MIRA INFORM REPORT

 

 

Report Date :

06.01.2011

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL NAPI PHARMACEUTICALS (GNP)

 

 

Registered Office :

2nd Industrial Zone, Street No. 18, Plot No. 40, Sixth of October City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

1993

 

 

Com. Reg. No.:

2048

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturer of pharmaceuticals

 

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$ 2,000,000

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                                     : GLOBAL NAPI PHARMACEUTICALS (GNP)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1993

Commercial Registration Number            : 2048

Issued Capital                                        : £E 38,000,000

Paid up Capital                                      : £E 38,000,000

Total Workforce                                     : 415

Activities                                               : Manufacture of pharmaceuticals

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : Dr Makram El Sayed Mehana Fahmy, Managing Director

 

COMPANY NAME

 

GLOBAL NAPI PHARMACEUTICALS (GNP)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 2nd Industrial Zone, Street No. 18, Plot No. 40

Town                 : Sixth of October City

Country             : Egypt

Telephone         : (20-2) 38333350 / 38333354 / 38333352 / 38333353

Facsimile          : (20-2) 38333351

Mobile               : (20-12) 2125392 / 3256693

Email                : mail@globalnapi.com

 

Premises

Subject operates from a suite of offices and a factory covering an area of 20,000 square metres that are owned and located in the Industrial Area of the Sixth of October City.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       207 Ramsis Street, 2nd Floor                                                              Rented office premises

Daher

Cairo

     Tel: (20-2) 25888001 / 25888002

     Fax: (20-2) 25888003

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Makram El Sayed Mehana Fahmy                                                  Chairman

 

·       Shawky Ghattas                                                                               Director

 

·       Maurice Ghattas                                                                               Director

 

·       William Sayed Mehana                                                                      Director

 

·       Dr Mohamed Hussein Abd El Wahab                                                  Director

 

·       Dr Gamal El Leithy                                                                            Director

 

·       Dr Mahmoud Ghorab                                                             Director

 

·       Peter Makram Sayed Mehana Fahmy                                     Director

 

·       Ibrahim Maurice Ghattas                                                                    Director

 

·       Maher Naguib                                                                                   Director

 

·       Emad Wasfy                                                                                     General Manager

 

·       Dr Wedad Ishak                                                                                Factory Manager

 

·       Mona Barsoum                                                                                 Human Resources Manager

 

·       Sameh Samy                                                                                    Sales Manager

 

·       Adel Sultan                                                                                       Marketing Manager

 

·       Medhat Sadek                                                                                  Finance Manager

 

·       George Roushdy                                                                               Purchasing Manager

 

·       Faisal Fouad                                                                         Business Development Manager

 

·       Sameh Samy                                                                                    Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1993

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 2048

 

Issued Capital              : £E 38,000,000

 

Paid up Capital            : £E 38,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Dr Makram El Sayed Mehana Fahmy                              33%

 

·       Members of Karim Roshdy’s Family                                33%

 

·       Shawky Ghattas                                                           17%

 

·       Maurice Ghattas                                                           17%

 

AFFILIATED COMPANIES

 

·       Ramco Co

     207 Ramses Street

     Cairo 11271

     Tel: (20-2) 26746424-5

     Fax: (20-2) 26746426

 

·       Makram Mehane Pharmaceuticals (MMP)

     207 Ramses Street

     Cairo 11271

     Tel: (20-2) 26746424-5

     Fax: (20-2) 26746426

 

·       Monica Makram Mehane (3MP)

     207 Ramses Street

     Cairo 11271

     Tel: (20-2) 26746424-5

     Fax: (20-2) 26746426

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals specialising in therapeutic classes such as cardio –

vascular, anti inflammatory, respiratory tract, anti infective gastro intestinal, and dermatological preparations, as well as food supplements and natural products.

 

Subject produces pharmaceuticals under license from the following companies: Merck & Co, White Hall, Roche, Aventis, Sanofi Synthelabo, Elerte, Sisu, Rogier, Refarmed, MIAT, Valpharma, Nova Pharma, Prodes, Lek, Help, Unipharma and Serolam, Lemery, Pierre Faber, Pan Laboratories, PH&T, Covex.

 

Subject is ISO 9001 and ISO 14001 accredited.

 

Import Countries: France, Netherlands, Spain, Sweden, Italy and India

 

Export Countries: Yemen, Sudan, Kenya, Uganda, Tanzania and Iraq

 

Operating Trend: Steady

 

Subject has a workforce of approximately 415 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 303,000,000                         £E 296,000,000

 

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

 

The above financial figures were confirmed by Dr Makram El Sayed Mehana Fahmy, Managing Director

 

 

BANKERS

 

·       National Societe Generale Bank SAE

Evergreen Building

10 Talaat Harb Street

Cairo

Tel: (20-2) 25749376

Fax: (20-2) 25776249 / 25782838

 

·       American Express Bank (Amex)

PO Box: 1824

Cairo

Tel: (20-2) 33608228

Fax: (20-2) 33608227

 

·       Arab African International Bank

Main Branch

Sixth of October City

A/C No. 508254

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box : 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2005

Credit amount                                        155,000

Amount overdue                         0

Payment terms                                      180 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Global Napi Pharmaceuticals (GNP) is well established in the Egyptian pharmaceutical market holding licensing agreements with many renowned international pharmaceutical concerns.

 

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.45.20

UK Pound

1

Rs.70.27

Euro

1

Rs.59.99

 

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

----

NB

New Business

----

 

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.