MIRA INFORM REPORT

 

 

Report Date :

29.05.2014

 

IDENTIFICATION DETAILS

 

Name :

EGYPHAR

 

 

Registered Office :

5B, Asmaa Fahmi Street Ard El Golf, Heliopolis Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

1997

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacture and marketing of pharmaceutical products and antibiotics.

 

 

No. of Employees

40

 

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 – March 31st, 2014

 

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 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

SUMMARY

 

Company Name                                     : EGYPHAR

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1997

Commercial Registration Number            : 5, Giza

Tax Card Number                                   : 200-147-668

Issued Capital                                        : £E 1,500,000

Paid up Capital                                      : £E 1,500,000

Total Workforce                                     : 40

Activities                                               : Manufacture and marketing of pharmaceutical products and antibiotics.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

EGYPHAR

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 5B, Asmaa Fahmi Street

Area                 : Ard El Golf, Heliopolis

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 24150187 / 24157677

Facsimile          : (20-2) 24150187 / 24157677

Email                : egypharm@touch.com / egyphar@intouch.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                              Description

 

75 Koliat El Adab El Gadid                                                                     Sales office & distribution centre

Mansoura

Dakahleya

Tel: (20-50) 2238331

 

Industrial Zone, Plot No. 9                                                                       Owned factory premises

Block 126

Obour City

Cairo Ismailia Road

Cairo

Tel: (20-2) 46103694 / 46103695

Fax: (20-2) 46103694    

 

Gamal Abd El Nasser Street                                                                   Sales office & distribution centre

Borg El Obour

Sidi Beshr

Alexandria

Tel: (20-3) 5547567

 

9 El Sakhaa                                                                                          Sales office & distribution centre

Tanta

Tel: (20-40) 3344403

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Dr Mohamed Roushdy Abd El Rahman Mohamed El Anwar                       Managing Partner

 

Dr Hatim Mohamed Nabhan                                                                    Partner

 

Dr Magdi Youssef Eid Youssef Al Nemer                                                 Partner

 

Yasser Abdulaziz                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1997

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 5, Giza

 

Tax Card No.               : 200-147-668

 

Issued Capital              : £E 1,500,000

 

Paid up Capital            : £E 1,500,000

 

Name of Shareholder (s)

 

Dr Mohamed Roushdy Abd El Rahman Mohamed El Anwar

 

Dr Hatim Mohamed Nabhan

 

Dr Magdi Youssef Eid Youssef Al Nemer

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture and marketing of pharmaceutical products and antibiotics.

 

Import Countries:         Europe and the United States of America

 

Brand Names:              EGYPHAR

 

Subject has a workforce of 40 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

Egyptian Saudi Finance Bank

Akkad Center

Nasr City

Cairo

Tel: (20-2) 27946208

Fax: (20-2) 27942911

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.08

UK Pound

1

Rs.99.20

Euro

1

Rs.80.53

                

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SDA

               

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%)

 

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