MIRA INFORM REPORT

 

 

Report Date :

25.02.2011

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN INTERNATIONAL PHARMACEUTICAL INDUSTRIES CO AE (EIPICO)

 

 

Registered Office :

4 Ahmed Shafik Street, Corniche El Nil, Shoubra, P O Box 22, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

March 1985

 

 

Com. Reg. No.:

11116, Ismailia

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Production of 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$ 3,000,000

Status :

Good

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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                                     : EGYPTIAN INTERNATIONAL PHARMACEUTICAL INDUSTRIES CO

SAE (EIPICO)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Start Date                                             : 1982

Registration Date                                   : March 1985

Commercial Registration Number                        : 11116, Ismailia

Issued Capital                                        : £E 721,240,000

Paid up Capital                                      : £E 721,240,000

Total Workforce                                     : 3,400

Activities                                               : Production of pharmaceuticals.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 3,000,000

 

COMPANY NAME

 

EGYPTIAN INTERNATIONAL PHARMACEUTICAL INDUSTRIES CO SAE (EIPICO)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 4 Ahmed Shafik Street

Area                 : Corniche El Nil, Shoubra

PO Box             : 22

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22037149 / 22037019 / 22037333 / 22035265

Facsimile          : (20-2) 22220534 / 22037534

Mobile               : (20-10) 1460662

Email                : eipico@eipico.com.eg / eipico@rite.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Osman Ibn Affan Street                                                                      Office & factory premises

Industrial Area B1

Sharkeya

PO Box: 149

10th of Ramadan City

Tel: (20-15) 364378 / 363480 / 361663

Fax: (20-15) 364377

 

·       2 Wagih Pacha Street                                                                       Office & Distribution centre

Ganaclis

     Alexandria

     Tel: (20-3) 5866974 / 5706974

     Fax: (20-3) 5703688

 

·       3 Ledin El Moaez Street                                                                    Laboratory & Testing facilities

Asmaa Fahmy, Golf Area, Nasr City

Cairo

Tel: (20-2) 24143660 / 24143770

Fax: (20-2) 24143800

 

·       Rawafie Al Kousair                                                                            Office & Distribution centre

South Souhag

PO Box: 64

Souhag

Tel: (20-93) 2330465

Fax: (20-93) 2330462

 

·       Mohamed Farid Street                                                                       Office & Distribution centre

Tanta

     Gharbeya

     Tel: (20-40) 3335924

     Fax: (20-40) 3335926

 

·       13 El Emam El Ghazaly Street                                                           Office & Distribution centre

Mansoura

     Dakahleya

     Tel: (20-50) 326211

     Fax: (20-50) 326211

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Ahmed Borhan El Din Ismail                                                          Chairman

 

·       Mohamed Awad Tag El Din                                                                Director

 

·       Dr Mohamed Farouk Essmat                                                              Director

 

·       Ossama Rostom                                                                               Director

 

·       Omar El Ahmady Mohamed Eissawy                                                  Director

 

·       Dr Hamdy El Sayed                                                                           Director

 

·       Dr Mohamed Fathi                                                                             Director

 

·       Faisal Kamel Hamed                                                                         Director

 

·       Magda Rakha                                                                                   Director

 

·       Hosni Helal                                                                                       Director

 

·       Mahmoud Abd El Maksoud                                                                Director

 

·       Ali Ibrahim Raghib                                                                             Finance Manager

 

·       Azza Attia                                                                                        Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1982, however it was registered in March 1985.

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 11116, Ismailia

 

Ind. Registry No.          : 0053380

 

Issued Capital              : £E 721,240,000

 

Paid up Capital            : £E 721,240,000

 

Name of Shareholder (s)                                                                         Percentage

 

·       Arab Co for Drug Industries & Medical Appliances (ACDIMA)                      43.18%

24 El Fawala Street

Cairo

Tel: (20-2) 33914576

 

·       Medical Union Syndicate Inv. Co.                                                                5.62%

 

·       Local Banks & Insurance Companies                                                          7.68%

 

·       Egyptian businessmen & private investors                                                 43.52%

 

 

OPERATIONS

 

Activities: EIPICO produces over 240 different products covering 24 therapeutic groups. The main line of products focuses on prescribed drugs. Of these products 32 percent are produced under licence from international pharmaceutical companies. The therapeutic groups are:

 

1.       Anaesthetics

2.       Analgesics, Antipyretics & Antirheumatics

3.       Anthelmintics & Schistosomicides

4.       Anti-infectives

5.       Antidyesntrics and Enterostatics

6.       Antihistaminics

7.       Antimalarial Drugs

8.       Blood substitutes and restoratives

9.       Cardiacs and Vascularetics

10.   Cathartics (laxatives)

11.   Cholinergic Muscle Stimulants

12.   Acting Drugs (Cns)

13.   Dermatologicals

14.   Endocrine system drugs

15.   Gastrointestinal drugs

16.   Lipotropics & Geriatrics

17.   Opthalmics

18.   Orodentals

19.   Otic preparation

20.   Pulmonics

21.   Spasmolytics

22.   Urologics

23.   Vaginetics

24.   Vitamins and Minerals

 

Subject is ISO 9001 & ISO 14001 accredited.

 

In 1996 the company completed the erection of its expansion project which started production in February 1996 at a total cost of £E 82 million and added 70 percent to the surface of the company’s production area. The expansion was self financed and added 25 products to the local market and enabled the company to have room for production of updated and sophisticated products especially in the sterile area.

 

During 2002 subject completed work on expansion to its existing factory in the 10th of Ramadan City. The project increased the production facilities by an area of 37,500 square metres.

 

Principal Agents for :   Smith Kline Beecham                             United States of America

                                    Roche                                                   Switzerland

                                    Merck Sharp & Dohme                           United States of America

                                    Upjohn                                                  United States of America

                                    Allergan                                                United States of America

                                    Serono                                                  Italy

                                    Lilly                                                      United Kingdom

                                    Riker                                                     United Kingdom

                                    Rhone Poulenc                                      France

                                    Hek Pharma                                          Germany

                                    Pharmacia                                             Sweden

                                    Biogena                                                Denmark

                                    Shing Poong                                          South Korea

                                   

Import Countries :        Germany, the United Kingdom, Switzerland, France, Denmark, Sweden, Italy, the United States of America and South Korea.

 

Export Countries :        Subject exports to over 30 countries worldwide, including Benin, Eritrea, Nigeria, Cameroon, Ethiopia, Uganda, Chad, Kenya, Sudan, Djibouti, Libya, Tunisia, Romania, Russia, Ukraine, Azerbaijan, Kuwait, Saudi Arabia, Bahrain, Oman, Syria, Iraq, Pakistan, United Arab Emirates, Jordan, Palestine, Uzbekistan, Kazakhstan, Qatar and Yemen.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 3,400 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:

 

Total Sales                                £E 760,000,000                         £E 1,004,501,000

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Banque du Caire SAE

22 Adly Street

PO Box: 1495

Cairo

Tel: (20-2) 33904554

Fax: (20-2) 33908992

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

EIPICO has expanded to become the largest pharmaceutical company in Egypt commanding an

8 percent share of the local market and nearly 25 percent contribution of the total Egyptian export of drugs.

 

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.45.37

UK Pound

1

Rs.73.54

Euro

1

Rs.62.39

 

 

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.