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Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIGMA PHARMACEUTICAL INDUSTRIES SAE |
|
|
|
|
Registered Office : |
Mubarak Industrial Zone, 1st Industrial Zone Quesna
Menoufeya |
|
|
|
|
Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1998 |
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|
|
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Com. Reg. No.: |
2869 |
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|
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
Line of Business : |
Manufacturers of pharmaceuticals and cosmetics. |
|
|
|
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No. of Employees : |
2,020 |
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 |
|
Maximum Credit Limit: |
US$ 2,500,000 |
|
Status : |
Good |
|
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) |
|
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
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 : 2,020
Activities : Manufacturers of pharmaceuticals and cosmetics.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,500,000
SIGMA PHARMACEUTICAL INDUSTRIES SAE
Location : Mubarak
Industrial Zone, 1st Industrial Zone
Area : Quesna
Town : Menoufeya
Country : Egypt
Telephone : (20-48) 2590191
/ 2590192 / 2590193 / 2590194
Facsimile : (20-48)
2590198
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
· 6th
Industrial Zone Sales
Office
6th of
October City
Tel: (20-2)
38278740 / 38278769
Fax: (20-2)
38278754
· Riyad Street Sales
Office
Nasr City
Cairo
Tel:
(20-2) 22634154
Fax:
(20-2) 24029406
· El Serag Mall,
Jana Tower, 9th Floor, Entrance No. 3 Sales
Office
Makram Ebeid
Street
Nasr City
Cairo
Tel:
(20-2) 26705571
Name Position
· Dr El Sayed El
Badawy Mohamed Shehata Chairman
· Dr Mohsen El Sayed
El Aana Vice
Chairman
· Dr Mohamed Abdou
Zedan Director
· Dr Atef Dawoud Director
· Khaled Ali Mohamed
Sheta Director
· Dr Mohamed Abd El
Hamid El Feki Director
· Dr Samira El
Bassyouni Director
· Karam Kourdy Director
· Ahmed Abd El
Moneim Habib Director
· Dr Adel Eita General
Manager
· Dr Hussein El
Deres Factory
Manager
· Waheid Helmy Finance
Manager
· Wael Attef IT
Manager
· Emad Salah Accounts
Manager
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
· Dr El Sayed El
Badawy Mohamed Shehata 28.0%
· Karam Kourdy 26.0%
· 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 22.0%
Activities: Engaged in the manufacture of pharmaceuticals and cosmetics,
specialising in skin creams and shampoo.
Subject is ISO 9001 and 14001 accredited.
Import Countries: United Kingdom, Switzerland, Italy, Spain,
Argentina, United States of America, Germany, Indian and China.
Export Countries: Yemen, Russia, Iraq, Libya, Sudan, Kenya, Tanzania
and the United Arab Emirates.
Brand Names: SIGMA
Operating Trend: Steady
Subject has a workforce of approximately 2,020 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E
411,650,904 £E
420,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Al Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2)
33379363
Fax: (20-2)
33772959
·
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
· BNP Bank
9 Birute Street
Heliopolis
Cairo
No complaints regarding subject’s payments have been reported.
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.54.46 |
|
|
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.