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Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAFE PHARMA SAE |
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|
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Registered Office : |
2nd Industrial Zone, Plot 2, Block 31, Area No. 3, New Borg El Arab,
49, Sidi Gaber, Alexandria 21311 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1993 |
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Com. Reg. No.: |
115867, Alexandria |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Engaged in the manufacture of soft gelatine
capsules for pharmaceuticals. |
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No of Employees : |
350 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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, pushing up unemployment levels, and
economic growth is likely to remain slow amid political uncertainty. Cairo
since 2011 has drawn down foreign exchange reserves and depended on foreign
assistance to finance imports and prevent further devaluation of the Egyptian
pound, fearing higher inflation from a weaker currency.
|
Source
: CIA |
Company Name : SAFE PHARMA SAE
Also Known As : SAFE PHARMACEUTICAL PRODUCTS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1993
Commercial Registration Number : 115867, Alexandria
Issued Capital : £E 3,200,000
Paid up Capital : £E 3,200,000
Total Workforce : 350
Activities : Manufacture of soft gelatine capsules for pharmaceuticals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME: SAFE PHARMA SAE
ALSO KNOWN AS: SAFE PHARMACEUTICAL PRODUCTS
Location : 2nd Industrial Zone, Plot 2, Block
31, Area No. 3, New Borg El Arab
PO Box : 49, Sidi Gaber
Town : Alexandria 21311
Country : Egypt
Telephone : (20-3) 4592158 / 4592038 / 4592159 /
4592168
Facsimile : (20-3) 4592161
Mobile : (20-100) 5094214
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Alexandria.
Branch Offices
Location Description
·
El
Sheikh Ghorab Street Office
premises
Hadayek El Qobba
Cairo
Tel: (20-2) 22576194
Fax: (20-2) 22595787
·
496 El
Horreya Road Office
premises
Ramleh
Alexandria
Tel: (20-3) 5863745 / 5879670 / 5879950
Fax: (20-3) 5870958
Name Position
·
Dr Hassan Abbass Helmi Chairman
·
Dr Sherine Hassan Abbass Helmi Vice Chairman
·
Yashar Hassan Abbass Helmi Director
·
Magda
El Seoufy Director
·
Yehia
Motawee Director
·
Hesham
Abd El Salam Factory
Manager
·
Alaa
Dewdar Finance
Manager
·
Ihab
Attya Engineering
Manager
·
Mona
Yehia Administration
Manager
·
Ahmed
Adel Human
Resources Manager
·
Moustafa
Mahmoud Accounts
Manager
·
Magda
El Seoufy R
& D Manager
Date of Establishment : 1993
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 115867,
Alexandria
Issued Capital : £E 3,200,000
Paid up Capital : £E 3,200,000
·
Dr Hassan Abbass Helmi 51.0%
·
Dr Sherine Hassan Abbass Helmi 19.5%
·
Yashar Hassan Abbass Helmi 19.5%
·
Pharco 10.0%
Activities: Engaged in the manufacture of soft gelatine
capsules for pharmaceuticals.
Import Countries: India, Germany, Austria, Switzerland, Australia
and the United States of America
Export Countries: Jordan, Tanzania, Sudan, United Arab Emirates, Oman
and Libya.
Operating Trend: Steady
Subject has a workforce of approximately 350 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 65,100,000 £E
66,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Citibank
95, 26th July Street
Azarita
Alexandria
Tel: (20-3) 4834363 / 4840342
Fax: (20-3) 4884363
·
Banque
du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 3904554
Fax: (20-2) 3908992
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
·
National
Societe Generale Bank
240 El Karnish Road
Roushdy
Alexandria
Tel: (20-3) 5452352 / 5225580 / 5225590
Fax: (20-3) 5455715 / 5452352
No complaints regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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. 62.07 |
|
|
1 |
Rs. 103.61 |
|
Euro |
1 |
Rs. 85.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.