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Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SOUTH EGYPT DRUG INDUSTRIES SAE (SEDICO) |
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Registered Office : |
1st Industrial Zone, Plot No. 43/44 20 Abdou Sallam Street
PO Box 43 6th October City 12566 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1986 |
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Com. Reg. No.: |
76676, 6th of October City |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of pharmaceutical preparations. |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 |
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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 : SOUTH EGYPT DRUG INDUSTRIES SAE (SEDICO)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1986
Commercial Registration Number : 76676, 6th of October City
Issued Capital : £E 223,768,000
Paid up Capital : £E 223,768,000
Total Workforce : 1,500
Activities : Manufacturers of pharmaceutical preparations.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SOUTH EGYPT DRUG INDUSTRIES SAE (SEDICO)
Registered &
Physical Address
Location : 1st
Industrial Zone, Plot No. 43/44
Street : 20 Abdou
Sallam Street
PO Box : 43
Town : 6th
October City 12566
Country : Egypt
Telephone : (20-2) 38331590
/ 38331591 / 38331592 / 38331594
Facsimile : (20-2)
38331593 / 38332492 / 38341522
Mobile : (20-100) 5224919 / 6022777
Email :
info@sedico.net
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of 6th of October City.
Branch Office (s)
Location Description
· 3 El Khalifa
Street Office
premises
El Andalos
Pyramids
Giza
Cairo
Tel: (20-2)
35852319 / 35861778
Fax: (20-2) 35852319
· Ismailia Square Office
premises
3 El Emam Aly
Street
Heliopolis
Cairo
Tel: (20-2)
22919075
Fax: (20-2) 22919075
· 9 A Aly Moubarak
Street Office
premises
Mansoura
Dakahleya
Tel:
(20-50) 332466
Fax:
(20-50) 332493
· 21 Victoria
Emanuel Square Office
premises
Smouha
Alexandria
Tel:
(20-3) 4254434
· 72 Taha Hussein
Street Office
premises
El Minia
Tel: (20-86) 340275
· 19 El Hayat Street Office
premises
Stadium Area
Tanta
Tel: (20-40)
3412285
· El Sayeda Aisha Street Office
premises
Luxor
Tel: (20-95) 2374188
Name Position
· Dr Nasser El Tayeb Chairman
· Dr Hossam Ahmed
Ali Abou El Enein Vice
Chairman
· Dr Mahmoud Nasser
El Tayeb Director
· Momtaz Mohamed El
Said Director
· Tarek El Sayed El Sayed Director
· Hanaa Ahmed
Abdallah Director
· Mohamed Mohamed Abd El Hamid Director
· Dr Walid Amin
Abdel Fatah El Keyaly Director
· Ehab Kaldas Director
· Magdy Ahmed Hassan Director
· Fawzy Omeira Finance
Manager
· Abd El Wahab Mohamed Accounts
Manager
· Dr Khaled Fakhry Export
Manager
· Mohamed Kamel Production
Manager
· Hesham Rasmy Purchasing
Manager
· Biadie Beshara Baghous Engineering
Manager
· Salah Rashwan Administration
Manager
· Aziz Shoukry IT
Manager
· Zeizi Moustafa Planning
Manager
Date of
Establishment : 1986
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 76676, 6th of October City
Tax Card No. : 204-897-637
Issued Capital : £E 223,768,000
Paid up Capital : £E 223,768,000
· Misr Insurance Co 31.1%
Cairo
· Arabian for Drugs
Industries & Medical Appliances 27.7%
Kuwait
· Merc
Pharmaceutical 22.2%
Cairo
· Dr Walid Amin
Abdel Fatah El Keyaly 12.0%
· Holding for
Pharmaceuticals Chemicals & Medical Appliances
6.6%
Cairo
· Ahmed Ali Abou El
Enein 0.4%
Activities: Engaged in the manufacture of pharmaceutical preparations, including
tablets, capsules, syrups,
ampoules, suppositories and ointments.
Subject is also involved in the
manufacture of veterinary preparations.
Subject is ISO 9001, 14001 and 18001
accredited.
Import Countries : Germany, Australia,
Belgium, Netherlands and China.
Export Countries : Romania, Russia, Yemen, Sudan, Libya and Kenya.
Brand Names : SEDICO
Operating Trend: Steady
Subject has a workforce of approximately 1,500 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
345,717,080 £E 363,700,000 £E
390,700,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Misr Iran Development Bank
Nile Tower
21 Giza Street
Cairo
Tel: (20-2)
25727570
Fax: (20-2) 25727311
·
Banque du Caire SAE
19
Adly Street
Cairo
Tel:
(20-2) 33926915
Fax:
(20-2) 33951713
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
No complaints regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
Established in 1986, subject is involved in the manufacture of
pharmaceutical preparations, including tablets, capsules, syrups, ampoules,
suppositories and ointments. Subject is also involved in the manufacture of
veterinary preparations.
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 |
|
UK Pound |
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
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 |
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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 |
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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.