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Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SAS PHARMA GROUP |
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Formerly Known As : |
AL JAZEERA COMPANY |
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Registered Office : |
G1 El |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.04.2009 |
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Com. Reg. No.: |
30692, |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of pharmaceutical products |
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No. of Employees |
5 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name : SAS PHARMA GROUP
Previously Known
As : AL JAZEERA COMPANY
Company Name :
SAS PHARMA GROUP
Country of Origin :
Egypt
Legal Form :
General Partnership
Registration Date :
28th April 2009
Commercial Registration Number :
30692, Cairo
Partners Capital :
£E 45,000
Total Workforce :
5
Activities :
Distributors of pharmaceutical products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Nassef Saad, Managing Partner
SAS PHARMA GROUP
Registered &
Physical Address
Building : G1 El Shorta
Building
Street : El Ekhah
Extension, Corniche El Nile Street
Town : Cairo
Country : Egypt
Mobile : (20-114)
3330002
Email : nassef07@hotmail.com
/ info@saspharma-eg.com
Please note that
subject’s previous address was, 13 Building No. 72A, Swiss District, 10th
District, Nasr City, Cairo.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
Nassef Henry Saad Managing
Partner
Alaa Hammam Partner
Bahaa Abu Daif Partner
Date of Establishment : 28th
April 2009
History : Subject began in
2009 under the name “Al Jazeera Company”. However in May 2014 it
changed its name to “SAS Pharma Group”.
Legal Form : General
Partnership
Commercial Reg.
No. : 30692, Cairo
Partners Capital : £E 45,000
Name of Partner
(s)
Nassef Henry Saad
Alaa Hammam
Bahaa Abu Daif
Activities: Engaged in the import and distribution of pharmaceutical products.
Import Countries: Europe and the Far East.
International
Suppliers:
Acent Medtech Ltd India
Ceramed Portugal
Operating Trend: Steady
Subject has a workforce of 5 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
6,875,000 £E
7,050,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
Swift: CIBEEGCX059
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.45 |
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UK Pound |
1 |
Rs.99.46 |
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Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
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.