MIRA
INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
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Name : |
GLAXO SMITHKLINE |
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Registered Office : |
1 Amoun Street Ard El Baraka, El Salam City |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1981 |
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Com. Reg. No.: |
208407, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture, marketing and export of pharmaceutical products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 2,000,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 :
GLAXO SMITHKLINE
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1981
Commercial Registration Number : 208407,
Issued Capital : £E 835,142,000
Paid up Capital : £E 835,142,000
Total Workforce : 1,210
Activities : Manufacture, marketing and export of pharmaceutical products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
COMPANY NAME
GLAXO SMITHKLINE
ADDRESS
Registered & Physical Address
Street :
Location : Ard El
Baraka, El Salam City
PO Box : 30001
Town :
Country :
Telephone : (20-2) 22777124
/ 22777000 / 22807000 / 22807100
Facsimile : (20-2)
22777001 / 26185002 / 22806031
Email : mansour.a.meenai@gsk.com
Premises
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
·
5th
District,
Tel:
(20-2) 26185000
Fax:
(20-2) 26185001
·
Masken
Sheraton
Tel:
(20-2) 26860334/5/6
· 89 Gameat El Dewal
Mohandessin,
Tel:
(20-2) 33367501 / 33367502 / 33367503
Fax:
(20-2) 33388218 / 33388237
·
Tel:
(20-3) 5803878 / 5803884
Fax:
(20-3) 5875588
·
Kafr Abdu
Tel:
(20-3) 5427617
Fax:
(20-3) 5428850
· Dr. Adel Denour
Building Rented
Scientific Office
Mansoura
Dakahleya
Tel:
(20-50) 2294572 / 2294573 / 2294574
· Villa El Toshky Rented
Scientific Office
Sohag
Tel:
(20-93) 2323130 / 310146
Fax:
(20-93) 2313755
KEY PRINCIPALS
Name Position
· Dr Amr Mamdouh Chairman
· Fouad Ben Ghalem Director
· Mounir Ghabbour Director
· Tharwat Abd El
Shaheed Director
· Afdal Naguib Director
· Omar El Asar Director
· Philip Jan Mark Director
· Dr Farid Mansour Director
· Mansour Manay Finance
Manager
· Amr Mariey Technical
Manager
· Adel Darwish Factory
Manager
· Azza Rostom Production
Manager
· Hamdy Zaki Planning
Manager
· Tarek Abd El
Khalek Human
Resources Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1981
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 208407,
Industrial Reg.
No. : 26750
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 835,142,000
Paid up Capital : £E 835,142,000
Name of Shareholder (s) Percentage
· Glaxo Smithkline
Plc 91.20%
·
National Societe Generale Bank 5.89%
Tel: (20-2) 27707777
Fax: (20-2) 27707799
· Private investors 2.91%
OPERATIONS
Activities: Engaged in the manufacture, marketing and export of pharmaceutical
products, including vitamins,
hormones and organ extracts, pharmaceutical
preparations for the cardiovascular system, central and autonomic nervous
system, anaesthetics, eye ointments, ophthalmic preparations, throat sprays,
antacids and preparations for gastric ulcers, plasma substitutes and inhalants.
Import Countries:
Export Countries:
Operating Trend: Steady
Subject has a workforce of approximately 1,210 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/09: Year Ending 31/12/10:
Total Sales £E
442,624,634 £E
458,165,496
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Commercial International Bank (CIB)
PO Box: 2430
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
HSBC Bank
Abu El
Feda Building
Zamalek
Tel: (20-2)
27359286 / 27354849
Fax:
(20-2) 27361457
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction April
2005
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
GENERAL COMMENTS
Glaxo Smithkline Egypt SAE was established in 1981
and has become a market leader in
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 and the
above credit figure is within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
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 |
|
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 |
-- |
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.