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Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO |
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Formerly Known As : |
PHARCO PHARMACEUTICALS |
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Registered Office : |
496 El Horreya Road Boulkley, Ramleh PO Box 12, Sidi Gaber Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1984 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production of medical products |
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No. of Employees : |
2,000 |
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 – 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 |
|
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 : ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO
SAE
Also Known As : PHARCO PHARMACEUTICALS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1984
Commercial Registration Number : 221697, Alexandria
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
Total Workforce : 2,000
Activities : Production of medical products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE
ALSO KNOWN AS: PHARCO
PHARMACEUTICALS
Street : 496 El
Horreya Road
Area : Boulkley, Ramleh
PO Box : 12, Sidi Gaber
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5823745
/ 5821999 / 5839670 / 5863745
Facsimile : (20-3) 5830958
Mobile : (20-122)
3931000 / 3175550 / (20-100) 1628026
Email : pharco@pharco.com.eg
/ contact@pharco.org
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
· Alexandria-Cairo
Desert Road, Km-31, Plot 8-15 Owned
factory premises
Amreya
Alexandria
Tel:
(20-3) 4480440 / 4480720 / 44800130 / 4480140
Fax:
(20-3) 4480730 / 4486560
· 2 El Gomhoureya
Square Rented
office premises
Hadayek El Qobba
Cairo
Tel: (20-2)
23920845 / 23920529
Fax: (20-2)
24486560
Name Position
· Dr Hassan Abbas
Helmi Chairman
· Yasha Hassan Abbas
Helmi Vice
Chairman
· Dr Sherine Hassan
Abbas Helmi Director
· Abdel Moneim El
Toukhi Director
· Mamdouh Abbass
Labib Director
· Adel Hamed Hamza Director
· El Prince Mahmoud
Tawfik Director
· Mohamed Youssef Projects
Manager
· Dr Mohamed Ibrahim
Hamza Planning
Manager
· Fayez El Sobky Administration
Manager
· Nagi El Saif Operations
Manager
· Mohamed Rakha Export
Manager
· Ahmed El Sayed
Ahmed El Shahawi Maintenance
Manager
· Diaa El Din
Ibrahim Branch
Manager – Cairo
· Amriya
Pharmaceuticals
· European Egyptian
Pharmaceuticals
· Safe Pharma
· Pharco B
International
· Techno Pharma
Egypt
· Pharco Impex 93
Srl
· Abou Kir Trading
Date of
Establishment : 1984
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 221697, Alexandria
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 500,000,000
Paid up Capital : £E 500,000,000
· Dr Hassan Abbas
Helmi 72%
· Dr Sherine Hassan
Abbas Helmi 10%
· Yasha Hassan Abbas
Helmi 10%
· Local businessmen
and private investors 7%
· Company Employee’s
Fund 1%
Activities: Engaged in the manufacture and marketing of over 150 medical products,
including carbohydrates,
proteins and enzymes, barbiturates, sulphonamides, glycacoides,
antibiotics, penicillin, as well as
pharmaceutical preparations for the cardio-vascular system and
chemotherapeutic agents.
Subject’s agents include:
· International Trading
Pharmaceuticals Laboratories Inc. United
States of America
· Tunsal
International Company Limited Nigeria
· Pharmaplus
Pharmaceuticals & Beauty Care LTD Kenya
· Ramada Trading Co Ethiopia
· El Nasr Export
Import Co Zimbabwe
· Pharco Pharmaceuticals
Uganda LTD Uganda
· Medix
International Malawi
· Soprophal
Spa Algeria
· U.M.A Line
Group Tunisia
· Qatar
Pharmacy Qatar
· Modern Drug
Store Jordan
· Kambal
International Agencies Sudan
· Abdulrehman
Algosaibi General Trading Bureau Saudi
Arabia
· Gulf Drug LLC United
Arab Emirates
· Boushahri Group
WLL Kuwait
· Jaffar
Pharmacy Bahrain
· Muttrah Pharmacy
LLC Oman
· Al Fath Trading Co Yemen
Import Countries: Germany, France, Italy, the Netherlands, Austria
and the United States of America.
International Suppliers:
· Mead Johnson United States of America
· Duphar Netherlands
· Biochemee Austria
· Merz Germany
· Latema France
Export Countries: Subject exports to over 30 countries covering Africa,
the Middle East, Europe and the United
States of America.
Operating Trend: Steady
Subject has a workforce of approximately 2,000 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
382,400,000 £E
391,650,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
· Faisal Islamic
Bank of Egypt
7 Victor Pasilly
Street
El Azareta
Alexandria
Tel: (20-3)
4911653
·
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
·
National Societe Generale Banque SAE
Evergreen Building
10 Talaat Harb
Street
PO Box: 2664
Cairo
Tel: (20-2)
25749376
Fax: (20-2)
25776249
·
Banque du Caire SAE
Sesostris Branch
1 Hagar
El Newateyah Street
Alexandria
Tel:
(20-3) 5744532
·
Citibank
95, 26th July Street
Azarita
Alexandria
Tel: (20-3) 4834363 / 4840342
Fax: (20-3) 4884363
Subject’s payment record is reported to be met in a generally prompt
manner.
Credit amount 612,000 1,000,000 100,000
Amount overdue 0 0 0
Payment terms 60
days 90 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling US Dollars US Dollars
Pharco Pharmaceuticals is one of the largest
Egyptian companies in the field of pharmaceutical products, and was ranked as
the second best selling Egyptian pharmaceutical company in 2000, with exports
being sent to over 30 countries.
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.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
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 |
|
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.