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MIRA
INFORM REPORT
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Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEDICAL UNION
PHARMACEUTICALS CO SAE (MUP) |
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Registered Office : |
36 Dr Mohamed Hassan El Gamal Street, 6th District, Nasr
City, P O Box 7010, Cairo 11768 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
13363, Ismailia |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and
Preparation pf Pharmaceutical Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,750,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MEDICAL UNION PHARMACEUTICALS CO SAE (MUP)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1984
Commercial Registration Number : 13363, Ismailia
Authorised Capital : £E 400,000,000
Issued Capital : £E 313,386,000
Paid up Capital : £E 313,386,000
Total Workforce : 1050
Line of Business : Manufacture and preparation of pharmaceutical products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MEDICAL UNION
PHARMACEUTICALS CO SAE (MUP)
ADDRESS
Registered & Physical Address
Street : 36 Dr Mohamed Hassan El Gamal Street
Area : 6th District, Nasr City
PO Box : 7010
Town : Cairo 11768
Country : Egypt
Telephone : (20-2) 2709324 / 2709316 / 2709535 / 2726169
Facsimile : (20-2) 2709315
Email : hr@mupeg.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Suburban
Business Area of Cairo.
Branch Office (s)
Location Description
·
Abou Sultan Owned
factory premises
PO Box: 523
Ismailia
Tel: (20-64) 400822 / 400823 /
400893
Fax:
(20-64) 400363
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8 Dr Mohamed Awad Street Sales
Office
6th District, Nasr City
Tel:
(20-2) 2719460
·
Pharmacists Building No. 1 Sales Office
Galal Al Desouky Street
Wabour
Al Meah
Alexandria
Tel:
(20-3) 4264905 / 4264907
·
Ahmed Galal Street Sales Office
Mansoura
Tel:
(20-50) 320140 / 320141
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Takseem Shauna Al Namees Street Sales Office
Assiutt
Tel:
(20-88) 300237
Fax:
(20-88) 300238
KEY PRINCIPALS
·
Dr. Zakaria Ibrahim Gad Chairman
·
Hedar Ahmed El Hawary Finance
Manager
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Dr. Hussein Soliman Sales
Manager
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Dr. Ali Mahmoud Taha Marketing
Manager
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Dr. Mahmoud El Shazly Factory
Manager
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Said El-Kamhawy Administration
Manager
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Dr. Ikram Abu Gabal Planning
Manager
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Mohamed Maher El Adawi Export
Manager
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Dr. Mahfouz Kassem R
& D Manager
·
Labiba Shahin Public
Relations Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1984
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 13363, Ismailia
Authorised
Capital : £E 400,000,000
Issued Capital : £E 313,386,000
Paid up Capital : £E 313,386,000
Name of Shareholder
(s) Percentage
·
Arab Drugs & Medical Industries 40.63%
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Industrial Development Bank of Egypt 13.87%
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Medical Pension Fund 10.77%
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Medical Professions Investment 10.61%
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Joint Arab International Investment 10.01%
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Nomas Trade Establishment 5.05%
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Saudi Egyptian Investment & Finance 2.52%
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Suez Canal Authority 1.51%
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Private Investors 5.03%
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 preparation
of pharmaceutical products for the cardio-vascular system, central autonomic
nervous system, anaesthetics, metabolism, nutrition, alimentary system,
urology, dermatology, gynaecology and obstetrics.
Subject acquired the ISO 9001 Certificate from the British Standards Institute (BSI) in 1996.
Import Countries
: Spain, Switzerland,
Italy, Germany, United Kingdom, and France.
International
Suppliers :
·
Almirall
Prodesfarma SA Spain
·
Mepha AG Switzerland
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Recordati SpA Italy
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Hermal GmbH Germany
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Smithkline
Beecham United Kingdom
·
Pierre Fabre
SA France
Export Countries
: Subject exports to over
20 countries, including Iran, Algeria, Sudan, United Arab Emirates,
Saudi Arabia, Yemen, Libyan Arab Jamahiriya, Iraq, Switzerland and other
European nations.
Operating Trend
: Steady
Subject has a
workforce of approximately 1050 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year Ending 31/12/04: Year Ending 31/12/05: Year Ending 31/12/06:
Sales £E 405,000,000 £E 456,494,000 £E 511,000,000
Net Profit £E
45,734,000 £E 84,234,000 £E
101,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Bank of
Alexandria
Main Branch
Cairo
Tel : (20-2) 4824056 / 4836073
Fax : (20-2) 4837468
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
·
Arab Bank
PO Box: 68
Cairo
Tel : (20-2) 3029069 / 3029070
Fax : (20-2) 3029068
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American
Express Bank Ltd
PO Box : 1824
Cairo
Tel : (20-2) 3608228
Fax : (20-2) 3608227
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction September 2004 November 2005
Credit amount 100,000 170,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Medical Union
Pharmaceuticals Co SAE (MUP) has been in business for approximately 23 years
and has made significant progress over the years. It now has a product range of
over 85 items that are exported to more than 20 countries throughout the world.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is good. As such we are of the opinion that the subject is
a fair trade risk and the above credit figure is within subject’s financial
means.
Maximum suggested
credit figure: US$ 1,750,000
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%)