mohamed Hussain Al Maghrabi

 

Dr Mohamed Othman Lofty

 

Sameh Mohamed Abdul Fattah Al Akkad

 

Dr Abdul Zaher Hamed

 

Dr Mohamed El Mahdi

 

Dr Mohamed Hamdy El Ass

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of pharmaceuticals and drugs. Subject began manufacturing activities at the start of 2009 and was previously marketing and distributing pharmaceutical products.

 

Import Countries:         Italy, Germany and India

 

Operating Trend:         Steady

 

Subject has a workforce of approximately 150 employees.

 

 

FINANCIAL DATA

 

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 18,135,000                           £E 19,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr. Sameh Mohamed Abdul Fattah Al Akkad, Director

 

 

BANKERS

 

Faisal Islamic Bank of Egypt

1113 Corniche El Nil Street

Cairo

Tel: (20-2) 22753165

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that local correspondents spoke to Dr Nourah Al Akkad, Commercial Manager, who stated that the correct name of the subject is “Al Rawad Pharmaceutical Industries Co”.

 

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.60.01

UK Pound

1

Rs.102.72

Euro

1

Rs.81.60

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

TPT

 

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%)

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