MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLAXO SMITHKLINE EGYPT |
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Registered Office : |
1
Amoun Street, Ard El Baraka, El
Salam City, PO Box 30001, Cairo 11491 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
208407, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture, Marketing
and Export of Pharmaceutical Products |
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$ 2,000,000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GLAXO SMITHKLINE EGYPT
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1981
Commercial Registration Number : 208407, Cairo
Issued Capital : £E 834,014,200
Paid up Capital : £E 834,014,200
Total Workforce : 1,200
Activities : Manufacture, marketing and export of pharmaceutical products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
COMPANY NAME
GLAXO SMITHKLINE EGYPT
ADDRESS
Registered & Physical Address
Street : 1
Amoun Street
Location : Ard El Baraka, El Salam City
PO Box : 30001
Town : Cairo 11491
Country : Egypt
Telephone : (20-2) 22777124
/ 22777000
Facsimile : (20-2) 22777001
/ 26185002
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Cairo.
Branch Office (s)
Location Description
·
Boomerang
Bldg., No.46, Block J Rented
Scientific Office
5th
District, Nasr City
Cairo
Tel: (20-2)
26185000
Fax: (20-2)
26185001
·
1 Khaled Ibn El Walid Street Rented
Scientific Office
Masken Sheraton
Cairo
Tel:
(20-2) 26860334/5/6
·
89 Gameat El Dewal El Arabia Street Rented
Scientific Office
Mohandessin, Giza
Cairo
Tel:
(20-2) 3367501 / 3367502 / 3367503
Fax:
(20-2) 3388218 / 3388237
·
8 Ahmed Farid Street Rented
Scientific Office
Alexandria
Tel: (20-3) 5803878 / 5803884
Fax: (20-3) 5875588
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23 Kaiem Makam Batal
Ahmed A. El Aziz Street Distribution
Centre
Kafr Abdu
Alexandria
Tel:
(20-3) 5427617
Fax:
(20-3) 5428850
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Dr. Adel Denour Building Rented
Scientific Office
Mansoura
Dakahleya
Tel:
(20-50) 2294572 / 2294573 / 2294574
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Villa El Toshky Rented
Scientific Office
49 El Gomhoureya Street
Sohag
Tel:
(20-93) 2323130 / 310146
Fax:
(20-93) 2313755
KEY PRINCIPALS
Name Position
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Dr. Amr Mamdouh Chairman
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Fouad
Ben Ghalem Director
·
Mounir
Ghabbour Director
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Tharwat
Abd El Shaheed Director
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Afdal
Naguib Director
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Omar
El Asar Director
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Philip
Jan Mark Director
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Dr.
Farid Mansour Director
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Mansour Manay Finance
Manager
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Amr Mariey Technical
Manager
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Adel
Darwish Factory
Manager
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Azza
Rostom Production
Manager
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Hamdy
Zaki Planning
Manager
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Tarek Abd El Khalek Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : 1981
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 208407, Cairo
Industrial Reg. No. : 26750
Authorised
Capital : £E 1,000,000,000
Issued Capital : £E
834,014,200
Paid up Capital : £E 834,014,200
Name of Shareholder (s) Percentage
·
Glaxo Smithkline Plc 91.20%
United Kingdom
·
National
Societe Generale Bank 5.89%
5 Champollion Street
Cairo
Tel: (20-2) 27707777
Fax: (20-2) 27707799
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Private investors 2.91%
OPERATIONS
Activities: Engaged in the manufacture, marketing and export
of pharmaceutical products, including vitamins,
hormones and organ extracts, pharmaceutical
preparations for the cardiovascular system, central and autonomic nervous
system, anaesthetics, eye ointments, ophthalmic preparations, throat sprays,
antacids and preparations for gastric ulcers, plasma substitutes and inhalants.
Import
Countries: United Kingdom
Export
Countries: Saudi Arabia,
Kuwait, Lebanon, and the United Arab Emirates
Operating Trend: Steady
Subject has a
workforce of approximately 1,200 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/07:
Total Sales £E 409,898,506
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
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HSBC Bank Egypt SAE
Abu El Feda Building
3 Abu El Feda Street
Zamalek
Cairo
Tel: (20-2) 7359286 / 7354849
Fax: (20-2) 7361457
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction April
2005
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Glaxo Smithkline Egypt was established in 1981 and
has become a market leader in Egypt for the manufacture,
marketing and export of pharmaceutical products. It has licence agreements with
several well known British producers such as Suppravite, Haemoton, Florest,
Apimol and Ablazine.
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 company is
considered to be a fair trade risk and the above credit figure is within
subject’s financial means.
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. |
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%)