MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	GLOBAL NAPI PHARMACEUTICALS SAE (GNP)
Registered Office :	2^nd Industrial Zone, Street No. 18, Plot No. 40, Sixth of October City
Country :	Egypt
Financials (as on) :	31.12.2013 (Estimated)
Year of Establishments :	1994
Com. Reg. No.:	2048
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Engaged in the manufacturing pharmaceuticals specialising in therapeutic classes such as cardio – vascular, anti inflammatory, respiratory tract, anti infective gastro intestinal, and dermatological preparations, as well as food supplements and natural products.
No of Employees :	430 (Approximately)

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Egypt	b2	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 : GLOBAL NAPI PHARMACEUTICALS SAE (GNP)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 1994

Commercial Registration Number : 2048

Issued Capital : £E 38,000,000

Paid up Capital : £E 38,000,000

Total Workforce : 430

Activities : Manufacture of pharmaceuticals

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

GLOBAL NAPI PHARMACEUTICALS SAE (GNP)

company ADDRESS

Registered & Physical Address

Location : 2^nd Industrial Zone, Street No. 18, Plot No. 40

Town : Sixth of October City

Country : Egypt

Telephone : (20-2) 38333350 / 38333354 / 38333352 / 38333353

Facsimile : (20-2) 38333351

Mobile : (20-12) 2125392 / 3256693

Email : mail@globalnapi.com

Premises

Subject operates from a suite of offices and a factory covering an area of 20,000 square metres that are owned and located in the Industrial Area of the Sixth of October City.

Branch Office (s)

Location Description

· 297 Ramsis Street, 2^nd Floor Rented office premises

Cairo

Tel: (20-2) 26748275 / 26748276 / 26748277 / 26748278

Fax: (20-2) 26748279

· 207 Ramsis Street, 2^nd Floor Rented office premises

Daher

Cairo

Tel: (20-2) 25888001 / 25888002 / 25888003 / 25888004

Fax: (20-2) 25888003

KEY PRINCIPALS

Name Position

· Dr Makram Sayed Mehany Fahmy Chairman

· Shawky Ghattas Director

· Maurice Ghattas Director

· William Sayed Mehana Director

· Dr Mohamed Hussein Abd El Wahab Director

· Dr Gamal El Leithy Director

· Dr Mahmoud Ghorab Director

· Peter Makram Sayed Mehany Fahmy Director

· Ibrahim Maurice Ghattas Director

· Maher Naguib Director

· Emad Wasfy General Manager

· Dr Wedad Ishak Factory Manager

· Mona Barsoum Human Resources Manager

· Sameh Samy Sales Manager

· Adel Sultan Marketing Manager

· Medhat Sadek Finance Manager

· George Roushdy Purchasing Manager

· Faisal Fouad Business Development Manager

· Sameh Samy Office Manager

LEGAL FORM & OWNERS

Date of Establishment : 1994

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 2048

Issued Capital : £E 38,000,000

Paid up Capital : £E 38,000,000

Name of Shareholder (s) Percentage

· Dr Makram Sayed Mehany Fahmy 33%

· Members of Karim Roshdy’s Family 33%

· Shawky Ghattas 17%

· Maurice Ghattas 17%

AFFILIATED COMPANIES

· Ramco Co

207 Ramses Street

Cairo 11271

Tel: (20-2) 26746424-5

Fax: (20-2) 26746426

· Makram Mehane Pharmaceuticals (MMP)

207 Ramses Street

Cairo 11271

Tel: (20-2) 26746424-5

Fax: (20-2) 26746426

· Monica Makram Mehane (3MP)

207 Ramses Street

Cairo 11271

Tel: (20-2) 26746424-5

Fax: (20-2) 26746426

OPERATIONS

Activities: Engaged in the manufacture of pharmaceuticals specialising in therapeutic classes such as cardio –

vascular, anti inflammatory, respiratory tract, anti infective gastro intestinal, and dermatological preparations, as well as food supplements and natural products.

Subject produces pharmaceuticals under license from the following companies: Merck & Co, White Hall, Roche, Aventis, Sanofi Synthelabo, Elerte, Sisu, Rogier, Refarmed, MIAT, Valpharma, Nova Pharma, Prodes, Lek, Help, Unipharma and Serolam, Lemery, Pierre Faber, Pan Laboratories, PH&T, Covex.

Subject is ISO 9001 and ISO 14001 accredited.

Import Countries: France, Netherlands, Spain, Sweden, Italy and India

Export Countries: Yemen, Sudan, Kenya, Uganda, Tanzania and Iraq

Operating Trend: Steady

Subject has a workforce of approximately 430 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 Revenue £E 383,000,000 £E 388,000,000

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

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

BANKERS

· National Societe Generale Bank SAE

Evergreen Building

10 Talaat Harb Street

Cairo

Tel: (20-2) 25749376

Fax: (20-2) 25776249 / 25782838

· American Express Bank (Amex)

PO Box: 1824

Cairo

Tel: (20-2) 33608228

Fax: (20-2) 33608227

· Arab African International Bank

Main Branch

Sixth of October City

A/C No. 508254

· Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 25931002

Fax: (20-2) 25912306

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction December 2005

Amount overdue 0

Payment terms 180 days

Payment Method Letters of Credit

Paying record No Complaints

Currency Pounds Sterling

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.21
UK Pound	1	Rs.97.80
Euro	1	Rs.77.48

INFORMATION DETAILS

Analysis Done by :	SUB
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.