MIRA INFORM REPORT

 

 

Report Date :

26.03.2014

 

IDENTIFICATION DETAILS

 

Name :

DELTA PHARMACEUTICAL INDUSTRIES

 

 

Registered Office :

36 Makkram Ebeid Street Nasr City Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

May 1997

 

 

Reg. No.:

2930348, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of therapeutic and diagnostic blood derivatives, plasma  substitutes and medical laboratories requisites and pharmaceuticals.

 

 

No. of Employees :

600

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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, pushing up unemployment levels, and economic growth is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

Source : CIA

SUMMARY

 

Company Name                                    : DELTA PHARMACEUTICAL INDUSTRIES

Trading As                                            : DELTA PHARMA COMPANY

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : May 1997

Commercial Registration Number           : 2930348, Cairo

Issued Capital                                       : £E 12,000,000

Paid up Capital                                     : £E 12,000,000

Total Workforce                                     : 600

Activities                                               : Manufacture of therapeutic and diagnostic blood derivatives, plasma

                                                              substitutes and medical laboratories requisites and pharmaceuticals.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

DELTA PHARMACEUTICAL INDUSTRIES

 

 

TRADING AS

 

DELTA PHARMA COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 36 Makkram Ebeid Street

Area                 : Nasr City

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22877791 / 22877792 / 22877793

Facsimile          : (20-2) 22877794

Email                : info@deltapharmaegypt.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

Location                                                                                   Description

 

Industrial Zone B4, Area No. 77/B                                               Factory premises

Sharkeya

PO Box: 1121

Tenth of Ramadan City

Tel: (20-15) 373781 / 373782

Fax: (20-15) 373783

 

24 El Glaa Street                                                                       Sales office

Alexandria

Tel: (20-3) 5760329

 

26 July Street                                                                            Sales office

Ibn Sina

Assuit

Tel: (20-88) 339311

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Dr Mohy Mohamed Hafiz                                                           Chairman

 

Dr Mohamed Tawfik El Rakhawy                                                 Director

 

Dr Raouf Hakim Elias                                                                Director

 

Bassel Raouf Hakim                                                                  Director

 

Dr Ahmed Abouel Azayem                                                         Director

 

Dr Fayez Shafik                                                                         General Manager

 

Dr Mohamed Abbas                                                                  Commercial Manager

 

Ahmed Abdallah Eissa                                                              Finance Manager

 

Dr Mamdouh Ali Hassan                                                            Factory Manager

 

Hajaj Hussain                                                                            Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : May 1997

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 2930348, Cairo

 

Issued Capital              : £E 12,000,000

 

Paid up Capital            : £E 12,000,000

 

Name of Shareholder (s)

 

Dr Mohy Mohamed Hafiz

 

Dr Mohamed Tawfik El Rakhawy

 

Dr Raouf Hakim Elias

 

Bassel Raouf Hakim

 

Dr Ahmed Abouel Azayem

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of therapeutic and diagnostic blood derivatives, plasma substitutes and  medical laboratories requisites and pharmaceuticals.

 

Import Countries: Germany, Japan and India

Brand Names: DELTA PHARMA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 600 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 72,300,000                           £E 75,000,000

 

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

 

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

 

 

BANKERS

 

National Bank of Egypt

Sharkeya Branch

Tenth of Ramadan City

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

 

Cairo Far East Bank SAE

PO Box: 757

Cairo

Tel: (20-2) 33713554 / 33710280

Fax: (20-2) 33483818

 

National Bank of Abu Dhabi

Nile Tower, 18th Floor

21 Giza Street

Cairo

Tel: (20-2) 33609724

 

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 2004                         December 2008

Credit amount                                       100,000                                     100,000

Amount overdue                                    0                                              0

Payment terms                                      60 days                                    60 days

Payment Method                                   Letters of Credit                        Letters of Credit

Paying record                                       No Complaints                          No Complaints

Currency                                               US Dollars                                US Dollars

 

 

GENERAL COMMENTS

 

Delta Pharmaceutical Industries was established in 1997 and is engaged in the manufacture of therapeutic and diagnostic blood derivatives, plasma substitutes and medical laboratories requisites, as well as pharmaceuticals.

 

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.60.49

UK Pound

1

Rs.99.77

Euro

1

Rs.83.67

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.