MIRA INFORM REPORT

Report Date :

12.04.2011

IDENTIFICATION DETAILS

Name :	AMRIYA PHARMACEUTICAL INDUSTRIES SAE
Registered Office :	3A El Moaskar El Romany Street, Rushdy, Ramleh, P O Box 111, Alexandria
Country :	Egypt
Financials (as on) :	31.12.2010
Year of Establishment :	1984
Com. Reg. No.:	112775, Alexandria
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Manufacture and export of pharmaceuticals and medical preparations

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$ 450,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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 : AMRIYA PHARMACEUTICAL INDUSTRIES SAE

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 1984

Commercial Registration Number : 112775, Alexandria

Tax Card Number : 100-133-738

Issued Capital : £E 216,000,000

Paid up Capital : £E 216,000,000

Total Workforce : 1,680

Activities : Manufacture and export of pharmaceuticals and medical preparations

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 450,000

COMPANY NAME

AMRIYA PHARMACEUTICAL INDUSTRIES SAE

company ADDRESS

Registered & Physical Address

Street : 3A El Moaskar El Romany Street

Area : Rushdy, Ramleh

PO Box : 111

Town : Alexandria

Country : Egypt

Telephone : (20-2) 5431799 / 5839950

Facsimile : (20-2) 5431799 / 5830958

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Alexandria.

Branch Office (s)

Location Description

· Alexandria Cairo Desert Road, Km 25 Factory premises

Amreya

Alexandria

Tel: (20-3) 4701001 / 4701150

Fax: (20-3) 4701003 / 4701153

· 15 El Nozha Street Office premises

Nasr City

Cairo

Tel: (20-2) 4181821

· 3 Bahaa El Din Street Office premises

Smouha

Alexandria

Tel: (20-3) 4206921

Fax: (20-3) 4206920

KEY PRINCIPALS

Name Position

· Dr Hassan Abbass Helmy Chairman

· Dr Shereen Hassan Abbass Helmy Vice Chairman

· Yashar Hassan Abbass Director

· Ahmed Amin Hassan Director

· Adel Salah Tawfik Director

· Said Ahmed Khalil Director

· Meawad Abdallah Director

· Tarek Mohamed Osman Director

· Abbass El Gheriany Director

· Ali Feteiha Finance Manager

· Dr Yasser Fayed Sales Manager

· Sherif El Heyl Marketing Manager

· Hesham Shaar IT Manager

· Mohab Areby Human Resources Manager

· Ibrahim Abd El Hamid Sharaf Import Manager

LEGAL FORM & OWNERS

Date of Establishment : 1984

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 112775, Alexandria

Tax Card No. : 100-133-738

Authorised Capital : £E 300,000,000

Issued Capital : £E 216,000,000

Paid up Capital : £E 216,000,000

Name of Shareholder (s) Percentage

· Pharco Pharmaceuticals Group 95%

Borg El Arab

Alexandria

Tel: (20-3) 4480130 / 4480140

Fax: (20-3) 4480730

· Local businessmen and private investors 5%

AFFILIATED COMPANIES

· European Pharmaceutical Industries

Desert Road, Km 25

Elmanshia, Amriya

Alexandria

Tel: (20-3) 4701001

Fax: (20-3) 4701003

Email: sherien@pharco.com.eg

OPERATIONS

Activities: Engaged in the manufacture and export of pharmaceuticals and medical preparations with 109

preparations, for human use, as well as specialty food and veterinary products.

Subject’s range is produced under license of Synthelabo (France) and Weimer (Germany).

Subject is ISO 14001 and ISO 9001 accredited.

Import Countries: Germany, France, Japan, China and India

Export Countries: Saudi Arabia, Yemen, Libya, Sudan and Togo

Operating Trend: Steady

Subject has a workforce of approximately 1,680 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 243,987,863 £E 287,000,000

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

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

BANKERS

· Citibank

95, 26^th July Street

Azarita

Alexandria

Tel: (20-3) 4834363 / 4840342

Fax: (20-3) 4884363

· Misr International Bank (MIBANK)

33, Safia Zaghloul Street

Raml Station

Alexandria

Tel: (20-3) 4828174 / 4828213

Fax: (20-3) 4838216

· Commercial International Bank (CIB)

61 Sultan Hussein Street

Alexandria

Tel: (20-3) 4824643 / 4834255

Fax: (20-3) 4832240

· National Societe Generale Bank

240 El Corniche Street

Roushdy, Ramleh

Alexandria

Tel: (20-3) 5452352

Fax: (20-3) 5455715

· Barclays Bank Egypt

11 Sherket Misr Street

Azarita

Alexandria

Tel: (20-3) 4831308

Fax: (20-3) 4861307

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction July 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

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.72.26
Euro	1	Rs.63.90

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.