MIRA INFORM REPORT

 

 

Report No. :

302081

Report Date :

14.01.2015

 

IDENTIFICATION DETAILS

 

Name :

MEIVO INTERNATIONAL FOR MANUFACTURE

 

 

Registered Office :

15 Kamal El Shafeii Street, Saphire Square, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1995

 

 

Com. Reg. No.:

137914

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the Manufacture of Pharmaceuticals.

 

 

No. of Employee :

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

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                                    : MEIVO INTERNATIONAL FOR MANUFACTURE

Also Known As                                     : MEIVO INTERNATIONAL FOR PHARMACEUTICALS INDUSTRY

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1995

Commercial Registration Number           : 137914, Alexandria

Tax Card Number                                  : 705-997-146

Issued Capital                                       : £E 50,000,000

Paid up Capital                                     : £E 50,000,000

Total Workforce                                     : 100

Activities                                               : Manufacturers of pharmaceuticals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Mohi El Din, Finance Manager

COMPANY NAME

 

MEIVO INTERNATIONAL FOR MANUFACTURE

 

 

ALSO KNOWN AS

 

MEIVO INTERNATIONAL FOR PHARMACEUTICALS INDUSTRY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 15 Kamal El Shafeii Street, Saphire Square

Area                 : Heliopolis

Town                : Cairo

Country             : Egypt

Telephone         : (20-2) 24195188

Facsimile          : (20-2) 24156441

Mobile              : (20-12) 24476669

Email                : info@meivointernational.com / hrrepharma@hotmail.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

 

2 Marco Antoine Street                                                                          Office premises

Alexandria

Tel: (20-3) 4869870

 

Borg El Arab El Gadidah                                                                       Factory premises

2nd Industrial Area, Block 22, Part 2

Alexandria

Tel: (20-3) 5411328 / 4599010

Fax: (20-3) 4599015

 

 

KEY PRINCIPALS

 

 

Name                                                                                       Position

 

Dr Abd El Mohsen Soliman                                                        Chairman

 

Mohamed Mahmoud El Soury                                                    Managing Director

 

Abd Allah Abd El Razek Abd Allah                                             Director

 

Adel Ali Abd El Mkksoud                                                           Director

 

Mohamed Mohamed Moustafa El Azizy                                      Director

 

Ola Gamal Mohamed                                                                 Director

 

Rojih Fares Saada                                                                     Director

 

Mohamed Mohi El Din                                                               Finance Manager

 

Edward Doghisian                                                                     Marketing Manager

 

Dr Ahmed Ali Hussein                                                                Administration Manager

 

Hanan Hussain                                                                          Human Resources Manager

 

Dr Tariq Mahran                                                             Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1995

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 137914, Alexandria

 

Tax Card No.    : 705-997-146

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)                                   Percentage

 

Meivo Holding                                                   52.48%

Lebanon

 

Dr Abd El Mohsen Soliman                                ]                                                                      

                                                                        ]

Mohamed Mahmoud El Soury                            ]                                              

                                                                        ]

Abd Allah Abd El Razek Abd Allah                     ]                                              

                                                                        ]

Adel Ali Abd El Mkksoud                                   ]                                  

                                                                        ]           47.52%

Mohamed Mohamed Moustafa El Azizy              ]                                              

]

Ola Gamal Mohamed                                         ]                                  

]

Rojih Fares Saada                                             ]

                                                                        ]

Other shareholders                                            ]

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

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 14,451,646                           £E 16,800,000

 

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

 

The above figures were provided by Mr Mohamed Mohi El Din, Finance Manager

 

 

BANKERS

 

 

National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

 

HSBC Bank

53 Al Manial Al Gharbi

Cairo

Tel: (20-2) 23611152

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.10

UK Pound

1

Rs.94.10

Euro

1

Rs.73.42

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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