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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN INTERNATIONAL PHARMACEUTICAL INDUSTRIES CO SAE (EIPICO) |
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Registered Office : |
Scientific Office, 3 El Moaz Le Din Allah Street, Takseem Asmaa Fahmy,
Ard El Golf. Nasr City, PO Box 8171
Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
11116, Ismailia |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production of pharmaceuticals |
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No. of Employees |
3,600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company Name : EGYPTIAN
INTERNATIONAL PHARMACEUTICAL INDUSTRIES CO SAE (EIPICO)
Country of Origin :
Egypt
Legal Form : Egyptian Joint Stock
Company
Start Date :
1982
Registration Date :
March 1985
Commercial Registration Number :
11116, Ismailia
Issued Capital :
£E 79,364,000
Paid up Capital :
£E 79,364,000
Total Workforce :
3,600
Activities :
Production of pharmaceuticals
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EGYPTIAN INTERNATIONAL PHARMACEUTICAL INDUSTRIES CO SAE (EIPICO)
Registered &
Physical Address
Building : Scientific
Office
Street : 3 El Moaz Le
Din Allah Street
Area : Takseem
Asmaa Fahmy, Ard El Golf. Nasr City
PO Box : 8171
Town : Cairo
Country : Egypt
Telephone : (20-2) 24143550
Facsimile : (20-2)
24174528 / 24143800
Mobile : (20-10) 1460662
Email : eipico@eipico.com.eg
/ eipico@rite.com
Premises
Subject operates from a large suite of offices that are rented and located
in the Central Business Area of Cairo.
Branch Office (s)
Location Description
4 Ahmed Shafik Street Office
premises
Corniche El Nil
Shoubra
PO Box: 22
Cairo
Tel: (20-2) 22037019 / 2035265 / 2035747
Osman Ibn Affan Street Office
& factory premises
Industrial Area B1
Sharkeya
PO Box: 149
10th of Ramadan City
Tel: (20-15) 364376 / 364378 / 363480 /
361663
Fax: (20-15) 364377
2 Wagih Pacha Street Office
& Distribution centre
Ganaclis
Alexandria
Tel: (20-3) 5866974 / 5706974
Fax: (20-3) 5703688
63 Benha/Zagazig Agri Road Office
& Distribution centre
Benha
Kaliubeya
PO Box: 76
Tel: (20-13) 3229020 / 3245504
Fax: (20-13) 3229020
Mostawat & Makhazen Agri Development & Credit bank Office premises
Minia
Tel: (20-86) 2341474 / 2341480
Fax: (20-86) 2351480
Rawafie Al Kousair Office
& Distribution centre
South Souhag
PO Box: 64
Souhag
Tel: (20-93) 2330465 / 2330462
Fax: (20-93) 2330462
Mohamed Farid Street Office
& Distribution centre
Tanta
Gharbeya
Tel: (20-40) 3335924
Fax: (20-40) 3335926
13 El Emam El Ghazaly Street Office
& Distribution centre
Mansoura
Dakahleya
Tel: (20-50) 326211
Fax: (20-50) 326211
Name Position
Dr Ahmed Borhan El Din Ismail Chairman
Mohamed Awad Tag El Din Director
Dr Mohamed Farouk Essmat Director
Ossama Rostom Director
Omar El Ahmady Mohamed Eissawy Director
Dr Hamdy El Sayed Director
Dr Mohamed Fathi Director
Faisal Kamel Hamed Director
Magda Rakha Director
Hosni Helal Director
Mahmoud Abd El Maksoud Director
Ali Ibrahim Raghib Finance
Manager
Azza Attia Public
Relations Manager
Mohamed Nader Accounts
Manager
Dr El Sayed Saber Production
Manager
Badr Omar El Ahmady Research
Manager
Date of Establishment : Subject’s
operations date back to 1982, however it was registered in March 1985.
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 11116, Ismailia
Ind. Registry No. : 0053380
Issued Capital : £E 79,364,000
Paid up Capital : £E 79,364,000
Name of
Shareholder (s) Percentage
Arab Co for Drug Industries & Medical Appliances (ACDIMA) 43.54%
24 El Fawala Street
Cairo
Tel: (20-2) 33914576
Medical Union Syndicate Inv. Co. 5.62%
Egyptian businessmen & private investors 50.84%
Activities: EIPICO produces over 260 different products covering 24 therapeutic
groups. The main line of products focuses on prescribed drugs. Of
these products 32 percent are produced under licence from international
pharmaceutical companies. The therapeutic groups are:
Anaesthetics
Analgesics, Antipyretics & Antirheumatics
Anthelmintics & Schistosomicides
Anti-infectives
Antidyesntrics and Enterostatics
Antihistaminics
Antimalarial Drugs
Blood substitutes and restoratives
Cardiacs and Vascularetics
Cathartics (laxatives)
Cholinergic Muscle Stimulants
Acting Drugs (Cns)
Dermatologicals
Endocrine system drugs
Gastrointestinal drugs
Lipotropics & Geriatrics
Opthalmics
Orodentals
Otic preparation
Pulmonics
Spasmolytics
Urologics
Vaginetics
Vitamins and Minerals
Subject is ISO 9001 & ISO 14001 accredited.
In 1996 the company completed the erection of its expansion project
which started production in February 1996 at a total cost of £E 82 million and
added 70 percent to the surface of the company’s production area. The expansion
was self financed and added 25 products to the local market and enabled the
company to have room for production of updated and sophisticated products
especially in the sterile area.
During 2002 subject completed work on expansion to its existing factory
in the 10th of Ramadan City. The project increased the production facilities by
an area of 37,500 square metres.
Principal Agents for : Smith Kline
Beecham United
States of America
Roche Switzerland
Merck
Sharp & Dohme United
States of America
Upjohn United
States of America
Allergan United
States of America
Serono Italy
Lilly United
Kingdom
Riker United
Kingdom
Rhone
Poulenc France
Hek
Pharma Germany
Pharmacia Sweden
Biogena Denmark
Shing
Poong South
Korea
Import Countries : Germany,
the United Kingdom, Switzerland, France, Denmark, Sweden, Italy, the United
States of America and South Korea.
Export Countries : Subject
exports to over 30 countries worldwide, including Benin, Eritrea, Nigeria,
Cameroon, Ethiopia, Uganda, Chad, Kenya, Sudan, Djibouti, Libya, Tunisia,
Romania, Russia, Ukraine, Azerbaijan, Kuwait, Saudi Arabia, Bahrain, Oman,
Syria, Iraq, Pakistan, United Arab Emirates, Jordan, Palestine, Uzbekistan,
Kazakhstan, Qatar and Yemen.
Operating Trend: Steady
Subject has a workforce of approximately 3,600 employees.
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
1,362,000,000 £E
1,448,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
Blom Bank Egypt
15 Abou El Feda Street
Zamalek
Cairo
Tel: (20-2) 27368045
No complaints regarding subject’s payments have been reported.
EIPICO has expanded to become the largest pharmaceutical company in
Egypt commanding an
8 percent share of the local market and nearly 25 percent contribution
of the total Egyptian export of drugs.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.08 |
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UK Pound |
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.