MIRA INFORM REPORT

 

 

Report Date :

29.03.2014

 

IDENTIFICATION DETAILS

 

Name :

RIVA PHARMA

 

 

Registered Office :

Public Free Zone Street, No. 6, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1997

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the manufacture of pharmaceuticals.

 

 

No. of Employees :

80

 

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                                    : RIVA PHARMA

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1997

Issued Capital                                       : US$ 2,250,000

Paid up Capital                                     : US$ 2,250,000

Total Workforce                                     : 80

Activities                                               : Manufacturers of pharmaceuticals.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

RIVA PHARMA

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Public Free Zone Street, No. 6

Area                 : Nasr City

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 22709936

Facsimile          : (20-2) 22709937

Email                : info@rivapharma.com

 

Premises

 

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

 

Branch Offices

 

Location                                                                                               Description

 

68 Street No. 105                                                                                  Office premises

Maadi

Cairo

Tel: (20-2) 25253042

Fax: (20-2) 25251110

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Dr Saad El Din Mahmoud Mohamed                                                      Chairman

 

Mahmoud Abdallah Fekry Saad                                                              Managing Director

 

Amaal Saad El Din Mahmoud                                                                Director

 

Mohamed Ali Abd El Aziz                                                                      Director

 

Hoda Said El Din Mahmoud                                                                   Director

 

Ahmed Badawi                                                                                      General Manager

 

Ayman Ismail                                                                                        Finance Manager

 

Ahmed Abdallah                                                                                    Administration Manager

 

Mohamed Fathy                                                                                    Purchasing Manager

 

Dr Ghada Kamel                                                                                    Sales Manager

 

Dr Adel El Tahlawi                                                                                 Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           1997

 

Legal Form      :                       Egyptian Joint Stock Company

 

Issued Capital              :           US$ 2,250,000

 

Paid up Capital            :           US$ 2,250,000

 

Name of Shareholder (s)                                                             Percentage                

 

Mahmoud Abdallah Fekry Saad                                                  47.18%

 

Dr Saad El Din Mahmoud Mohamed                                          22.29%     

 

Amaal Saad El Din Mahmoud                                                    5.38%

 

Hoda Said El Din Mahmoud                                                         5.16%

 

Local businessmen and private investors                                    19.99%

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of pharmaceuticals.

 

At present Riva supply the regional markets with more than 45 drugs covering a wide spectrum of pharmacological activities.

 

The pharmaceutical manufacturing activities at Riva Pharma are licensed by the Ministry of Public Health of Egypt and are covered by manufacturing license no. 2/2000 issued on 2/5/2000 for the manufacture of non -sterile products.

                                    Riva Pharma became an approved UNRWA supplier in September 2004.

 

Import Countries:         India

 

Export Countries:         Kuwait, United Arab Emirates, Tunisia, Algeria, and Libya.

 

Brand Names:              RIVA PHARMA

 

Operating Trend:          Steady

 

Subject has a workforce of 80 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 33,680,000                           £E 35,000,000

 

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

 

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

 

 

BANKERS

 

Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

Mohandessin

Cairo 11111

Tel: (20-2) 33619005 / 33385877

Fax: (20-2) 33385940 / 33385938

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.99.85

Euro

1

Rs.82.58

 

 

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.