MIRA INFORM REPORT

 

 

Report No. :

314400

Report Date :

11.04.2015

 

IDENTIFICATION DETAILS

 

Name :

EVA PHARMA FOR PHARMACEUTICALS & MEDICAL APPLIANCES SAE

 

 

Registered Office :

9 El Sharekat Street, Opera Square, Sheyakhet El Fawala, Abdin, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014 (Estimated)

 

 

Date of Incorporation :

June 1997

 

 

Com. Reg. No.:

114094, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture and marketing of pharmaceuticals and Appliances for Hospitals.

 

 

No of Employees :

1,600 (Approximately)

 

 

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 :

Good

Payment Behaviour :

Regular

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

 

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                                    : EVA PHARMA FOR PHARMACEUTICALS & MEDICAL APPLIANCES

  SAE

Trading As                                            : EVA PHARMA

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : June 1997

Commercial Registration Number           : 114094, Cairo

Tax Card Number                                  : 204-963-389

Industrial Registration Number                : 007

Authorised Capital                                 : £E 100,000,000

Issued Capital                                       : £E   25,000,000

Paid up Capital                                     : £E   25,000,000

Total Workforce                                     : 1,600 (Approximately)

Activities                                               : Manufacture and marketing of pharmaceuticals & appliances for

hospitals.

Financial Condition                                : Good

Payments                                             : Regular

Operating Trend                                    : Steady

Person Interviewed                                : Hesham Ewais, Finance Manager

 

COMPANY NAME

 

EVA PHARMA FOR PHARMACEUTICALS & MEDICAL APPLIANCES SAE

 

TRADING AS

 

EVA PHARMA

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 9 El Sharekat Street, Opera Square

Area                 : Sheyakhet El Fawala, Abdin

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 27354945 / 27354538

Facsimile          : (20-2) 27362677 / 23412677

Email                : eva@infinity.com.eg / purchasing@evapharma.com / accounts@evapharma.com

                          Mohamed.khalil@evapharma.com / hesh.ewais@evapharma.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       10 Shawarbi Street                                                                            Rented office

Cairo

       Tel: (20-2) 33959204 / 33959205 / 23917508 / 23992700

       Fax: (20-2) 33959204 / 23917370 / 23992700

 

·       12 El Montazah Street                                                                       Rented office

Zamalek

6th of October City

 

·       176 El Sadat Street                                                                           Owned factory & warehouse

Kafr El Gabal

Pyramids, Giza

Cairo

Tel: (20-2) 33812010 / 37496056 / 37481584 / 33810762 / 37762469 / 37764200

Fax: (20-2) 33810744 / 33812014 / 33810779 / 37764211

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Riyad Mounir Riyad Armanious                                                     Managing Director

 

·       Dr Hany Tawfik                                                                                 Director

 

·       Dr Mourad Ghabbour                                                                        General Manager

 

·       Hesham Ewais                                                                                  Finance Manager

 

·       Yonan Khanagri                                                                                Commercial Manager

 

·       Dr Wahid Wardi                                                                                Production Manager

 

·       Lawrence Laster                                                                                Consultant

 

·       Dr Ahmed Hassan                                                                            Export Regional Manager

 

·       Joseph Ghatas                                                                                 Export Regional Manager

 

·       Mohamed Khalil                                                                                Chief Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : June 1997 (Production started June 1999)

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 114094, Cairo

 

Tax Card No.                : 204-963-389

 

Industrial Reg. No.       : 007

 

Authorised Capital       : £E 100,000,000

 

Issued Capital              : £E   25,000,000

 

Paid up Capital            : £E   25,000,000

 

Name of Shareholder (s)                                                      Percentage

·       Riyad Mounir Riyad Armanious                                              34%

·       Mrs Linda Mounir Riyad Armanious                                        32%

·       Mrs Yassmin Mounir Riyad Armanious                                   32%

·       Mrs Mona Youssef Robat                                                       2%

 

OPERATIONS

 

Activities: Engaged in the manufacture and marketing of pharmaceuticals and appliances for hospitals.

 

Production Capacity: 5,000 tons of cream per year.

 

Import Countries: Germany, Italy, Belgium, China, Indonesia and Spain.

 

International Suppliers:

 

·       Decosa GmbH                     Germany

·       Merck                                   Germany

·       Euronat                                Italy

·       Recordati                             Italy

 

Export Countries: Tunisia, Lebanon, Sudan, Libya, United Arab Emirates and Algeria.

 

Brand Names: EVA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,600 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Revenue                           £E 394,750,000                         £E 396,445,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial International Bank

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 35703043

Fax: (20-2) 35703172 / 35072691

 

·       Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 33606580 / 33606467

Fax: (20-2) 33420265 / 33606512

 

·       Misr International Bank (MIBANK)

Alfy Street

PO Box: 218

Cairo

Tel: (20-2) 33494424 / 33497091

Fax: (20-2) 33606323

 

·       National Societe Generale Banque SAE

Evergreen Building

10 Talaat Harb Street

PO Box: 2664

Cairo

Tel: (20-2) 35749376

Fax: (20-2) 35776249

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                   June 2004                     February 2006              June 2008

Amount overdue                        0                                  0                                  0

Payment terms                          60 days                        30 days                        60 days

Payment Method                       Letters of Credit            Letters of Credit            Letters of Credit

Paying record                           No Complaints              No Complaints              No Complaints

Currency                                   US Dollars                    Pounds Sterling            US Dollars

 

 

GENERAL COMMENTS

 

Please note that local correspondents spoke to Mr Hesham Ewais, Finance Manager who refused to divulge any financial information on the subject.

 

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.62.36

UK Pound

1

Rs.91.60

Euro

1

Rs.66.49

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.