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Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
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Name : |
GLAXO SMITHKLINE EGYPT SAE |
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Registered Office : |
1 Amoun Street Ard El Baraka, El Salam City PO Box 30001 Cairo 11491 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1981 |
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Com. Reg. No.: |
208407, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturer, marketing and exporter of pharmaceutical products. |
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No. of Employees : |
1,210 |
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 |
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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 – 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 |
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Moderate |
B1 |
|
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 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 :
GLAXO SMITHKLINE EGYPT SAE
Also Known As : GSK PHARMACEUTICALS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1981
Commercial Registration Number : 208407, Cairo
Issued Capital : £E 835,142,000
Paid up Capital : £E 835,142,000
Total Workforce : 1,210
Activities : Manufacture, marketing and export of pharmaceutical products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
GLAXO SMITHKLINE EGYPT SAE
ALSO KNOWN AS: GSK PHARMACEUTICALS
Registered &
Physical Address
Street : 1 Amoun
Street
Location : Ard El Baraka,
El Salam City
PO Box : 30001
Town : Cairo 11491
Country : Egypt
Telephone : (20-2) 22777124
/ 22777000 / 22807000 / 22807100
Facsimile : (20-2)
22777001 / 26185002 / 22806031
Mobile : (20-100)
0072952
Email : mansour.a.meenai@gsk.com / eldin@gsk.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
· Boomerang
Building, No.46, Block J Rented
Scientific Office
5th
District, Nasr City
Cairo
Tel:
(20-2) 26185000
Fax:
(20-2) 26185001
· 1 Khaled Ibn El
Walid Street Rented
Scientific Office
Masken
Sheraton
Cairo
Tel:
(20-2) 26860334/5/6
· 89 Gameat El Dewal
El Arabia Street Rented
Scientific Office
Mohandessin,
Giza
Cairo
Tel:
(20-2) 33367501 / 33367502 / 33367503
Fax:
(20-2) 33388218 / 33388237
· 8 Ahmed Farid
Street Rented
Scientific Office
Alexandria
Tel:
(20-3) 5803878 / 5803884
Fax:
(20-3) 5875588
· 23 Kaiem Makam
Batal Ahmed A. El Aziz Street Distribution
Centre
Kafr Abdu
Alexandria
Tel:
(20-3) 5427617
Fax:
(20-3) 5428850
· Dr Adel Denour
Building Rented
Scientific Office
Mansoura
Dakahleya
Tel:
(20-50) 2294572 / 2294573 / 2294574
· Villa El Toshky Rented
Scientific Office
49 El
Gomhoureya Street
Sohag
Tel:
(20-93) 2323130 / 310146
Fax:
(20-93) 2313755
Name Position
· Dr Amr Mamdouh Chairman
· Fouad Ben Ghalem Director
· Mounir Ghabbour Director
· Tharwat Abd El
Shaheed Director
· Afdal Naguib Director
· Omar El Asar Director
· Philip Jan Mark Director
· Dr Farid Mansour Director
· Mansour Manay Finance
Manager
· Amr Mariey Technical
Manager
· Adel Darwish Factory
Manager
· Azza Rostom Production
Manager
· Hamdy Zaki Planning
Manager
· Tarek Abd El
Khalek Human
Resources Manager
Date of
Establishment : 1981
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 208407, Cairo
Industrial Reg. No. : 26750
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 835,142,000
Paid up Capital : £E 835,142,000
Name of Shareholder
(s) Percentage
· Glaxo Smithkline
Plc 91.20%
United Kingdom
·
National Societe Generale Bank 5.89%
5 Champollion Street
Cairo
Tel: (20-2) 27707777
Fax: (20-2) 27707799
· Local businessmen
and private investors 2.91%
Activities: Engaged in the manufacture, marketing and export of pharmaceutical
products, including vitamins,
hormones and organ extracts, pharmaceutical
preparations for the cardiovascular system, central and autonomic nervous
system, anaesthetics, eye ointments, ophthalmic preparations, throat sprays,
antacids and preparations for gastric ulcers, plasma substitutes and inhalants.
Import Countries: United Kingdom
Export Countries: Saudi Arabia, Kuwait, Lebanon, and the United Arab
Emirates
Operating Trend: Steady
Subject has a workforce of approximately 1,210 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
464,912,224 £E
470,540,164
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
HSBC Bank Egypt SAE
Abu El
Feda Building
3 Abu El
Feda Street
Zamalek
Cairo
Tel:
(20-2) 27359286 / 27354849
Fax:
(20-2) 27361457
No complaints regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Glaxo Smithkline Egypt SAE was
established in 1981 and has become a market leader in Egypt for the manufacture,
marketing and export of pharmaceutical products. It has licence agreements with
several well known British producers such as Suppravite, Haemoton, Florest,
Apimol and Ablazine.
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.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.