MIRA INFORM REPORT

 

 

Report Date :

20.12.2012

 

IDENTIFICATION DETAILS

 

Name :

SANOFI AVENTIS EGYPT SAE

 

 

Registered Office :

3 El Massaneh Street, Amireya, El Zeitoun, Hadayek El Qobba, P O Box 1486, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1961

 

 

Com. Reg. No.:

106526, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers, packagers and distributors of pharmaceutical products

 

 

No. of Employees :

900 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Egypt - ECONOMIC OVERVIEW

 

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

 

Source : CIA

 

SUMMARY

 

Company Name                                    : SANOFI AVENTIS EGYPT SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1961

Commercial Registration Number           : 106526, Cairo

Industrial Registration Number                : 150

Chamber Licence Number                      : 0031

Issued Capital                                       : £E 140,000,000

Paid up Capital                                     : £E 140,000,000

Total Workforce                                     : 900

Activities                                               : Manufacturers, packagers and distributors of pharmaceutical products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

SANOFI AVENTIS EGYPT SAE

 

 

compaNY ADDRESS

 

Registered & Physical Address

Street               : 3 El Massaneh Street

Area                 : Amireya, El Zeitoun, Hadayek El Qobba

PO Box            : 1486

Town                : Cairo

Country             : Egypt

Telephone         : (20-2) 22845850 / 22845849 / 22845840 / 22645850 / 22860010

Facsimile          : (20-2) 22824855 / 22829027 / 22820906 / 22838488 / 22835278

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       20 Mohamed Ekbal Street                                                                 Office premises

Loran

Ramleh

Alexandria

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Dr Ossama Mohamed El Saady                                                        Chairman

·       Marc Antoine Lucchini                                                                       Managing Director

·       Arnoud Dufoosez                                                                             Director

·       Ihab El Shafie                                                                                   Director

·       Amgad Abd El Aal                                                                            Finance Manager

·       Dr Alaa El Sanan                                                                              Advertising Manager

·       Dr Amina El Karmany                                                                        Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1961

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 106526, Cairo

 

Industrial Reg. No.       : 150

 

Chamber Lic. No.         : 0031

 

Issued Capital              : £E 140,000,000

 

Paid up Capital            : £E 140,000,000

 

Name of Shareholder (s)                                                     Percentage

·       Secipe                                                                                 99%

France

 

·       Local businessmen and private investors                                 1%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture, packaging and distribution of pharmaceutical products.

 

Import Countries: France

 

International Suppliers:

 

·       Sanofi Aventis          France

 

Export Countries: Morocco and Sudan

 

Operating Trend: Steady

 

Subject has a workforce of approximately 900 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/10:               Year Ending 31/12/11:

 

Total Sales                                £E 694,465,191                         £E 705,650,678

 

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

 

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

BANKERS

 

·       Citibank

PO Box: 188

Cairo

Tel: (20-2) 33551877 / 33551874

       Fax: (20-2) 33558056

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.74

UK Pound

1

Rs.89.02

Euro

1

Rs.72.48

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.