MIRA INFORM REPORT

 

 

Report Date :

23.11.2011

 

IDENTIFICATION DETAILS

 

Name :

ORCHIDIA PHARMACEUTICAL INDUSTRIES SAE

 

 

Registered Office :

Block No. 12011, Area 15, Al Obour City, Industrial Zone Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1993

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of eye drops and other ophthalmic 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$ 800,000

 

 

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 – September 30, 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                                     : ORCHIDIA PHARMACEUTICAL INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1993

Commercial Registration Number            : 13146, Cairo

Issued Capital                                        : £E 25,000,000

Paid up Capital                                      : £E 15,000,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of eye drops and other ophthalmic products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 800,000

Person Interviewed                                 : Mostafa Fouzi, Chief Financial Officer

 

COMPANY NAME

 

ORCHIDIA PHARMACEUTICAL INDUSTRIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Block No. 12011, Area 15, Al Obour City, Industrial Zone

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 46651475 / 46651480

Facsimile          : (20-2) 46651475

Mobile               : (20-100) 6613030

Email                : info@orchidiapharma.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       117 Street                                                                                        Office premises

El Thawra

Heliopolis

Cairo

Tel: (20-2) 22916920

Fax: (20-2) 22914210

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Ossama Mohamed Abbass                                                            Chairman

 

·       Mohamed Ahmed Gobara                                                                  Director

 

·       Abdullah Mehissen                                                                            Director

 

·       Dr Karim Ossama Mohamed Abbass                                                  Director

 

·       Dr Radwa Ossama Mohamed Abbass                                     Director

 

·       Mohamed Khalid                                                                               Finance Manager

 

·       Mostafa Fouzi                                                                                   Chief Financial Officer

 

·       Dr Mohamed Abdul Jawad                                                                  Production Manager

 

·       Dr Mohamed El Henawy                                                                    Marketing Manager

 

·       Dr Mohamed Mehissen                                                                      Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1993

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 13146, Cairo

 

Issued Capital              : £E 25,000,000

 

Paid up Capital            : £E 15,000,000

 

Name of Shareholder (s)

 

·       Dr Ossama Mohamed Abbass

 

·       Mohamed Ahmed Gobara

 

·       Abdullah Mehissen

 

·       Dr Karim Ossama Mohamed Abbass

 

·       Dr Radwa Ossama Mohamed Abbass

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of eye drops and other ophthalmic products.

 

                 Subject is ISO 9001 & 14001 accredited.

 

Import Countries: Europe and the Far East.

 

Brand Names: PERFECT CARE, PERFECT EYE LID, OCUGUARD, ORCHACIN, ORCHAZID, TIMOGEL, TEARS

 

GUARD, ORCHA TEARS PLUS, ORCHADEXOLINE, IOPROST, ORCHAPRED, TRILLERG and      TWINZOL

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 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 48,650,000                           £E 55,000,000

 

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

 

The above figures were provided by Mr Mostafa Fouzi, Chief Financial Officer

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.52.70

UK Pound

1

Rs.82.44

Euro

1

Rs.71.08

 

 

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.