MIRA INFORM REPORT

 

 

Report Date :           

11.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

HI PHARM FOR MANUFACTURED PHARMACEUTICALS

 

 

Registered Office :

Cairo / Ismailia Road, 1st Industrial Zone, Plot No 8, Block 13019, Obour City, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

278, Obour City

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of human pharmaceuticals

 

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$ 300,000

Status :

Satisfactory

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)

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                                     : HI PHARM FOR MANUFACTURED PHARMACEUTICALS

Also Known As                                      : HI PHARM PHARMACEUTICALS

                                                              HI PHARM MEDICALS

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1997

Commercial Registration Number            : 278, Obour City

Issued Capital                                        : £E 2,000,000

Paid up Capital                                      : £E 2,000,000

Total Workforce                                     : 300

Activities                                               : Manufacture and export of human pharmaceuticals

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 300,000

Person Interviewed                                 : Ghada Fawzy, Administration Manager

 

 

 

 

COMPANY NAME

 

HI PHARM FOR MANUFACTURED PHARMACEUTICALS

 

 

ALSO KNOWN AS

 

HI PHARM PHARMACEUTICALS

HI PHARM MEDICALS

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Cairo / Ismailia Road

Area                 : 1st Industrial Zone, Plot No 8, Block 13019, Obour City

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 46100204 / 46100205 / 46100206 / 46100207

Facsimile          : (20-2) 46100201

Email                : info@hipharm.com.eg

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Habib Thabit Bassily                                                                     Managing Director

 

·       Heidi Samir                                                                                       Director

 

·       Dr Maher Zaki                                                                                   General Manager

 

·       Dr Imitisal Siddiqi                                                                              Production Manager

 

·       Eman Sobhy                                                                                     Finance Manager

 

·       Ghada Fawzy                                                                                   Administration Manager

 

·       Mohamed Hussein                                                                            Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1997

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 278, Obour City

 

Issued Capital              : £E 2,000,000

 

Paid up Capital            : £E 2,000,000

 

Name of Shareholder (s)

 

·       Dr Habib Thabit Bassily

 

·       Heidi Samir

 

·       Egyptian businessmen & private investors

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of human pharmaceuticals, including antibiotics, hypertension

     medicines and vitamins.

 

Import Countries: United Kingdom, Germany and Japan.

 

Export Countries: Saudi Arabia, United Arab Emirates, and Romania.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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 45,600,000                           £E 47,300,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  September 2005                       May 2008

Credit amount                            100,000                         150,000

Amount overdue             0                                              0

Payment terms                          60 days                                     60 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints

Currency                                   US Dollars                                 US Dollars

 

 

GENERAL COMMENTS

 

Hi Pharm For Manufactured Pharmaceuticals is well established in the local market specialising in the manufacture and export of human pharmaceuticals.

 

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.44.73

UK Pound

1

Rs.73.21

Euro

1

Rs.63.90

 

 

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.