MIRA
INFORM REPORT
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Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ISLAMIC PHARMACEUTICALS CHEMICALS &
MEDICAL SUPPLIES CO SAE |
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Registered Office : |
496 El
Horreya Road, Boulkley, Ramleh, PO Box: 12, Sidi Gaber, Alexandria, Egypt |
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Country : |
Egypt |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
221697, Alexandria |
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Legal Form : |
Societe
Anonyme Egyptienne - SAE (Egyptian Joint Stock Company) |
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Line of Business : |
Manufacturer and Marketing of over 150 medical products, including carbohydrates, proteins and enzymes, barbiturates, sulphonamides, glycosides, antibiotics, penicillin, as well as pharmaceutical preparations for the cardio-vascular system and chemotherapeutic agents. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 2,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE |
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Also Known As |
PHARCO PHARMACEUTICALS |
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Country of Origin |
Egypt |
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Legal Form |
Egyptian Joint Stock Company |
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Registration Date |
1982 |
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Commercial Registration Number |
221697, Alexandria |
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Authorised Capital |
£E 200,000,000 |
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Issued Capital |
£E 50,000,000 |
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Paid up Capital |
£E 50,000,000 |
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Total Workforce |
1,000 |
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Line of Business |
Production of medical products. |
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Financial Condition |
Good |
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Payments |
Prompt |
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Operating Trend |
Steady |
COMPANY NAME
ISLAMIC
PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE
ALSO KNOWN AS
PHARCO
PHARMACEUTICALS
ADDRESS
Registered & Physical Address
Street : 496 El Horreya Road
Area : Boulkley, Ramleh
PO Box : 12, Sidi Gaber
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5823745 / 5821999 / 5839670
Facsimile : (20-3) 5830958
Email : pharco@pharco.com.eg
Premises
Subject
operates from a large suite of offices that are owned and located in the
Central Business Area of
Alexandria.
Branch Office (s)
Location Description
·
Alexandria-Cairo
Desert Road, Km-31, Plot 8-15 Owned
factory premises
Amreya
Alexandria
Tel : (20-3) 4480440 / 4480720 / 44800130 / 4480140
Fax : (20-3) 4480730 / 4486560
·
2
El Gomhoureya Square Rented
office premises
Hadayek El Qobba
Cairo
Tel :
(20-2) 3920845 / 3920529
KEY PRINCIPALS
·
Dr
Hassan Abbas Helmi Managing
Director
·
Dr
Sherine Hassan Abbas Helmi Director
·
Yasha
Abbas Helmi Director
·
Abdel
Moneim El Toukhi Director
·
El
Prince Mahmoud Tawfik Finance
Manager
·
Abdel
Hamza Engineering
Manager
·
Mohamed
Youssef Projects
Manager
·
Mamdouh Abbas Ibrahim Factory
Manager
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Dr
Mohamed Ibrahim Hamza Planning
Manager
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Fayez
El Sobky Administration
Manager
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Nagi
El Saif Operations
Manager
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Mohamed
Rakha Export
Manager
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Ahmed
El Sayed Ahmed El Shahawi Maintenance
Manager
·
Diaa
El Din Ibrahim Branch
Manager – Cairo
LEGAL FORM & OWNERS
Date of Establishment : 1982
Legal Form : Societe Anonyme Egyptienne - SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 221697, Alexandria
Authorised
Capital : £E 200,000,000
Issued
Capital : £E 50,000,000
Paid
up Capital : £E 50,000,000
Name of Shareholder (s)
·
Dr
Hassan Abbas Helmi
·
Dr
Sherine Hassan Abbas Helmi
·
Yasha
Abbas Helmi
·
Faisal
Islamic Bank of Egypt
1113 Cornich El Nil Street
Cairo
Tel : (20-2) 753165 / 753109
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.
LINE OF BUSINESS
Operations :
Engaged in the manufacture and marketing of over 150 medical products,
including carbohydrates, proteins and enzymes, barbiturates, sulphonamides, glycosides,
antibiotics, penicillin, as well as
pharmaceutical preparations for the cardio-vascular system and chemotherapeutic
agents.
Subject’s
agents include:
·
International
Trading Pharmaceuticals Laboratories Inc. United
States of America
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Tunsal
International Company Limited Nigeria
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Pharmaplus
Pharmaceuticals & Beauty Care LTD Kenya
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Ramada
Trading Co Ethiopia
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El
Nasr Export Import Co Zimbabwe
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Pharco
Pharmaceuticals Uganda LTD Uganda
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Medix
International Malawi
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Soprophal
Spa Algeria
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U.M.A
Line Group Tunisia
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Qatar
Pharmacy Qatar
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Modern
Drug Store Jordan
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Kambal
International Agencies Sudan
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Abdulrehman
Algosaibi General Trading Bureau Saudi
Arabia
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Gulf
Drug LLC United
Arab Emirates
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Boushahri
Group WLL Kuwait
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Jaffar
Pharmacy Bahrain
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Muttrah
Pharmacy LLC Oman
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Al
Fath Trading Co Yemen
Import
Countries :
Germany, France, Italy, the Netherlands, Austria and the United States of America.
Principal
Suppliers:
·
Mead
Johnson United States of America
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Duphar Netherlands
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Biochemee Austria
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Merz Germany
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Latema France
Export
Countries :
Subject exports to over 30 countries covering Africa, the Middle East, Europe
and the United States of America.
Operating
Trend : Steady
Subject
has a workforce of approximately 1,000 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Egyptian Pound (£E)
Year
Ending 31/12/04: Year
Ending 31/12/05:
Total
Revenue £E
284,890,000 £E
305,470,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
Faisal
Islamic Bank of Egypt
7 Victor Pasilly Street
El Azareta
Alexandria
Tel :
(20-3) 4911653
·
Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel :
(20-3) 4824643 / 4834255
Fax :
(20-3) 4832240
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National
Societe Generale Banque SAE
Evergreen Building
10 Talaat Harb Street
PO Box : 2664
Cairo
Tel :
(20-2) 5749376
Fax :
(20-2) 5776249
·
Banque
du Caire SAE
Sesostris
Branch
1 Hagar El Newateyah Street
Alexandria
Tel:
(20-3) 5744532
PAYMENT HISTORY
Subject’s
payment record is reported to be met in a generally prompt manner.
Date of
transaction October 2005 April 2006
Credit
amount 612,000 1,000,000
Amount
overdue 0 0
Payment
terms 60 days 90 days
Payment
Method Letters of Credit Letters of Credit
Paying
record No Complaints No Complaints
Currency Pounds
Sterling US
Dollars
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000
Pharco Pharmaceuticals is one of the largest Egyptian companies in the field of pharmaceutical products, and was ranked as the second best selling Egyptian pharmaceutical company in 2000, with exports being sent to over 30 countries.
The company was established in 1982 and has a good reputation for the quality of its products. The operating history is clear with payment obligations met in a generally prompt manner. Local sources report that the subject would not enter into financial transactions it could not see its way clear to fulfil and as such the above credit figure is deemed admissible.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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