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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ALFA CURE PHARMACEUTICALS CO |
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Formerly Known As : |
ALPHAMOUN PHARMACEUTICALS CO SAE |
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Registered Office : |
Hegaz Square, Misr El Gedidah, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
284542, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of pharmaceuticals and medicines |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
Company Name :
ALFA CURE PHARMACEUTICALS CO
Previously Known As :
ALPHAMOUN PHARMACEUTICALS CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1996
Commercial Registration Number :
284542, Cairo
Issued Capital :
£E 123,000,000
Paid up Capital :
£E 123,000,000
Total Workforce :
300
Activities :
Manufacturers of pharmaceuticals and medicines.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Osama Farooq, Finance Manager
ALFA CURE PHARMACEUTICALS CO
PREVIOUSLY KNOWN
AS: ALPHAMOUN PHARMACEUTICALS CO SAE
Registered &
Physical Address
Location : Hegaz Square,
Misr El Gedidah
Town : Cairo
Country : Egypt
Telephone : (20-2) 26441408
/ 26441531
Facsimile : (20-2)
26441530
Mobile : (20-100)
6006064 / 6010600 / 6003034
Email : yfarouk@alphamoun.com
/ rriad@alphamoun.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
Alphamoun Factory, Alpha Square Factory
premises covering an
Desert Road area
of 19,700 square metres
3rd Industrial Zone
Badr Industrial City
Guesr El Suez
Cairo
Tel: (20-2) 28640011 /
28640012 / 28640013 / 28640014
Fax: (20-2) 28640007
Name Position
Dr Tharwat Basil Chairman
Elia Tharwat Basil Vice Chairman
Osama Farooq Finance Manager
Dr Essam Naseem Planning Manager
Dr Rami Riyad Marketing Manager
Dr Nariya Hussain Production
Manager
Date of Establishment : 1996
History : Subject began in 1996 under the name “Alphachem Pharmaceuticals”, however in 2011 it changed its name to “Alphamoun Pharmaceuticals Co SAE”. Then in 2013 it changed its name once again to “Alfa Cure Pharmaceuticals Co”.
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 284542, Cairo
Issued Capital : £E 123,000,000
Paid up Capital : £E 123,000,000
Name of
Shareholder (s)
Dr Tharwat Basil
Elia Tharwat Basil
Activities: Engaged in the
manufacture of pharmaceuticals and medicines.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 300 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
50,000,000 £E
50,700,000
Local sources consider subject’s financial condition to be Fair.
The above figures are were provided by Mr Osama Farooq, Finance Manager
Misr International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 35931002
Fax: (20-2) 35912306
No complaints regarding subject’s payments have been reported.
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.