MIRA INFORM REPORT

 

 

Report Date :

12.03.2013

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN PHARMACEUTICALS INDUSTRIES

 

 

Registered Office :

Osman Ibn Affan Street, B1 District Industrial Zone, Area X11 B 44629, P O Box 149, 10th of Ramadan City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1985

 

 

Com. Reg. No.:

11116, Ismailia

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of pharmaceuticals

 

 

No. of Employees :

3600

 

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

 

Status :

Good

Payment Behaviour :

No  Complaints

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

(31.03.2012)

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

 

 

 

SUMMARY

 

Company Name                                     : EGYPTIAN PHARMACEUTICALS INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1985

Commercial Registration Number            : 11116, Ismailia

Industry Registration Number                  : 53380

Issued Capital                                        : £E 79,364,000

Paid up Capital                                      : £E 79,364,000

Total Workforce                                     : 3,600

Activities                                               : Manufacturers of pharmaceuticals

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

EGYPTIAN PHARMACEUTICALS INDUSTRIES

 

 

Company ADDRESS

 

Registered & Physical Address

Street               : Osman Ibn Affan Street

Area                 : B1 District Industrial Zone, Area X11 B 44629

PO Box             : 149

Town                 : 10th of Ramadan City

Country             : Egypt

Telephone         : (20-15) 361663

Facsimile          : (20-15) 364377

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of 10th of Ramadan City.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Scientific Office                                                                                 Rented office premises

3 El Moaz Le Din Allah Street

Takseem Asmaa Fahmy

Ard El Golf

Nasr City

Tel: (20-2) 24143550

Fax: (20-2) 24174528 / 24143800

 

·       2 Wagih Pasha Street                                                                       Rented office premises

Ganaclis, Ramleh

Alexandria

Tel: (20-3) 5746974

Fax: (20-3) 5743688

 

·       Rawafie El Kousair                                                                            Rented office premises

Sohag

Tel: (20-93) 2330462 / 2330465

Fax: (20-93) 2330462

 

·       Mohamed Farid Street                                                                       Rented office premises

Tanta, Gharbeya

Tel: (20-40) 3335924

Fax: (20-40) 3335926

 

·       13 El Emam El Ghazaly Street                                                           Rented office premises

Touriel, Mansoura

Dakahleya

Tel: (20-50) 2326211

Fax: (20-50) 2326211

 

·       63 Beginning of Benha/Zagazig Agri Road                                           Rented office premises

Benha

Kaliubeya

Tel: (20-13) 3229020 / 3245504 / 3235400

Fax: (20-13) 3229020

 

·       Mostawdaat and Makhazen Agri Development and Credit Bank             Rented office premises

Minia

Tel: (20-86) 2341474 / 2341480

Fax: (20-86) 2351480

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Ahmed Borhan El Din Ismail                                                          Chairman

 

·       Mohamed Awad Tag El Din                                                                Director

 

·       Dr Mohamed Farouk Essmat                                                              Director

 

·       Ossama Rostom                                                                               Director

 

·       Omar El Ahmady Mohamed Eissawy                                                  Director

 

·       Dr Hamdy El Sayed                                                                           Director

 

·       Faisal Kamel Ibrahim                                                             Director

 

·       Magda Rakha                                                                                   Director

 

·       Hosni Abd El Aziz                                                                             Director

 

·       Mahmoud Abd El Maksoud                                                                Director

 

·       Fathi Mohamed Tash                                                             Director

 

·       Ali Ibrahim Raghib                                                                             Financial Manager

 

·       Mohamed Nader                                                                                Accounts Manager

 

·       Azza Attia                                                                                        Public Relations Manager

 

·       Badr Omar El Ahmady                                                                       Research Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 11116, Ismailia

 

Industry Reg. No.         : 53380

 

Issued Capital              : £E 79,364,000

 

Paid up Capital            : £E 79,364,000

 

Name of Shareholder (s)

 

·       Acdima/Arab for Drug Ind and Medical App                 

Egypt

 

·       Investment Funds

 

·       Medical Professions Investment

 

·       Medical Union Professionals

 

·       Bank Misr

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals.

 

                 Subject is ISO 9001:14001 accredited.

 

Import Countries: Germany, United States of America, United Kingdom and South Korea.

 

Export Countries: Ethiopia, Nigeria, Kenya, Sudan, Tunisia, Algeria, Saudi Arabia, Libya, Kuwait, United Arab

                              Emirates, Lebanon, Jordan, Romania, Iraq and the United Kingdom.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 3,600 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Revenue                            £E 1,001,601,201                       £E 1,100,493,624

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Suez Canal Bank

PO Box: 2620

Cairo

Tel: (20-2) 25769296

Fax: (20-2) 25322064

 

·       National Bank of Egypt

Sharkeya Branch

Tenth of Ramadan City

Tel: (20-15) 360833 / 360744 / 344144

 

·       Commercial International Bank (CIB)

City Centre, Plot No. 8

Tenth of Ramadan City

Tel: (20-15) 367294

Fax: (20-15) 367915

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.29

UK Pound

1

Rs.81.09

Euro

1

Rs.70.61

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.