MIRA INFORM REPORT

 

 

Report Date :

25.02.2011

 

IDENTIFICATION DETAILS

 

Name :

OCTOBER PHARMA SAE

 

 

Registered Office :

12 Abou Hazem Street, Madkour, Cairo 12211

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

73680, Giza

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and marketing of pharmaceuticals, drugs and para-  pharmaceutical solutions

 

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$ 1,500,000

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                                     : OCTOBER PHARMA SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1984

Commercial Registration Number            : 73680, Giza

Issued Capital                                        : £E 60,000,000

Paid up Capital                                      : £E 60,000,000

Total Workforce                                     : 700

Activities                                               : Manufacture and marketing of pharmaceuticals, drugs and para-

                                                              pharmaceutical solutions.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Ashraf Othman, Finance Manager

 

COMPANY NAME

 

OCTOBER PHARMA SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 12 Abou Hazem Street

Area                 : Madkour

Town                 : Cairo 12211

Country             : Egypt

Telephone         : (20-2) 37798123 / 35873734 / 35818123

Facsimile          : (20-2) 35873734 / 35818123 / 37798123

Mobile               : (20-10) 2524499

Email                : opharma@octoberpharma.com / ola.tobar@octoberpharma.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

 

·       1st Industrial Zone, Plot No. 190                                                          Owned factory premises

Giza

PO Box: 38

     Sixth Of October City 12566

     Tel: (20-2) 38331832 / 38330329 / 38330652

     Fax: (20-2) 38330653

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Mahmoud Adel Mohamed Fouad                                                    Chairman

 

·       Dr Fouad El Lathy                                                                             Director

 

·       Maryan Ghaly                                                                                   Director

 

·       Adnan Talal                                                                                      Director

 

·       Dr Samir Thabet                                                                                Director

 

·       Mohamed Ben Saleh El Ghossily                                                       Director

 

·       Fawzy Ibrahim El Maaty                                                                    Director

 

·       Khaled Mohamed El Khaga                                                                Director

 

·       Ashraf Osman                                                                                   Accounts Manager

 

·       Dr Ashraf Elwan                                                                                Marketing Manager

 

·       Dr Mortada Diab                                                                                Export Manager

 

·       Ossama El Aasy                                                                               Import Manager

 

·       Mostafa Jaffar                                                                                   Purchasing Manager

 

·       Eman Hassan                                                                                   Production Manager

 

·       Ashraf Othman                                                                                  Finance Manager

 

·       Hosni El Sayed                                                                                 Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1984

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 73680, Giza

 

Issued Capital              : £E 60,000,000

 

Paid up Capital            : £E 60,000,000

 

Name of Shareholder (s)                                                                       Percentage

 

·       Arabian for Drugs Industries & Medical Appliances (Acdima)                    22.27%

     Egypt

 

·       Saudi Egyptian Industrial Investments                                        20.00%

114 El Tahrir Street

Dokki, Giza

Cairo

Tel: (20-2) 33377788 / 33377888

Fax: (20-2) 33377788

Email: info@seindust-inv.com

 

·       Joint Arab Investment Corp (Jaicorp)                                                      15.00%

32 Gaemat El Dawal El Arabia Street

Mohandessin, Giza

Cairo

Tel: (20-2) 33471495 / 33476068

Fax: (20-2) 33471361

 

·       The Saudi Investment Group & Marketing                                               12.50%

     Egypt

 

·       University Studies Support Fund                                                              7.50%

     Egypt

 

·       Egyptian businessmen & private investors                                              22.73%

 

 

AFFILIATED COMPANIES

 

·       Modern Coatings & Chemicals Co (MCC)

12 Abu Hazem Street

Cairo

Tel: (20-2) 25822753

 

·       Egyptian Promoters Center (EPC)

40 El Horreya Street

Cairo

Tel: (20-2) 22918272

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and marketing of pharmaceuticals, drugs and para-pharmaceutical solutions.

 

Import Countries: Germany, Belgium, France and the United Kingdom.

 

Export Countries: Yemen, Libya and Saudi Arabia.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 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 131,498,721             £E 168,731,000               £E 176,000,000

 

Net Profit                                   -                       £E   20,000,000               £E   26,100,000

 

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

 

The above figures were provided by Mr Ashraf Othman, Finance Manager

 

 

BANKERS

 

·       National Bank of Abu Dhabi

Nile Tower, 18th Floor

21 Giza Street

Cairo

Tel: (20-2) 33609724

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

October Pharma SAE is well established in the local market with operations dating back over 20 years. It is engaged in the manufacture and marketing of pharmaceuticals, drugs and para-pharmaceutical solutions.

 

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.