MIRA INFORM REPORT

Report Date :

07.04.2011

IDENTIFICATION DETAILS

Name :	SOUTH EGYPT DRUG INDUSTRIES SAE (SEDICO)
Registered Office :	1^st Industrial Zone, Plot No. 43/44, 20 Abdou Sallam Street, P O Box 43, 6^th October City 12566
Country :	Egypt
Financials (as on) :	31.12.2010
Year of Establishment :	1986
Com. Reg. No.:	76676, 6^th of October City
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Manufacturers of pharmaceutical preparations

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 3,000,000
Status :	Good
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 : SOUTH EGYPT DRUG INDUSTRIES SAE (SEDICO)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 1986

Commercial Registration Number : 76676, 6^th of October City

Issued Capital : £E 223,768,000

Paid up Capital : £E 223,768,000

Total Workforce : 1,600

Activities : Manufacturers of pharmaceutical preparations.

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 3,000,000

COMPANY NAME

SOUTH EGYPT DRUG INDUSTRIES SAE (SEDICO)

company address

Registered & Physical Address

Location : 1^st Industrial Zone, Plot No. 43/44

Street : 20 Abdou Sallam Street

PO Box : 43

Town : 6^th October City 12566

Country : Egypt

Telephone : (20-2) 38331590 / 38331591 / 38331592

Facsimile : (20-2) 38331593 / 38332492 / 38341522

Mobile : (20-10) 5224919 / 6022777

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of 6^th of October City.

Branch Office (s)

Location Description

· 3 El Khalifa Street Office premises

El Andalos

Pyramids

Giza

Cairo

Tel: (20-2) 35852319 / 35861778

Fax: (20-2) 35852319

· Ismailia Square Office premises

3 El Emam Aly Street

Heliopolis

Cairo

Tel: (20-2) 22919075

Fax: (20-2) 22919075

· 9 A Aly Moubarak Street Office premises

Mansoura

Dakahleya

Tel: (20-50) 332466

Fax: (20-50) 332493

· 21 Victoria Emanuel Square Office premises

Smouha

Alexandria

Tel: (20-3) 4254434

· 72 Taha Hussein Street Office premises

El Minia

Tel: (20-86) 340275

· 19 El Hayat Street Office premises

Stadium Area

Tanta

Tel: (20-40) 3412285

· El Sayeda Aisha Street Office premises

Luxor

Tel: (20-95) 2374188

KEY PRINCIPALS

Name Position

· Dr Ahmed Ali Abu El Enein Chairman

· Dr Hossam Ahmed Ali Abou El Enein Vice Chairman

· Dr Mahmoud Nasser El Tayeb Director

· Momtaz Mohamed El Said Director

· Tarek El Sayed El Sayed Director

· Hanaa Ahmed Abdallah Director

· Mohamed Mohamed Abd El Hamid Director

· Dr Walid Amin Abdel Fatah El Keyaly Director

· Ehab Kaldas Director

· Magdy Ahmed Hassan Director

· Fawzy Omeira Finance Manager

· Abd El Wahab Mohamed Accounts Manager

· Dr Khaled Fakhry Export Manager

· Mohamed Kamel Production Manager

· Hesham Rasmy Purchasing Manager

· Biadie Beshara Baghous Engineering Manager

· Salah Rashwan Administration Manager

· Aziz Shoukry IT Manager

· Zeizi Moustafa Planning Manager

LEGAL FORM & OWNERS

Date of Establishment : 1986

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 76676, 6^th of October City

Tax Card No. : 204-897-637

Issued Capital : £E 223,768,000

Paid up Capital : £E 223,768,000

Name of Shareholder (s) Percentage

· Misr Insurance Co 31.00%

Cairo

· Arabian for Drugs Industries & Medical Appliances 28.00%

Kuwait

· Arganoun Pharmaceutical 22.00%

Kuwait

· Dr Walid Amin Abdel Fatah El Keyaly 12.00%

· Holding for Pharmaceuticals Chemicals & Medical Appliances 7.00%

Cairo

OPERATIONS

Activities: Engaged in the manufacture of pharmaceutical preparations, including tablets, capsules, syrups,

ampoules, suppositories and ointments.

Subject is also involved in the manufacture of veterinary preparations.

Subject is ISO 9001 and 14001 accredited.

Import Countries : Germany, Australia, Belgium and China

Export Countries : Romania, Russian Federation and Kenya.

Brand Names : SEDICO

Operating Trend: Steady

Subject has a workforce of approximately 1,600 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pounds (£E)

Year Ending 31/12/08: Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales £E 353,000,000 £E 345,717,080 £E 351,654,510

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

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

BANKERS

· Misr Iran Development Bank

Nile Tower

21 Giza Street

Cairo

Tel: (20-2) 25727570

Fax: (20-2) 25727311

· Banque du Caire SAE

19 Adly Street

Cairo

Tel: (20-2) 33926915

Fax: (20-2) 33951713

· Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 35703043

Fax: (20-2) 35703172 / 35072691

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction April 2006 March 2009

Credit amount 1,000,000 100,000

Amount overdue 0 0

Payment terms 90 days 60 days

Payment Method Letters of Credit Letters of Credit

Paying record No Complaints No Complaints

Currency US Dollars US Dollars

GENERAL COMMENTS

Established in 1986, subject is involved in the manufacture of pharmaceutical preparations, including tablets, capsules, syrups, ampoules, suppositories and ointments. Subject is also involved in the manufacture of veterinary preparations.

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

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%)

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