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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
OCTOBER PHARMA SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1984 |
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Com. Reg. No.: |
73680, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and marketing of pharmaceuticals, drugs and para- pharmaceutical solutions. |
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No. of Employees : |
700 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
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Egypt |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Company Name : OCTOBER PHARMA SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1984
Commercial Registration Number : 73680, Giza
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
Total Workforce : 700
Activities : Manufacture and marketing of pharmaceuticals, drugs and para-
pharmaceutical solutions.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashraf Othman, Finance Manager
OCTOBER PHARMA SAE
Street : 12 Abou
Hazem Street
Area : Madkour
Town : Cairo 12211
Country : Egypt
Telephone : (20-2) 37798123
/ 35873734 / 35818123
Facsimile : (20-2)
35873734 / 35818123 / 37798123
Mobile : (20-10)
2524499
Email : opharma@octoberpharma.com
/ ola.tobar@octoberpharma.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 1st
Industrial Zone, Plot No. 190 Owned
factory premises
Giza
PO Box: 38
Sixth
October City 12566
Tel:
(20-2) 38331832 / 38330329 / 38330652
Fax:
(20-2) 38330653
Name Position
· Dr Mahmoud Adel
Mohamed Fouad Chairman
· Dr Fouad El Lathy Director
· Maryan Ghaly Director
· Adnan Talal Director
· Dr Samir Thabet Director
· Mohamed Ben Saleh
El Ghossily Director
· Fawzy Ibrahim El
Maaty Director
· Khaled Mohamed El
Khaga Director
· Ashraf Osman Accounts
Manager
· Dr Ashraf Elwan Marketing
Manager
· Dr Mortada Diab Export
Manager
· Ossama El Aasy Import
Manager
· Mostafa Jaffar Purchasing
Manager
· Eman Hassan Production
Manager
· Ashraf Othman Finance
Manager
· Hosni El Sayed Administration
Manager
Date of
Establishment : 1984
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 73680, Giza
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
· Arabian for Drugs
Industries & Medical Appliances (Acdima) 22.27%
Egypt
· Saudi Egyptian
Industrial Investments 20.00%
114 El Tahrir
Street
Dokki, Giza
Cairo
Tel: (20-2)
33377788 / 33377888
Fax: (20-2)
33377788
Email: info@seindust-inv.com
· Joint Arab
Investment Corp (Jaicorp) 15.00%
32 Gaemat El Dawal
El Arabia Street
Mohandessin, Giza
Cairo
Tel: (20-2)
33471495 / 33476068
Fax: (20-2)
33471361
· The Saudi
Investment Group & Marketing 12.50%
Egypt
· University Studies
Support Fund 7.50%
Egypt
· Egyptian
businessmen & private investors 22.73%
· Modern Coatings
& Chemicals Co (MCC)
12 Abu Hazem
Street
Cairo
Tel: (20-2)
25822753
· Egyptian Promoters
Center (EPC)
Activities: Engaged in the manufacture and marketing of pharmaceuticals, drugs and
para-pharmaceutical solutions.
Import Countries: Germany, Belgium, France and the United Kingdom.
Export Countries: Yemen, Libya and Saudi Arabia.
Operating Trend: Steady
Subject has a workforce of approximately 700 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/09: Year Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E
168,731,000 £E 176,000,000 £E 181,340,000
Net Profit E 20,000,000 £E
26,100,000 £E
28,650,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ashraf Othman, Finance Manager
·
National Bank of Abu Dhabi
Nile Tower, 18th Floor
21 Giza Street
Cairo
Tel: (20-2) 33609724
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Arab Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
No complaints regarding subject’s payments have been reported.
October Pharma SAE is well established in the local market with
operations dating back over 20 years. It is engaged in the manufacture and
marketing of pharmaceuticals, drugs and para-pharmaceutical solutions.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
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|
1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.