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MIRA
INFORM REPORT
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Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MEDICAL UNION PHARMACEUTICALS CO SAE (MUP) |
|
|
|
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Registered Office : |
36 Dr Mohamed
Hassan El Gamal Street 6th District, |
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Country : |
|
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|
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Financials (as on) : |
31.12.2008 |
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Year of Establishment : |
1984 |
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|
|
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Com. Reg. No.: |
13363, |
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and preparation of pharmaceutical products |
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$ 2,500,000 |
|
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) |
|
|
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 : MEDICAL UNION PHARMACEUTICALS CO
SAE (MUP)
Country of Origin :
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1984
Commercial Registration Number :
13363,
Issued Capital :
£E 313,686,460
Paid up Capital :
£E 313,686,460
Total Workforce :
1,200
Activities :
Manufacture and preparation of pharmaceutical products
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit :
US$ 2,500,000
COMPANY NAME
MEDICAL UNION PHARMACEUTICALS CO SAE (MUP)
ADDRESS
Registered & Physical Address
Street : 36 Dr Mohamed Hassan El Gamal Street
Area : 6th District,
PO Box : 7010
Town :
Country :
Telephone : (20-2) 22709324 / 22709316 / 22709535 / 22726169
Facsimile : (20-2) 22709315
Email : hr@mupeg.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
· Abou Sultan Owned
factory premises
PO Box: 523
Tel:
(20-64) 400822 / 400823 / 400893
Fax: (20-64) 400363
·
6th District,
Tel: (20-2) 2719460
· Pharmacists Building No. 1 Sales Office
Galal
Wabour Al Meah
Tel: (20-3) 4264905 / 4264907
· Ahmed Galal Street Sales Office
Mansoura
Tel: (20-50) 320140 / 320141
· Takseem Shauna Al
Assiutt
Tel: (20-88) 300237
Fax: (20-88) 300238
KEY PRINCIPALS
Name Position
· Dr Zakaria Ibrahim
Gad Chairman
· Faisal Kamal Hamed Director
· Ossama Hamed Shams
El Din Raslan Director
· Abdallah Zein El Abdin Director
· Mourad Abdel Salam
Youssef Director
· Ahmed Abdel Bary
Abdel Rahman Director
· Ahmed Said Kelany Director
· Ezz El Din El Aref
Faranka Director
· Essam El Din
Mohamed Hussain El Erian Director
· Mohamed Moustafa Kamal
Gad Director
· Mohamed Maged El
Menshawy Director
· Sheikh Sultan Ben
Mohamed Ben Saleh Director
· Dr Mahfouz Kassem General
Manager
· Hedar Ahmed El
Hawary Finance
Manager
· Dr Hussein Soliman Sales
Manager
· Dr Ali Mahmoud Taha Marketing
Manager
· Dr Mahmoud El
Shazly Factory
Manager
· Mohamed El Sayed Administration
Manager
· Mohamed Maher El
Adawi Export
Manager
· Labiba Shahin Human
Resources Manager
· Said El Kamhawy Office
Manager
· Nasser El Maazawy IT
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1984
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 13363,
Authorised Capital : £E 400,000,000
Issued Capital : £E 313,686,460
Paid up Capital : £E 313,686,460
Name of Shareholder (s) Percentage
· Arab Drugs &
Medical Industries 40.63%
· Industrial
Development Bank of
· Medical Pension
Fund 10.77%
· Medical
Professions Investment 10.61%
· Joint Arab International
Investment 10.01%
· Nomas Trade
Establishment 5.05%
· Saudi Egyptian
Investment & Finance 2.52%
·
· Private Investors 5.03%
OPERATIONS
Activities: Engaged in the manufacture and preparation of pharmaceutical products
for the cardio-vascular system, central autonomic nervous system, anaesthetics,
metabolism, nutrition, alimentary system, urology, dermatology, gynaecology and
obstetrics.
Subject acquired the ISO 9001 Certificate from the British Standards
Institute (BSI) in 1996.
