MIRA INFORM REPORT

 

 

Report Date :

16.07.2014

 

IDENTIFICATION DETAILS

 

Name :

ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE

 

 

Registered Office :

496 El Horreya Road Boulkley, Ramleh PO Box   12, Sidi Gaber Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1984

 

 

Com. Reg. No.:

221697, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

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

 

 

No. of Employees

2,000

 

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 :

Regular

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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                                     : 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 1,000,000,000

Paid up Capital                                      : £E 1,000,000,000

Total Workforce                                     : 2,000

Activities                                               : Production of medical products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Mohamed El Desouky, Finance Manager

 

 

 

 

COMPANY NAME

 

 ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE

 

 

ALSO KNOWN AS

 

PHARCO PHARMACEUTICALS

 

 

ADDRESS

 

Registered & Physical Address

 

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 / mdousky1962@gamil.com

 

Premises

 

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

 

KEY PRINCIPALS

 

     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

 

·       Mohamed El Desouky                                                                       Finance Manager

 

·       Diaa El Din Ibrahim                                                                            Branch Manager – Cairo

 

 

LEGAL FORM & OWNERS

 

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 1,000,000,000

 

Paid up Capital            : £E 1,000,000,000

 

Name of Shareholder (s)                                Percentage

 

·       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%

 

 

AFFILIATED COMPANIES

 

·       Amriya Pharmaceuticals

 

·       European Egyptian Pharmaceuticals

 

·       Safe Pharma

 

·       Pharco B International

 

·       Techno Pharma Egypt

 

·       Pharco Impex 93 Srl

 

·       Abou Kir Trading

 

 

OPERATIONS

 

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:

 

·       Pharco Impex                                                                                                                                                           Romania

·       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 50 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 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 391,650,000                         £E 402,350,000

 

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

 

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

 

 

BANKERS

 

·       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

 

 

PAYMENT HISTORY

 

Subject’s payment record is reported to be met in a generally prompt manner.

 

Date of transaction                  October 2005                April 2006                     December 2006

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

 

GENERAL COMMENTS

 

Pharco Pharmaceuticals is one of the largest Egyptian companies in the field of pharmaceutical products, and was ranked number one in the Egyptian pharmaceutical market, with 13.2% market share in 2011.

 

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.60.22

UK Pound

1

Rs.102.79

Euro

1

Rs.81.95

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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.