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Report Date : |
11.11.2014 |
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, P
O 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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
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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)
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
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
·
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:
1.
Anaesthetics
2.
Analgesics,
Antipyretics & Antirheumatics
3.
Anthelmintics
& Schistosomicides
4.
Anti-infectives
5.
Antidyesntrics
and Enterostatics
6.
Antihistaminics
7.
Antimalarial
Drugs
8.
Blood
substitutes and restoratives
9.
Cardiacs
and Vascularetics
10. Cathartics (laxatives)
11. Cholinergic Muscle Stimulants
12. Acting Drugs (Cns)
13. Dermatologicals
14. Endocrine system drugs
15. Gastrointestinal drugs
16. Lipotropics & Geriatrics
17. Opthalmics
18. Orodentals
19. Otic preparation
20. Pulmonics
21. Spasmolytics
22. Urologics
23. Vaginetics
24. 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.45 |
|
|
1 |
Rs.97.76 |
|
Euro |
1 |
Rs.76.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.