MIRA INFORM
REPORT
|
Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
ISLAMIC PHARMACEUTICALS CHEMICALS &
MEDICAL SUPPLIES CO SAE |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
1982 |
|
|
|
|
Com. Reg. No.: |
221697, |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Production of medical 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$ 3,000,000 |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
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 : 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
company 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 Alexandria.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.80 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.