MIRA INFORM REPORT

 

 

Report No. :

307542

Report Date :

17.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SAFE PHARMA SAE

 

 

Registered Office :

2nd Industrial Zone, Plot 2, Block 31, Area No. 3, New Borg El Arab, PO Box 49, Sidi Gaber, Alexandria 21311

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1993

 

 

Com. Reg. No.:

115867

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of soft gelatine capsules for pharmaceuticals.

 

 

No. of Employees :

350

 

 

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 – 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                         : SAFE PHARMA SAE

Also Known As                                      : SAFE PHARMACEUTICAL PRODUCTS

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1993

Commercial Registration Number            : 115867, Alexandria

Issued Capital                                        : £E 25,600,000

Paid up Capital                                      : £E 25,600,000

Total Workforce                         : 350

Activities                                               : Manufacturers of soft gelatine capsules for pharmaceuticals.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Moustafa Mahmoud, Accounts Manager

 

 

 

COMPANY NAME

 

SAFE PHARMA SAE

 

 

ALSO KNOWN AS

 

SAFE PHARMACEUTICAL PRODUCTS

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 2nd Industrial Zone, Plot 2, Block 31, Area No. 3, New Borg El Arab

PO Box             : 49, Sidi Gaber

Town                 : Alexandria 21311

Country : Egypt

Telephone         : (20-3) 4592158 / 4592038 / 4592159 / 4592168

Facsimile          : (20-3) 4592161

Mobile               : (20-100) 5094214

Email                : info@pharco.rog / mostafamahmoud1969@yahoo.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 Offices

 

Location                                                                                    Description

 

El Sheikh Ghorab Street                                                 Office premises

Hadayek El Qobba

Cairo

Tel: (20-2) 22576194

Fax: (20-2) 22595787

 

496 El Horreya Road                                                                  Office premises

Ramleh

Alexandria

Tel: (20-3) 5863745 / 5879670 / 5879950

Fax: (20-3) 5870958

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Dr Hassan Abbass Helmi                                                            Chairman

 

Dr Sherine Hassan Abbass Helmi                                                Vice Chairman

 

Yashar Hassan Abbass Helmi                                                     Director

 

Magda El Seoufy                                                                       Director

 

Yehia Motawee                                                                          Director

 

Hesham Abd El Salam                                                               Factory Manager

 

Alaa Dewdar                                                                              Finance Manager

 

Mona Yehia                                                                               Administration Manager

 

Ahmed Adel                                                                              Human Resources Manager

 

Moustafa Mahmoud                                                                    Accounts Manager

 

Magda El Seoufy                                                                       R & D  Manager

 

Dr Mehdat Fahmy Qassim                                                          Marketing Manager

 

Ali Salaman                                                                               Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1993

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 115867, Alexandria

 

Issued Capital              : £E 25,600,000

 

Paid up Capital            : £E 25,600,000

 

Name of Shareholder (s)                                           Percentage

 

Dr Hassan Abbass Helmi                                                51.0%

 

Dr Sherine Hassan Abbass Helmi                                    19.5%

 

Yashar Hassan Abbass Helmi                                         19.5%

 

Pharco                                                                          10.0%

 

 

AFFILIATED COMPANIES

 

Ameriya Pharmaceuticals Co

Alexandria

 

European Egyptian Pharmaceuticals

Alexandria

 

Techno Pharma Egypt

Alexandria

 

Pharco B International

Alexandria

 

Kir Trading Co

Alexandria

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of soft gelatine capsules for pharmaceuticals.

 

Import Countries: India, Germany, Austria, Switzerland, Australia and the United States of America

 

International Suppliers:

 

Jimini Pharmaceuticals   India

 

Export Countries: Jordan, Tanzania, Sudan, United Arab Emirates, Oman and Libya.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 350 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 Sales                                £E 152,000,000                         £E 160,000,000

 

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

 

The above figures were provided by Mr Moustafa Mahmoud, Accounts Manager

 

 

BANKERS

 

Citibank

95, 26th July Street

Azarita

Alexandria

Tel: (20-3) 4834363 / 4840342

Fax: (20-3) 4884363

 

Banque du Caire SAE

22 Adly Street

PO Box: 1495

Cairo

Tel: (20-2) 3904554

Fax: (20-2) 3908992

 

Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

National Societe Generale Bank

240 El Karnish Road

Roushdy

Alexandria

Tel: (20-3) 5452352 / 5225580 / 5225590

Fax: (20-3) 5455715 / 5452352

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 July 2008

Credit amount                                        100,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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.62.20

UK Pound

1

Rs.96.00

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.