MIRA INFORM REPORT

 

 

Report No. :

337971

Report Date :

02.09.2015

 

IDENTIFICATION DETAILS

 

Name :

PHARMED HEALTHCARE COMPANY SAE

 

 

Registered Office :

Plot No. 1135, 7 Mostafa Rafaat Street, Heliopolis, Sheraton El Nozha, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

2011

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of Antiviral Drugs and Pharmaceutical Products.

 

 

No. of Employees :

45

 

 

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 – 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

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 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

 

 

SUMMARY

 

Company Name                                    : PHARMED HEALTHCARE COMPANY SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 2011

Issued Capital                                       : £E 1,000,000

Paid up Capital                                     : £E 1,000,000

Total Workforce                         : 45

Activities                                               : Manufacturers of antiviral drugs and pharmaceutical products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Dr Mohamed Mabrouk Mitwally, Managing Director

COMPANY NAME

 

PHARMED HEALTHCARE COMPANY SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Plot No. 1135

Street               : 7 Mostafa Rafaat Street

Area                 : Heliopolis, Sheraton El Nozha

 

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 22669234 / 22669233 / 37611242

Facsimile          : (20-2) 37611247

Email                : mabrouk@pharmedh.com / office.manager@pharmedhc.com / info@pharmedhc.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       7th Industrial Zone                                                                             Factory premises

Plot No. 7182 & 7184

Sadat City

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Mohamed Mabrouk Mitwally                                                          Managing Director

 

·       Alaa Burhan                                                                                      Director

 

·       Nada                                                                                                Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2011

 

Legal Form                  : Egyptian Joint Stock Company

 

Issued Capital              : £E 1,000,000

 

Paid up Capital            : £E 1,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Hetero Drug Ltd                                                              51%

Hyderabad

India

 

·       Dr Mohamed Mabrouk Mitwally                                  ]

                                                                              ]     49%

·       Alaa Burhan                                                              ]

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of antiviral drugs and pharmaceutical products. Subject’s manufacturing is through a third party, they will launch their own manufacturing during last quarter of 2015

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 45 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 18,220,000                           £E 18,750,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Cairo Far East Bank SAE

PO Box: 757

Cairo

Tel: (20-2) 33713554 / 33710280

Fax: (20-2) 33483818

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.26

UK Pound

1

Rs.101.99

Euro

1

Rs.74.79

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

NIT

 

 

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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