MIRA
INFORM REPORT
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Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE |
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Formerly Known As : |
PHARCO PHARMACEUTICALS |
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Registered Office : |
496 El Horreya Road Boulkley, Ramleh |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
1982 |
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Com. Reg. No.: |
221697, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production of medical products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$ 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE
Also Known As : PHARCO PHARMACEUTICALS
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1982
Commercial Registration Number : 221697,
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
Total Workforce : 1,800
Activities : Production of medical products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 3,000,000
COMPANY NAME
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE
ALSO KNOWN AS: PHARCO
PHARMACEUTICALS
ADDRESS
Registered & Physical Address
Street :
Area : Boulkley,
Ramleh
PO Box : 12, Sidi Gaber
Town :
Country :
Telephone : (20-3) 5823745
/ 5821999 / 5839670 / 5863745
Facsimile : (20-3) 5830958
Email : pharco@pharco.com.eg
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of
Branch Office (s)
Location Description
·
Amreya
Tel:
(20-3) 4480440 / 4480720 / 44800130 / 4480140
Fax:
(20-3) 4480730 / 4486560
· 2 El Gomhoureya
Square Rented
office premises
Hadayek El Qobba
Tel: (20-2)
23920845 / 23920529
Fax: (20-2)
24486560
KEY PRINCIPALS
Name Position
· Dr Hassan Abbas
Helmi Chairman
· Yasha Hassan Abbas
Helmi Vice
Chairman
· Dr Sherine Hassan
Abbas Helmi Director
· Abdel Moneim El Toukhi Director
· Mamdouh Abbass
Labib Director
· Adel Hamed Hamza Director
· El Prince Mahmoud
Tawfik Director
· Mohamed Youssef Projects
Manager
· Dr Mohamed Ibrahim
Hamza Planning
Manager
· Fayez El Sobky Administration
Manager
· Nagi El Saif Operations
Manager
· Mohamed Rakha Export
Manager
· Ahmed El Sayed
Ahmed El Shahawi Maintenance
Manager
· Diaa El Din
Ibrahim Branch
Manager –
LEGAL FORM & OWNERS
Date of
Establishment : 1982
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 221697,
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
Name of Shareholder (s) Percentage
· Dr Hassan Abbas
Helmi 72%
· Dr Sherine Hassan
Abbas Helmi 10%
· Yasha Hassan Abbas
Helmi 10%
· Local businessmen
and private investors 7%
· Company Employee’s
Fund 1%
OPERATIONS
Activities: Engaged in the manufacture and marketing of over 150 medical products, including
carbohydrates,
proteins and enzymes, barbiturates, sulphonamides, glycacoides,
antibiotics, penicillin, as well as
pharmaceutical preparations for the cardio-vascular system and
chemotherapeutic agents.
Subject’s agents include:
· International
Trading Pharmaceuticals Laboratories Inc.
· Tunsal
International Company Limited
· Pharmaplus
Pharmaceuticals & Beauty Care LTD
· Ramada Trading Co
· El Nasr Export Import
Co
· Pharco
Pharmaceuticals Uganda LTD
· Medix
International
· Soprophal
Spa
· U.M.A Line
Group
·
· Modern Drug
Store
·
· Abdulrehman
Algosaibi General Trading Bureau
· Gulf Drug LLC
· Boushahri Group
WLL
· Jaffar
Pharmacy
· Muttrah Pharmacy
LLC
· Al Fath Trading Co
Import Countries:
International Suppliers:
· Mead Johnson
· Duphar
· Biochemee
· Merz
· Latema
Export Countries: Subject exports to over 30 countries covering
Africa, the Middle East,
States of
Operating Trend: Steady
Subject has a workforce of approximately 1,800 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
361,000,000 £E
370,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
· Faisal Islamic
Bank of
El Azareta
Tel: (20-3)
4911653
·
Commercial International Bank (CIB)
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
·
National Societe Generale Banque SAE
PO Box: 2664
Tel: (20-2)
25749376
Fax: (20-2)
25776249
·
Banque du Caire SAE
Sesostris Branch
Tel:
(20-3) 5744532
·
Citibank
95, 26th July Street
Azarita
Tel: (20-3) 4834363 / 4840342
Fax: (20-3) 4884363
PAYMENT HISTORY
Subject’s payment record is reported to be met in a generally prompt
manner.
Date of
transaction October 2005 April 2006 December 2006
Credit amount 612,000 1,000,000 100,000
Amount overdue 0 0 0
Payment terms 60
days 90 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling US Dollars US Dollars
GENERAL COMMENTS
Pharco Pharmaceuticals is one of the largest Egyptian
companies in the field of pharmaceutical products, and was ranked as the second
best selling Egyptian pharmaceutical company in 2000, with exports being sent
to over 30 countries.
During the course of this investigation
nothing detrimental was uncovered regarding subject’s operating history or the
manner in which payments are fulfilled. As such the company is considered to be
a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.16 |
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|
1 |
Rs.70.64 |
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Euro |
1 |
Rs.58.68 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.