Import Countries:
International Suppliers:
· Almirall
Prodesfarma SA
· Mepha AG
· Recordati SpA
· Hermal GmbH
· Smithkline Beecham
· Pierre Fabre SA
Export Countries: Subject exports to over 20 countries, including
Operating Trend: Steady
Subject has a workforce of approximately 1,200 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E millions)
Income Statement 2008
2007 2006 2005 2004
|
Revenue |
591.5 |
537.4 |
501.1 |
456.5 |
405.2 |
|
Other Revenue, Total |
-- |
-- |
-- |
-- |
-- |
|
Total Revenue |
591.5 |
537.4 |
501.1 |
456.5 |
405.2 |
|
Cost of Revenue, Total |
442.3 |
404.2 |
368.8 |
327.0 |
310.1 |
|
Gross Profit |
149.2 |
133.1 |
132.3 |
129.5 |
95.1 |
|
Selling/General/Admin. Expenses, Total |
12.3 |
10.6 |
9.6 |
8.4 |
7.0 |
|
Research & Development |
-- |
-- |
-- |
-- |
-- |
|
Depreciation/Amortization |
-- |
-- |
15.6 |
15.6 |
15.6 |
|
Interest Expense, Net - Operating |
-- |
-- |
-- |
-- |
-- |
|
Interest/Investment Income - Operating |
-- |
-- |
-- |
-- |
-- |
|
Interest Expense(Income) - Net Operating |
-- |
-- |
-- |
-- |
-- |
|
Unusual Expense (Income) |
-- |
-- |
-- |
-- |
-- |
|
Other Operating Expenses, Total |
(7.2) |
(1.2) |
8.8 |
16.0 |
20.7 |
|
Total Operating Expense |
447.4 |
413.6 |
402.8 |
367.0 |
353.5 |
|
Operating Income |
144.1 |
123.7 |
98.3 |
89.5 |
51.7 |
|
Interest Expense, Net Non-Operating |
(5.2) |
(3.5) |
(3.9) |
(3.6) |
(3.5) |
|
Interest/Invest Income - Non-Operating |
9.1 |
8.2 |
7.1 |
4.6 |
1.2 |
|
Interest Income(Exp), Net Non-Operating |
-- |
-- |
-- |
-- |
-- |
|
Gain (Loss) on |
-- |
-- |
-- |
-- |
-- |
|
Other, Net |
2.9 |
2.6 |
19.3 |
14.4 |
3.6 |
|
Net Income Before Taxes |
150.9 |
130.9 |
120.7 |
104.9 |
53.1 |
|
Provision for Income Taxes |
33.6 |
30.1 |
25.9 |
20.7 |
7.3 |
|
Net Income After Taxes |
117.3 |
100.9 |
94.8 |
84.2 |
45.7 |
|
Minority Interest |
-- |
-- |
-- |
-- |
-- |
|
Equity In Affiliates |
-- |
-- |
-- |
-- |
-- |
|
|
-- |
-- |
-- |
-- |
-- |
|
Net Income Before Extra. Items |
117.3 |
100.9 |
94.8 |
84.2 |
45.7 |
|
Accounting Change |
-- |
-- |
-- |
-- |
-- |
|
Discontinued Operations |
-- |
-- |
-- |
-- |
-- |
|
Extraordinary Item |
-- |
-- |
-- |
-- |
-- |
|
Tax on Extraordinary Items |
-- |
-- |
-- |
-- |
-- |
|
Net Income |
117.3 |
100.9 |
94.8 |
84.2 |
45.7 |
Balance Sheet
2008 2007 2006 2005
2004
|
Cash |
-- |
-- |
-- |
-- |
-- |
|
Cash & Equivalents |
200.0 |
211.5 |
162.3 |
116.0 |
84.8 |
|
Short Term Investments |
-- |
-- |
-- |
-- |
-- |
|
Cash and Short Term Investments |
200.0 |
211.5 |
162.3 |
116.0 |
84.8 |
|
Accounts Receivable - Trade, Net |
219.8 |
192.9 |
55.8 |
54.6 |
48.0 |
|
Notes Receivable - Short Term |
-- |
-- |
117.6 |
104.7 |
97.8 |
|
Receivables - Other |
-- |
-- |
-- |
-- |
-- |
|
Total Receivables, Net |
219.8 |
192.9 |
173.4 |
159.3 |
145.8 |
|
Total Inventory |
133.0 |
98.2 |
115.0 |
97.8 |
83.6 |
|
Prepaid Expenses |
22.8 |
35.3 |
36.4 |
20.9 |
20.7 |
|
Other Current Assets, Total |
11.6 |
13.0 |
11.5 |
12.4 |
15.5 |
|
Total Current Assets |
587.2 |
550.9 |
498.6 |
406.4 |
350.5 |
|
Property/Plant/Equipment, Total - Gross |
320.4 |
14.5 |
269.8 |
250.8 |
234.4 |
|
Accumulated Depreciation, Total |
