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Report No. : |
337061 |
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Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
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Name : |
UTOPIA
PHARMACEUTICALS SAE |
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|
|
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Registered Office : |
Al Mamoun Tower, 2nd Floor, 4 Hassan Al Mamoun Street, Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
2008 (However
production began during 2010) |
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Com. Reg. No.: |
34537, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of
pharmaceuticals, medicines and healthcare products. Subject uses a third party
manufacturing facility. |
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No. of Employees : |
100 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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
pursued business climate reforms to attract foreign investment and facilitate
growth. Poor living conditions and limited job opportunities for the average
Egyptian contribute to public discontent, a major factor leading to the January
2011 revolution that ousted Mubarak. The uncertain political, security, and
policy environment since 2011 caused economic growth to slow significantly,
hurting tourism, manufacturing, and other sectors and pushing up unemployment.
Weak growth and limited foreign exchange earnings have made public finances
unsustainable, leaving authorities dependent on expensive borrowing for deficit
finance and on Gulf allies to help cover the import bill. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name : UTOPIA
PHARMACEUTICALS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2008
Commercial
Registration Number : 34537,
Cairo
Tax Card Number : 262-051-697
Authorised Capital : £E 10,000,000
Issued Capital : £E
10,000,000
Paid up Capital : £E
10,000,000
Total Workforce : 100
Activities :
Manufacturers of pharmaceuticals, medicines and healthcare products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hossam Feseekh, Finance Manager
UTOPIA
PHARMACEUTICALS SAE
Building : Al Mamoun Tower, 2nd
Floor
Street : 4 Hassan Al Mamoun Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 26718822 / 22745977 / 23498144
Facsimile : (20-2) 22719802 / 23498065
Mobile : (20-111) 0330007 / 0004845
Email : info@utopiapharma.com / mohamedmabrouk@utopiapharma.com
/
hossam.feseekh@utopiapharma.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Dr
Saeed Kamel Mohamed Chairman
·
Masnoor
Kamel Mohamed Managing
Director
·
Kamel
Kamel Mohamed Director
·
Dr
Mohamed Mabrook Chief
Executive Officer
·
Hossam Feseekh Finance
Manager
·
Dr Noha
Abdul Shakoor Commercial
Manager
·
Mohamed
Jalal Financial
Controller
Date of Establishment : 2008 (however
production began during 2010)
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 34537, Cairo
Tax
Card No. : 262-051-697
Authorised Capital : £E
10,000,000
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
·
Dr
Saeed Kamel Mohamed
·
Masnoor
Kamel Mohamed
·
Kamel
Kamel Mohamed
Activities: Engaged in the manufacture of
pharmaceuticals, medicines and healthcare products. Subject uses a third party
manufacturing facility.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Hetero
Drug India
·
Belcare
Ltd India
·
S L Drug India
·
Healthcap India
Operating Trend: Steady
Subject has a
workforce of 100 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 72,650,000 £E 75,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Hossam Feseekh, Finance
Manager
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
·
National
Bank of Egypt
Zagazig Branch
Saad Zaglol Street
Cairo
Acc No. 21205001701
Swift Code. NBEGEGCX
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.51 |
|
|
1 |
Rs.104.01 |
|
Euro |
1 |
Rs.76.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
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Report Prepared
by : |
NIT |
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 |
|
|
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.