MIRA INFORM REPORT

 

 

Report No. :

323368

Report Date :

21.05.2015

 

IDENTIFICATION DETAILS

 

Name :

MASH FOR PHARMACEUTICAL & COSMETICS INDUSTRIES CO SAE

 

 

Registered Office :

Villa No. 131, Street No. 36, El Hay El Awal, 4th District, 5th Settlement, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

2001

 

 

Com. Reg. No.:

2940

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of medical preparations, cosmetics, skin care products, shampoo and shaving creams.

 

 

No. of Employees :

400

 

 

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                                    : MASH FOR PHARMACEUTICAL & COSMETICS INDUSTRIES CO

  SAE

Also Known As                                     : MASH PREMIERE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Start Date                                             : 1990

Registration Date                                  : 2001

Commercial Registration Number           : 2940, Cairo

Tax Card Number                                  : 205-125-875

Issued Capital                                       : £E 4,500,000

Paid up Capital                                     : £E 4,500,000

Total Workforce                                     : 400

Activities                                               : Manufacturers of medical preparations, cosmetics, skin care products,

                                                              shampoo and shaving creams.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Ismail, Accounts Manager

 

 

COMPANY NAME

 

MASH FOR PHARMACEUTICAL & COSMETICS INDUSTRIES CO SAE

 

 

ALSO KNOWN AS

 

MASH PREMIERE

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Villa No. 131

Street               : Street No. 36

Area                 : El Hay El Awal, 4th District, 5th Settlement

Town                : Cairo

Country             : Egypt

Telephone         : (20-2) 26171049

Facsimile          : (20-2) 26171049

Mobile              : (20-12) 00007971 / 00003010 / 00007070 / (20-100) 2143337 / 2143540 / 3596451

Email                : sale@mashpharma.com / egypt@mashpharma.com / egypt@mashpremiere.net

                          materials@mashpharma.com

 

Please note that subject’s previous address was, 9 Abou El Kassem El Mahdy Street, 7th District, Nasr City, Cairo. It moved to the above address in February 2015.

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                   Description

 

3rd Industrial Zone, Plot No. 54/2                                                Factory premises

Cairo Ismailia Road

Badr City

Cairo

Tel: (20-2) 28641775 / 28606028

Fax: (20-2) 28641775

 

Alexandria                                                                                 Office premises

Tel: (20-3) 5430605

Fax: (20-3) 5439614

 

Mansoura                                                                                  Office premises

Tel: (20-50) 2286180

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mahmoud El Hendawy                                                               Chairman

 

Dr Sayed El Hendawy                                                                Managing Director

 

Ali El Hendawy                                                                          Factory Manager

 

Mohamed Ismail                                                                        Accounts Manager

 

Dr Houda El Basyouni                                                               Purchasing Manager

 

Shayma Samir                                                                           Purchasing Officer

 

Hassan Mahmoud Ahmed                                                          Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1990

 

History : Subject began in 1990 as a Limited Partnership, however it changed legal form and became an Egyptian Joint Stock Company in 2001.

 

Legal Form      : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 2940, Cairo

 

Tax Card No.    : 205-125-875

 

Issued Capital              : £E 4,500,000

 

Paid up Capital            : £E 4,500,000

 

Name of Shareholder (s)                                           Percentage

 

Hany Shaalan                                                                25.0%

 

Ayman Badr                                                                  25.0%

 

Mahmoud El Hendawy                                                   22.5%

 

Dr Sayed El Hendawy                                                    22.5%

 

Ali El Hendawy                                                                5.0%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of medical preparations, cosmetics, skin care products, shampoo and shaving creams.

 

Import Countries: China, France and India.

 

International Suppliers:

 

Analtec Labs                 India

SMS Pharmaceuticals    India

 

Brand Names: MASH

 

Export Countries: Kuwait, Sudan, Saudi Arabia and Yemen.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 employees. Subject’s employee figure can fluctuate up to 500 depending on production requirements.

 

 

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 66,700,000                           £E 70,000,000

 

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

 

The above figures were provided by Mr Hassan Mahmoud Ahmed, Financial Controller

 

 

BANKERS

 

Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

ABC Bank

111 Al Gomhorya Street

Mansoura

Acc No. 1699670473020018

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that local correspondents spoke to Mr Hassan Mahmoud Ahmed, Financial Controller who confirmed the name of the subject and that it was also known as “Mash Premiere”.

 

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.63.87

UK Pound

1

Rs.98.89

Euro

1

Rs.70.73

 

 

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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