(127.2) |
-- |
(99.5) |
(86.1) |
(71.6) |
|
Property/Plant/Equipment, Total - Net |
193.2 |
172.9 |
170.3 |
164.7 |
162.8 |
|
Goodwill, Net |
-- |
-- |
0.0 |
15.6 |
31.2 |
|
Intangibles, Net |
-- |
-- |
-- |
-- |
-- |
|
Long Term Investments |
0.2 |
0.2 |
0.3 |
-- |
-- |
|
Note Receivable - Long Term |
-- |
-- |
-- |
-- |
-- |
|
Other Long Term Assets, Total |
-- |
-- |
-- |
-- |
-- |
|
Other Assets, Total |
-- |
-- |
-- |
-- |
-- |
|
Total Assets |
780.5 |
723.9 |
669.2 |
586.8 |
544.6 |
|
Accounts Payable |
67.6 |
66.7 |
65.1 |
-- |
17.2 |
|
Payable/Accrued |
42.0 |
41.4 |
58.1 |
86.4 |
44.8 |
|
Accrued Expenses |
-- |
-- |
-- |
-- |
-- |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
3.0 |
5.9 |
|
|
-- |
-- |
-- |
-- |
-- |
|
Other Current liabilities, Total |
75.2 |
72.2 |
47.1 |
43.0 |
68.7 |
|
Total Current Liabilities |
184.8 |
180.3 |
170.3 |
132.4 |
136.7 |
|
Long Term Debt |
-- |
-- |
-- |
-- |
-- |
|
Capital Lease Obligations |
-- |
-- |
-- |
-- |
-- |
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
3.0 |
5.9 |
|
Deferred Income Tax |
3.0 |
2.5 |
-- |
-- |
-- |
|
Minority Interest |
-- |
-- |
-- |
-- |
-- |
|
Other Liabilities, Total |
-- |
-- |
-- |
-- |
-- |
|
Total Liabilities |
187.8 |
182.8 |
170.3 |
132.4 |
136.7 |
|
Redeemable Preferred Stock, Total |
-- |
-- |
-- |
-- |
-- |
|
Preferred Stock - Non Redeemable, Net |
-- |
-- |
-- |
-- |
-- |
|
Common Stock, Total |
313.4 |
313.4 |
313.4 |
313.4 |
313.4 |
|
Additional Paid-In Capital |
-- |
-- |
-- |
-- |
-- |
|
Retained Earnings (Accumulated Deficit) |
279.3 |
227.7 |
185.5 |
141.0 |
94.6 |
|
Treasury Stock - Common |
-- |
-- |
-- |
-- |
-- |
|
ESOP Debt Guarantee |
-- |
-- |
-- |
-- |
-- |
|
Unrealized Gain (Loss) |
-- |
-- |
-- |
-- |
-- |
|
Other Equity, Total |
-- |
-- |
-- |
-- |
-- |
|
Total Equity |
592.7 |
541.1 |
498.9 |
454.4 |
407.9 |
|
Total Liabilities & Shareholders' Equity |
780.5 |
723.9 |
669.2 |
586.8 |
544.6 |
Local sources consider subject’s financial condition to be Good.
Subject’s revenue for the year ending 31st December 2009 was
£E 713,035,000 and net profit was £E 158,756,558.
BANKERS
·
Bank of
Main
Branch
Tel:
(20-2) 24824056 / 24836073
Fax:
(20-2) 24837468
·
Commercial International Bank (CIB)
PO Box: 2430
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
·
National Societe Generale Bank
86 Mokram Ebaid
·
Arab Bank
PO Box: 68
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
·
American Express Bank Ltd
PO Box: 1824
Tel: (20-2)
33608228
Fax: (20-2)
33608227
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction September
2004 November 2005 July 2007
Credit amount 100,000 170,000 100,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars Pounds
Sterling
GENERAL COMMENTS
Medical Union Pharmaceuticals Co SAE (MUP) has been in business for over
25 years and has made significant progress over the years. It now has a product
range of over 85 items that are exported to more than 20 countries throughout
the world.
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.45.38 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.61.15 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.