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Report No. : |
315165 |
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Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
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Name : |
EUROPEAN EGYPTIAN FOR PHARMACEUTICAL
INDUSTRIES SAE |
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Registered Office : |
Alexandria - Cairo Road, Km. 25, Amriya, PO Box 111, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
146276 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the production and export of human and veterinary
pharmaceutical preparations, including
syrups, suspensions, lotions, drops, topical and nasal sprays, as well
as tablets and capsules. |
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No. of Employees : |
700 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company Name :
EUROPEAN
EGYPTIAN FOR PHARMACEUTICAL INDUSTRIES SAE
Also Known As : EUROPEAN EGYPTIAN FOR MEDICAL
INDUSTRIES
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1998
Commercial Registration Number :
146276, Alexandria
Tax Card Number :
706-004-132
Authorised Capital :
£E 300,000,000
Issued Capital :
£E 67,000,000
Paid up Capital :
£E 67,000,000
Total Workforce :
700
Activities :
Production and export of human and veterinary pharmaceutical
preparations.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Shareef Hassan, Human Resources Manager
EUROPEAN EGYPTIAN FOR PHARMACEUTICAL
INDUSTRIES SAE
EUROPEAN EGYPTIAN FOR MEDICAL INDUSTRIES
Registered &
Physical Address
Street : Alexandria -
Cairo Road, Km. 25
Area : Amriya
PO Box : 111
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4700465
/ 4701001 / 4700462 / 4700463 / 4700461 / 4701154 / 4700199
Facsimile : (20-3) 4701146
/ 4700156 / 4701003 / 4206922
Mobile : (20-12)
3993166 / (20-122) 7310481
Email : hrd@europeanpharm.com.eg
/ european_finance@hotmail.com
Premises
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of Alexandria.
Branch Office (s)
Location Description
3 Mohamed Bahaa El Din El Ghatwary Street Rented sales office
Smouha
Alexandria
Tel: (20-3) 4206920
Fax: (20-3) 4701003
Cairo Rented
sales office
Tel: (20-2) 24172648
Fax: (20-2) 22905608
Tanta Rented
sales office
Tel: (20-40) 3416675
Fax: (20-40) 3412155
Mansoura Rented
sales office
Tel: (20-50) 2319123
Fax: (20-50) 2319124
Name Position
Dr Hassan Abbass Chairman
Dr Shareef Hassan Abbass Vice
Chairman
Dr Hatim Dawood Chief
Executive Officer
Dr Diya Ibrahim Sales
Manager
Shareef Hassan Human
Resources Manager
Ibrahim Abdul Aal Finance
Manager
Hussein M Hussein Plant
Manager
Mohamed Etman Research
Manager
Tarek Abd Elmomen Engineering
Manager
Hesham Saad IT
Manager
Abdullah Molokhia Research
& Development Manager
Hussein Khalil Planning
Manager
Safwat Gaber Production
Manager
Amir Hilal Accountant
Salim Fakri Human
Resources Officer
Date of Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 146276,
Alexandria
Tax Card No. : 706-004-132
Authorised Capital : £E 300,000,000
Issued Capital : £E 67,000,000
Paid up Capital : £E 67,000,000
Name of
Shareholder (s) Percentage
Amriya for Pharmaceutical Industries SAE 96.86%
Egypt
Islamic Pharmaceuticals Chemicals and Medical Supplies 3.14%
Egypt
Activities: Engaged in the production and export of human and veterinary
pharmaceutical preparations, including
syrups, suspensions, lotions, drops, topical and nasal sprays, as well
as tablets and capsules.
Subject is ISO 9001:2000, 14001, IEC 17025/1999 accredited.
Import Countries: United States of America and Asia.
Export Countries: Saudi Arabia, Jordan, Yemen, Bahrain, Nigeria,
Romania, Sweden and Kuwait.
Operating Trend: Steady
Subject has a workforce of approximately 700 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales £E
126,400,000 £E 130,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Egyptian American Bank
14 Salah Salem Street
PO Box: 1737
Alexandria
Tel: (20-3) 4835008
Banque du Caire Barclays Internationale SAE
12 Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 33542195 / 33549415 / 33549422
Fax: (20-2) 33552746
Citibank
95 26th July Street
Azarita
Alexandria
Tel: (20-3) 4834363 / 4840342
Fax: (20-3) 4884363
Misr International Bank (MIBANK)
33 Safia Zaghloul Street
Raml Station
Alexandria
Tel: (20-3) 4828174 / 4828213
Fax: (20-3) 4838216
Faisal Islamic Bank of Egypt
1113 Cornich El Nil Street
Cairo
Tel: (20-2) 22753165 / 22753109
No complaints regarding subject’s payments have been reported.
Date of transaction March
2007
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.62.15 |
|
|
1 |
Rs.92.74 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.