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Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIGMA PHARMACEUTICAL INDUSTRIES SAE |
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|
|
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Registered Office : |
Mubarak Industrial Zone, 1st Industrial Zone, Quesna,
Menoufeya |
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|
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
2869 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of pharmaceuticals and
cosmetics, specialising in skin creams and shampoo. |
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No. of Employees : |
2,020 |
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 |
|
Status : |
Good |
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|
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
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 backtracked on economic reforms, drastically increasing 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 were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.
|
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
SIGMA
PHARMACEUTICAL INDUSTRIES SAE
Registered &
Physical Address
Location : Mubarak
Industrial Zone, 1st Industrial Zone
Area : Quesna
Town : Menoufeya
Country : Egypt
Telephone : (20-48) 2590191
/ 2590192 / 2590193 / 2590194
Facsimile : (20-48)
2590198
Premises
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
Name of
Shareholder (s) Percentage
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.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.