MIRA INFORM REPORT

 

 

Report Date :

05.12.2014

 

IDENTIFICATION DETAILS

 

Name :

CHEMIPHARM PHARMACEUTICAL INDUSTRIES SAE

 

 

Registered Office :

6th Industrial Zone, Unit No. 3/1/3/2, Plot 1/2/3, Giza, 6th of October City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1972

 

 

Com. Reg. No.:

2780

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of chemical products, specialising in human pharmaceuticals.

 

 

No of Employees :

300

 

 

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 :

Satisfactory

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Egypt

B1

B2

 

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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

 

Source : CIA

SUMMARY

 

Company Name                                    : CHEMIPHARM PHARMACEUTICAL INDUSTRIES SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1972

Commercial Registration Number           : 2780

Tax Card Number                                  : 205-119-840

Issued Capital                                       : £E 40,000,000

Paid up Capital                                     : £E 40,000,000

Total Workforce                         : 300

Activities                                               : Manufacture of chemical products, specialising in human pharmaceuticals.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Nazih Dawoud, Finance Manager

COMPANY NAME

 

CHEMIPHARM PHARMACEUTICAL INDUSTRIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 6th Industrial Zone, Unit No. 3/1/3/2, Plot 1/2/3

Area                 : Giza

Town                : 6th of October City

Country : Egypt

Telephone         : (20-2) 38290264 / 38290265 / 38290268 / 38290269 / 38290270

Facsimile          : (20-2) 38290266

Mobile              : (20-10) 1721603

Email                : info@chemipharm.com.eg

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of the 6th of October City.

 

Branch Office (s)

 

Location                                                                                   Description

 

13 Ahmed Orabi Street                                                              Sales Office

Mohandessin, Giza

Cairo

Tel: (20-2) 33474875 / 33470549 / 33473875

Fax: (20-2) 33474506

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Karim Gamal Kamel                                                                   Chairman

 

Rafik Nessim                                                                             Managing Director

 

Dr Nassef Hanna Ayoub                                                            Director

 

Nazih Dawoud                                                                           Finance Manager

 

Mohamed Hamed                                                                      Purchasing Manager

 

Wadid Wahby                                                                           Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1972

 

Legal Form      : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 2780

 

Tax Card No.    : 205-119-840

 

Issued Capital              : £E 40,000,000

 

Paid up Capital            : £E 40,000,000

 

Name of Shareholder (s)

 

Karim Gamal Kamel

 

Rafik Nessim

 

Dr Nassef Hanna Ayoub

 

 

AFFILIATED COMPANIES

 

Chemipharm Ltd

13 Ahmed Orabi Street

Mohandessin, Giza

Cairo

Tel: (20-2) 33474875 / 33470549 / 33473875

Fax: (20-2) 33474506

CR No. 89564

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of chemical products, specialising in human pharmaceuticals.

 

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

 

Agencies Held:

 

Nycomed                                  Germany

Heinen                                      Germany

Aesculapius                              Italy

ABC                                         Italy

Sarong                                     Italy

CFM                                         Italy

Cosmec                                    Italy

Newman                                    United Kingdom

Stiefel                                       United Kingdom           

P&G                                         United States of America

Laboratories Servier                  France

Pharco                                      Egypt

 

Brand Names: CHEMIPHARM

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                £E 53,600,000                           £E 54,850,000

 

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

 

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

 

 

BANKERS

 

Egyptian American Bank

4 & 6 Hassan Sabri

Zamalek

PO Box: 1825

Cairo

Tel: (20-2) 33416150

Fax: (20-2) 33420265

 

National Societe Generale Bank

5 Champollion Street

Cairo

Tel: (20-2) 27707777

Fax: (20-2) 27707799

 

 

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.61.88

UK Pound

1

Rs.97.02

Euro

1

Rs.76.13

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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%)

 

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