|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLAXO SMITHKLINE EGYPT SAE |
|
|
|
|
Registered Office : |
1
Amoun Street, Ard El Baraka, El
Salam City, P O Box 30001,
Cairo 11491 |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1981 |
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|
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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 : |
Manufacture, marketing and export of pharmaceutical products. |
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|
|
|
No. of Employees : |
1210 |
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 |
|
|
|
|
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 – 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 : 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
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 Revenue £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.55.74 |
|
UK Pound |
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.03 |
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.