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MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
EGYPTIAN INTERNATIONAL
PHARMACEUTICAL INDUSTRIES CO SAE (EIPICO) |
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Registered Office : |
4 Ahmed Shafik
Street, Corniche El Nil, Shoubra, P O Box 22, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
11116, Ismailia |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Producers of pharmaceuticals. |
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$ 4,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EGYPTIAN INTERNATIONAL PHARMACEUTICAL
INDUSTRIES CO SAE (EIPICO)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Start Date : 1982
Registration Date : March 1985
Commercial Registration Number : 11116, Ismailia
Ind. Registry Number : 0053380
Issued Capital : £E 721,000,000
Paid up Capital : £E 721,000,000
Total Workforce : 2,000
Line of Business : Production of pharmaceuticals
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
COMPANY NAME
EGYPTIAN
INTERNATIONAL PHARMACEUTICAL INDUSTRIES CO SAE (EIPICO)
ADDRESS
Registered & Physical Address
Street : 4 Ahmed Shafik Street
Area : Corniche El Nil, Shoubra
PO Box : 22
Town : Cairo
Country : Egypt
Telephone : (20-2) 2037149 / 2037019 / 2037333 /
2035265
Facsimile : (20-2) 2220534 / 2037534
Email : eipico@rite.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
·
Osman Ibn
Affan Street Office
& factory premises
Industrial Area B1
Sharkeya
PO Box : 149
10th of Ramadan City
Tel : (20-15) 364378 / 363480 / 361663
Fax : (20-15) 364377
·
2 Wagih Bacha
Street Office
& Distribution centre
Ganaclis
Alexandria
Tel : (20-3) 5866974 / 5706974
Fax : (20-3) 5703688
·
3 Ledin El
Moaez Street Laboratory
& Testing facilities
Asmaa Fahmy, Golf Area, Nasr City
Cairo
Tel : (20-2) 4143660 / 4143770
Fax : (20-2) 4143800
·
Rawafie Al
Kousair Office
& Distribution centre
South Souhag
PO Box : 64
Souhag
Tel : (20-93) 330465
Fax : (20-93) 330462
·
Mohamed Farid
Street Office
& Distribution centre
Tanta
Gharbeya
Tel: (20-40) 3335924
Fax: (20-40) 3335926
·
13 El Emam El
Ghazaly Street Office
& Distribution centre
Mansoura
Dakahleya
Tel: (20-50) 326211
Fax: (20-50) 326211
KEY PRINCIPALS
·
Dr Ahmed
Borhan El Din Ismail Managing
Director
·
Ahmed Ahmed
Abd El Gayed Finance
Manager
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Dr. Abdallah
Desouky Administration
Manager
·
Dr. Mahmoud
Hamdy Tawfik Commercial
Manager
·
Dr. Mohamed Farouk
Essmat Export
Manager
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Dr. Omar El
Ahamdy Eissawy Research
& Development Manager
·
Elahm Fahmy Public
Relations Manager
LEGAL FORM &
OWNERS
Date of Establishment : Subject’s
operations date back to 1982, however it was registered in March 1985.
Legal Form :
Societe Anonyme Egyptienne
- SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 11116,
Ismailia
Ind. Registry No. :
0053380
Issued Capital : £E 721,000,000
Paid up Capital : £E 721,000,000
Name of Shareholder (s) Share
Value
Percentage
·
Arab Co for
Drug Industries & Medical Appliances (ACDIMA) £E 11,382,000 27.1 %
24 El Fawala Street
Cairo
Tel : (20-2) 3914576
·
Medical Union
Syndicate Inv. Co. £E 1,470,000 3.5 %
·
Employees
& Employees Fund £E 2,478,000 5.9 %
·
Local Banks
& Insurance Companies £E
16,968,000 40.4 %
·
Egyptian
businessmen & private investors £E 9,702,000 23.1 %
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 : EIPICO produces 166 different products covering 24 therapeutic groups. The main line of products focuses on prescribed drugs. Of these products 32 percent are produced under licence from international pharmaceutical companies. The therapeutic groups are :
1.
Anaesthetics
2.
Analgesics,
Antipyretics & Antirheumatics
3.
Anthelmintics
& Schistosomicides
4.
Anti-infectives
5.
Antidyesntrics
and Enterostatics
6.
Antihistaminics
7.
Antimalarial
Drugs
8.
Blood
substitutes and restoratives
9.
Cardiacs and
Vascularetics
10.
Cathartics
(laxatives)
11.
Cholinergic
Muscle Stimulants
12.
Acting Drugs
(Cns)
13.
Dermatologicals
14.
Endocrine
system drugs
15.
Gastrointestinal
drugs
16.
Lipotropics
& Geriatrics
17.
Opthalmics
18.
Orodentals
19.
Otic
preparation
20.
Pulmonics
21.
Spasmolytics
22.
Urologics
23.
Vaginetics
24.
Vitamins and
Minerals
Subject is ISO 9001 & ISO 14001 accredited.
In 1996 the company completed the erection of its expansion project which started production in February 1996 at a total cost of £E 82 million and added 70 percent to the surface of the company’s production area. The expansion was self financed and added 25 products to the local market and enabled the company to have room for production of updated and sophisticated products especially in the sterile area.
During 2002 subject completed work on expansion to its existing factory in the 10th of Ramadan City. The project increased the production facilities by an area of 37,500 square metres.
Principal Agents
for :
Smith Kline Beecham United States of
America
Roche Switzerland
Merck Sharp &
Dohme United
States of America
Upjohn United
States of America
Allergan United
States of America
Serono Italy
Lilly United
Kingdom
Riker United
Kingdom
Rhone Poulenc France
Hek Pharma Germany
Pharmacia Sweden
Biogena Denmark
Shing Poong South
Korea
Import Countries : Germany, the United Kingdom,
Switzerland, France, Denmark, Sweden, Italy, the United States of America and
South Korea.
Export Countries : Subject exports to over 30 countries
worldwide, including Benin, Eritrea, Nigeria, Cameroon, Ethiopia, Uganda, Chad,
Kenya, Sudan, Djibouti, Libya, Tunisia, Romania, Russia, Ukraine, Azerbaijan,
Kuwait, Saudi Arabia, Bahrain, Oman, Syria, Iraq, Pakistan, United Arab
Emirates, Jordan, Palestine, Uzbekistan, Kazakhstan, Qatar and Yemen.
Operating Trend
: Steady
Subject has a
workforce of approximately 2,000 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 482,000,000 £E 500,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National Bank
of Egypt
24 Sherif Street
Cairo
Tel : (20-2) 3924175
Fax : (20-2) 3924143
·
Banque du
Caire SAE
22 Adly Street
PO Box : 1495
Cairo
Tel : (20-2) 3904554
Fax : (20-2) 3908992
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
PAYMENT HISTORY
Subject’s payment
record is reported to be met in a generally prompt manner.
Date of transaction September 1999 August 2006
Credit amount 150,000 2,175,000
Amount overdue 0 0
Payment terms 60
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record Prompt No
Complaints
Currency Pounds
Sterling Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000
EIPICO has expanded
to become the largest pharmaceutical company in Egypt commanding an
8 percent share of
the local market and nearly 25 percent contribution of the total Egyptian
export of drugs.
Nothing detrimental
has been heard regarding subject’s financial commitments, payment obligations
are reported to be handled in a prompt and timely manner, and the company is
deemed a sound trade risk. As such the above credit figure is deemed
admissible.
Maximum suggested
credit figure: US$ 4,000,000
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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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%)