MIRA INFORM REPORT

 

 

Report Date :

31.10.2007

 

IDENTIFICATION DETAILS

 

Name :

ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE

 

 

Registered Office :

496 El Horreya Road, Boulkley, Ramleh, P O Box 12, Sidi Gaber, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1982

 

 

Com. Reg. No.:

221697, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and marketing of over 150 medical products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,500,000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES

                                                              CO SAE

Also Known As                                      : PHARCO PHARMACEUTICALS

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1982

Commercial Registration Number            : 221697, Alexandria

Authorised Capital                                  : £E 200,000,000

Issued Capital                                        : £E   50,000,000

Paid up Capital                                      : £E   50,000,000

Total Workforce                                     : 1,000

Line of Business                                    : Production of medical products.

Financial Condition                                 : Good

Payments                                             : Prompt

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

 

·       Dr Mohamed Ibrahim Hamza                                                  Planning Manager

 

·       Fayez El Sobky                                                                    Administration Manager

 

·       Nagi El Saif                                                                          Operations Manager

 

·       Mohamed Rakha                                                                   Export Manager

 

·       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, glycacoides, antibiotics, penicillin,  as well as pharmaceutical preparations for the cardio-vascular system and chemotherapeutic agents.

 

Subject’s agents include:

 

·       Pharco Impex                                                                                                                                                           Romania

·       International Trading Pharmaceuticals Laboratories Inc.            United States of America

·       Tunsal International Company Limited                                     Nigeria

·       Pharmaplus Pharmaceuticals & Beauty Care LTD                    Kenya

·       Ramada Trading Co                                                               Ethiopia

·       El Nasr Export Import Co                                                       Zimbabwe

·       Pharco Pharmaceuticals Uganda LTD                         Uganda

·       Medix International                                                                Malawi

·       Soprophal Spa                                                                      Algeria

·       U.M.A Line Group                                                                 Tunisia

·       Qatar Pharmacy                                                                    Qatar

·       Modern Drug Store                                                                Jordan

·       Kambal International Agencies                                               Sudan

·       Abdulrehman Algosaibi General Trading Bureau                       Saudi Arabia

·       Gulf Drug LLC                                                                       United Arab Emirates

·       Boushahri Group WLL                                                           Kuwait

·       Jaffar Pharmacy                                                                    Bahrain

·       Muttrah Pharmacy LLC                                                          Oman

·       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

·       Duphar                     Netherlands

·       Biochemee               Austria

·       Merz                        Germany

·       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 31/12/05:                Year Ending 31/12/06:

 

Total Revenue                            £E 305,470,000                         £E 338,000,000

 

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

 

·       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

 

·       Citibank

95, 26th July Street

Azarita

Alexandria

Tel: (20-3) 4834363 / 4840342

Fax: (20-3) 4884363

 

 

PAYMENT HISTORY

 

Subject’s payment record is reported to be met in a generally prompt manner.

 

Date of transaction         October 2005                 April 2006                      December 2006

Credit amount                612,000             1,000,000                      100,000

Amount overdue 0                                  0                                  0

Payment terms              60 days                         90 days                         60 days

Payment Method           Letters of Credit             Letters of Credit             Letters of Credit

Paying record                No Complaints               No Complaints               No Complaints

Currency                       Pounds Sterling             US Dollars                     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.

 

Maximum suggested credit figure: US$ 2,500,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions