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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SUECAL PHARMA CO |
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Registered Office : |
12 Morsi Gamil
Aziz Street, El Attareen, P O Box 383, Alexandria 2111 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.04.2012 |
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Com. Reg. No.: |
4936, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of
pharmaceuticals and drugs using third party laboratories. |
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No of Employees : |
70 |
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 – 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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 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 |
Company Name : SUECAL PHARMA CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1st April 2012
Commercial Registration Number : 4936, Alexandria
Issued Capital : £E 45,000,000
Paid up Capital : £E 45,000,000
Total Workforce : 70
Activities : Manufacturers of pharmaceuticals and drugs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Ahmed Hajaj, Human Resources Manager
SUECAL PHARMA CO
Registered &
Physical Address
Street : 12 Morsi Gamil Aziz Street
Area : El Attareen
PO Box : 383
Town : Alexandria 2111
Country : Egypt
Telephone : (20-3) 4801283 / 4801284
Facsimile : (20-3) 4801287
Mobile : (20-111) 55559971
Email : info@suecal.com / ramez.farghaly@suecal.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office (s)
Location Description
·
Al
Madina Centre, Plot No. 280, 5th Settlement Office premises
Cairo
Tel: (20-2) 26135051 /
26135052 / 26135053
Fax: (20-2) 26135055
Name Position
·
Dr
Ghareeb Amer Managing
Director
·
Dr Amer
El Henawi Director
·
Dr Wael
Abu El Khair Director
·
Dr
Mohamed Kattab Director
·
Ahmed
Hajaj Human
Resources Manager
Date of Establishment : 1st
April 2012
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 4936,
Alexandria
Issued Capital : £E 45,000,000
Paid up Capital : £E 45,000,000
Name of Shareholder
(s)
·
Dr
Ghareeb Amer
·
Dr Amer
El Henawi
·
Dr Wael
Abu El Khair
·
Dr
Mohamed Kattab
Activities: Engaged in the manufacture of
pharmaceuticals and drugs using third party laboratories.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 70 employees.
Financial highlights
provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/13:
Total Sales £E
18,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Alexandria
International Bank SAE
29, El Nabi Daniel Street
Alexandria
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject enjoys a good reputation for the quality of its products with nothing
detrimental uncovered regarding the manner in which operations are conducted.
As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.