MIRA INFORM REPORT

 

 

Report Date :           

07.04.2011

 

IDENTIFICATION DETAILS

 

Name :

NOVARTIS PHARMA SAE 

 

 

Registered Office :

22 El Sawah Street, El Amireya, El Matariya, P O Box 1893, Cairo 11511,: Egypt

 

 

Country :

Egypt 

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1962

 

 

Com. Reg. No.:

8011, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of human pharmaceuticals

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 1,000,000

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                                     : NOVARTIS PHARMA SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1962

Commercial Registration Number            : 8011, Cairo

Industrial Registration Number                 : 111108

Authorised Capital                                  : £E 50,000,000

Issued Capital                                        : £E 33,750,000

Paid up Capital                                      : £E 33,750,000

Total Workforce                                     : 1,240

Activities                                               : Manufacture and export of human pharmaceuticals.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

 

COMPANY NAME

 

NOVARTIS PHARMA SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 22 El Sawah Street

Area                 : El Amireya, El Matariya

PO Box             : 1893

Town                 : Cairo 11511

Country             : Egypt

Telephone         : (20-2) 22593990 / 22593991 / 22593992 / 22593996 / 22571806 / 24520209

Facsimile          : (20-2) 22574616

Email                : moustafa.hegazy@novartis.com

 

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

 

·       11011 El Sawah Street                                                                      Office premises

El Amireya, El Matariya

Cairo

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Ali Toke                                                                                       Chairman

 

·       Verner Obraly                                                                                   Director

 

·       Urs Tanner                                                                                        Director

 

·       Moustafa Abd El Wahab                                                                    Director

 

·       Amin Ibrahim                                                                                    Director

    

·       Mohamed Adel                                                                                  Technical Manager

 

·       Tarek Helmy                                                                                     IT Manager

 

·       Tarek Moain                                                                                      Finance Manager

 

·       Bassiouni Abu Seif                                                                            Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1962

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 8011, Cairo

 

Industrial Reg. No.       : 111108

 

Authorised Capital       : £E 50,000,000

 

Issued Capital              : £E 33,750,000

 

Paid up Capital            : £E 33,750,000

 

Name of Shareholder (s)                                              Percentage

 

·       Novartis International AG                                                 96%

       CH-4002 Basel
Switzerland

       Tel: (41-61) 3241111
Fax: (41-61) 3248001

 

·       Private Investors & Egyptian businessman                          4%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of human pharmaceuticals under license of Novartis Pharma,

Switzerland. Subject’s product range includes steroid preparations for ophthalmic use, catarrh preparations, haemorrhoidal preparations, eye-drops, collyriums, muscle relaxants, coronary vasodilators, anti-rheumatic preparations, asthma preparations, and anticonvulsants.

 

Import Countries: Switzerland, Germany, France, Austria, Belgium, United Kingdom and the United States of

                              America.

 

Export Countries : Switzerland, Venezuela, Brazil, Nicaragua, Chile and Nigeria

 

Brand Names: CIBA GEIGY and ZYMA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,240 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 291,000,000                         £E 300,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       The Nile Bank

35 Ramses Street

     Abdel Moneim Riyad Square

     Cairo

     Tel: (20-2) 25743502 / 25741417

     Fax: (20-2) 25756296

 

·       Egyptian American Bank

4 & 6 Hassan Sabri

Zamalek

PO Box: 1825

Cairo

Tel: (20-2) 33416150

Fax: (20-2) 33420265

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

·       Arab African International Bank

5 El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 33545094

     Fax: (20-2) 33558493

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.72.25

Euro

1

Rs.63.09

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.