MIRA INFORM REPORT

 

 

Report Date :

06.03.2014

 

IDENTIFICATION DETAILS

 

Name :

ARAB COMPANY FOR MEDICAL PRODUCTS (ARAB COMED)

 

 

Registered Office :

El Obour City, Block 13025, Plot No. 10, Cairo Ismailia Road, Al Salam, PO Box : 3009, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.07.2000

 

 

Com. Reg. No.:

2035, Cairo

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the production of veterinary pharmaceuticals and feed additives.

 

 

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, 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

SUMMARY

 

Company Name                                    : ARAB COMPANY FOR MEDICAL PRODUCTS (ARAB COMED)

Also Known As                                     : ARAB MEDICAL PRODUCTION

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 11th July 2000

Commercial Registration Number           : 2035, Cairo

Tax Card Number                                  : 205-134-572

Issued Capital                                       : £E 20,000,000

Paid up Capital                                     : £E 20,000,000

Total Workforce                                     : 100

Activities                                               : Production of veterinary pharmaceuticals and feed additives.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

COMPANY NAME

 

ARAB COMPANY FOR MEDICAL PRODUCTS (ARAB COMED)

 

ALSO KNOWN AS: ARAB MEDICAL PRODUCTION

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : El Obour City, Block 13025, Plot No. 10

Street               : Cairo Ismailia Road

Area                 : Al Salam

PO Box            : 3009

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 46101215 / 46101216 / 46101217

Facsimile          : (20-2) 46101214

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Dr Mohamed El Shehabi                                                                        Managing Partner

 

Ahmed El Shehabi                                                                                 Partner

 

Hassan Sakr                                                                                          Partner

 

Emad Bedir                                                                                           Partner

 

Adel Bedir                                                                                             Partner

 

Hossam Bedir                                                                                       Partner

 

Tamer El Shehabi                                                                                  Partner

 

Emad Ragab                                                                                         Finance Manager

 

Hossam Sherif                                                                                      Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           11th July 2000

 

Legal Form      :                       Limited Liability Partnership

 

Commercial Reg. No.   :           2035, Cairo

 

Issued Capital              :           £E 20,000,000

 

Paid up Capital            :           £E 20,000,000

 

Name of Partner (s)

 

Dr Mohamed El Shehabi

 

Ahmed El Shehabi

 

Hassan Sakr

 

Emad Bedir

 

Adel Bedir

 

Hossam Bedir

 

Tamer El Shehabi

 

 

OPERATIONS

 

Activities:                     Engaged in the production of veterinary pharmaceuticals and feed additives.

 

Import Countries:         Spain, France, Germany, Austria and China.

 

Brand Names:              ARAB COMED

 

Export Countries:         Saudi Arabia, Jordan, Sudan and the United Arab Emirates.

 

Operating Trend:          Steady

 

Subject has a workforce of 100 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 32,349,848                           £E 34,108,664

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

Acc No. 11000400657

 

Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 25931002

Fax: (20-2) 25912306

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.86

UK Pound

1

Rs.103.06

Euro

1

Rs.84.92

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.