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Report No. : |
348720 |
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Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SERVIER EGYPT INDUSTRIES LTD |
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Registered Office : |
67 El Horreya Street, Area : Heliopolis, PO Box : 112, Cairo 12566 |
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Country : |
Egypt |
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Year of Establishment : |
1985 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Manufacturers of pharmaceuticals and drugs |
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No. of Employee : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of a foreign registered corporation |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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.
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Source
: CIA |
Company Name :
SERVIER EGYPT INDUSTRIES LTD
Country of Origin :
France
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
1985
Total Workforce :
350
Activities :
Manufacturers of pharmaceuticals and drugs.
Financial Condition :
Undetermined
Payments :
No Complaints
Person Interviewed :
Hani Hosny, Financial Controller
SERVIER EGYPT
INDUSTRIES LTD
Street : 67 El
Horreya Street
Area : Heliopolis
PO Box : 112
Town : Cairo 12566
Country : Egypt
Telephone : (20-2) 38330723
/ 38334012 / 22906077 / 22906088
Facsimile : (20-2)
26902057
Email : hr@servier.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 6th of October City Factory
premises
Tel: (20-2) 38200321 / 38330709
Name Position
· Gerar Charle General Manager
· Nagi Abdul Malik Finance
Manager
· Hesham Abdul Assistant
Finance Manager
· Hani Hosny Financial
Controller
· Dr George Attallah Business
Development Manager
· Susan Hakim Human
Resources Manager
Date of
Establishment : 1985
Legal Form : Subject is the
Egyptian registered branch of Servier International, a Limited Liability
Company incorporated in France.
Servier Egypt Industries Ltd in Egypt,
operates as a Branch of a Foreign Registered Corporation.
A Branch of a Foreign Registered
Corporation is not a legal entity in its own right. Responsibility for payments lays in the
hands of the company where it is originally
registered. It is basically an extension of an existing company abroad
and does not require a local
partner or sponsor.
Under these circumstances, we strongly
advise that any international trade credit should
only be written under the name of the main
company where the subject holds its registered office, in this case France.
Activities: Engaged in the manufacture of pharmaceuticals and drugs.
Import Countries: France
Subject has a workforce of approximately 350 employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel: (20-2)
33912711 / 33912106
Fax: (20-2)
33919779
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.34 |
|
|
1 |
Rs.100.03 |
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Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.