MIRA INFORM REPORT

 

 

Report Date :           

09.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SIGMA PHARMACEUTICAL INDUSTRIES SAE

 

 

Registered Office :

Mubarak Industrial Zone, 1st Industrial Zonem, Quesna, Menoufeya

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1998

 

 

Com. Reg. No.:

2869

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of pharmaceuticals and cosmetics

 

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$ 800,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : SIGMA PHARMACEUTICAL INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1998

Commercial Registration Number            : 2869

Issued Capital                                        : £E 600,000,000

Paid up Capital                                      : £E 600,000,000

Total Workforce                                     : 1,550

Activities                                               : Manufacture of pharmaceuticals and cosmetics.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 800,000

 

COMPANY NAMe

 

SIGMA PHARMACEUTICAL INDUSTRIES SAE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Mubarak Industrial Zone, 1st Industrial Zone

Area                 : Quesna

Town                 : Menoufeya

Country             : Egypt

Telephone         : (20-48) 2590191 / 2590192 / 2590193 / 2590194

Facsimile          : (20-48) 2590198

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       2 Ahmed Shoukry Street                                                                    Sales Office

Tahrir

     Cairo

     Tel: (20-2) 25796322 / 25796323

     Fax: (20-2) 25787494

 

·       Riyad Street                                                                                     Sales Office

     Nasr City

     Cairo

     Tel: (20-2) 22634154

     Fax: (20-2) 24029460

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr El Sayed El Badawy Mohamed Shehata                                         Chairman

 

·       Dr Mohsen El Sayed El Aana                                                             Vice Chairman

 

·       Dr Ahmed Abd El Moneim                                                                  Director

 

·       Dr Mohamed Abdou Zedan                                                                 Director

 

·       Dr Atef Dawoud                                                                                 Director

 

·       Dr Karm Abd El Fattah                                                                      Director

 

·       Ali Mohamed Sheta                                                                           Director

 

·       Dr Mohamed Abd El Hamid El Feki                                                     Director

 

·       Dr Samira El Bassyouni                                                                     Director

 

·       Karam Kourdy                                                                                   Director

 

·       Ahmed Abd El Moneim Haib                                                              Director

 

·       Dr Adel Eita                                                                                      General Manager

 

·       Dr Hussein El Deres                                                                          Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1998

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 2869

 

Issued Capital              : £E 600,000,000

 

Paid up Capital            : £E 600,000,000

 

Name of Shareholder (s)                                         Percentage

 

·       Dr El Sayed El Badawy Mohamed Shehata                 28.0%

 

·       Sigma Media                                                            21.5%

 

·       Easy Jet                                                                   11.0%

Saudi Arabia

 

·       Dr Mohsen El Sayed El Aana                                       8.0%

 

·       Dr Mohamed Abd El Hamid El Feki                               5.0%

 

·       Local businessmen and private investors                     26.5%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals and cosmetics, specialising in skin creams and shampoo.

 

Subject is ISO 9001 and 14001 accredited.

           

Import Countries: Spain and Italy.

 

Export Countries: Yemen, Russia, Iraq and the United Arab Emirates.

 

Brand Names: SIGMA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,550 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 371,982,832                         £E 396,987,467

 

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

 

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

 

 

BANKERS

 

·       Bank of Alexandria

49 Kasr El Nile Street

     Cairo

     Tel: (20-2) 24824056 / 24836073

     Fax: (20-2) 24837468

 

·       Faisal Islamic Bank of Egypt

1113 Corniche El Nil Street

Cairo

Tel: (20-2) 22753165

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1998, Sigma Pharmaceutical Industries SAE is making steady progress in the local market. The company is run in a professional manner and is engaged in the manufacture of pharmaceuticals and cosmetics.

 

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.49.38

UK Pound

1

Rs.79.20

Euro

1

Rs.67.84

 

 

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.