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Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
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Name : |
OCTOBER PHARMA SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
73680 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture and marketing of
pharmaceuticals, drugs and para-pharmaceutical solutions. |
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No of Employees : |
700 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : OCTOBER PHARMA SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1984
Commercial Registration Number :
73680, Giza
Issued Capital :
£E 60,000,000
Paid up Capital :
£E 60,000,000
Total Workforce :
700
Activities :
Manufacture and marketing of pharmaceuticals, drugs and para-
pharmaceutical solutions.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
OCTOBER PHARMA SAE
Registered &
Physical Address
Street : 12 Abou
Hazem Street
Area : Madkour
Town : Cairo 12211
Country : Egypt
Telephone : (20-2) 37798123
/ 35873734 / 35818123 / 39123855
Facsimile : (20-2)
35873734 / 35818123 / 37798123
Mobile : (20-10)
2524499
Email : opharma@octoberpharma.com
/ ola.tobar@octoberpharma.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
1st Industrial Zone, Plot No. 190 Owned factory
premises
Giza
PO Box: 38
Sixth October City 12566
Tel: (20-2) 38331832 / 38330329 / 38330652
Fax: (20-2) 38330653
Name Position
Dr Fouad El Lathy Chairman
Marianne Ghaly Director
Dr Samir Thabet Director
Dr Hafez Al Ghandour Director
Shaaban Mohamed Director
Khalid Mustafa Abdel Radi Director
Abdul Aziz Bin Ibrahim Al Omor Director
Dr Mohamed Amin Noor El Din Director
Dr Ahmed Zaghloul Chief
Executive Officer
Dr Mohamed Saad Marketing
Manager
Dr Nasr Abdul Hafez Export
Manager
Ossama El Aasy Import
Manager
Mostafa Jaffar Purchasing
Manager
Eman Hassan Production
Manager
Ashraf Othman Finance
Manager
Hosni El Sayed Human
Resources Manager
Date of Establishment : 1984
Legal Form :
Egyptian
Joint Stock Company
Commercial Reg. No. : 73680, Giza
Issued Capital : £E 60,000,000
Paid up Capital :
£E
60,000,000
Name of
Shareholder (s) Percentage
Arabian for Drugs Industries & Medical Appliances (Acdima) 23.84%
Egypt
Saudi Egyptian Industrial Investments
21.05%
114 El Tahrir Street
Dokki, Giza
Cairo
Tel: (20-2) 33377788 / 33377888
Fax: (20-2) 33377788
Email: info@seindust-inv.com
The Saudi Investment Group & Marketing
13.16%
Egypt
UEEF Investment Company SAE 7.89%
Egypt
Egyptian businessmen & private investors 34.06%
Modern Coatings & Chemicals Co (MCC)
12 Abu Hazem Street
Cairo
Tel: (20-2) 25822753
Egyptian Promoters Center (EPC)
40 El Horreya Street
Cairo
Tel: (20-2) 22918272
Activities: Engaged in the manufacture and marketing of pharmaceuticals, drugs and
para-pharmaceutical solutions.
Import Countries: Germany, Belgium, France and the United Kingdom.
Export Countries: Yemen, Libya and Saudi Arabia.
Operating Trend: Steady
Subject has a workforce of approximately 700 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/10: Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
176,544,000 £E 181,621,000
£E 198,769,000
Net Profit £E 18,997,000 £E 21,789,000 £E
1,641,000
Fixed Assets £E 33,831,000 £E 35,614,000 £E
44,264,000
Current Liabilities £E 46,422,000 £E 84,202,000 £E
80,209,000
Total Equity £E
123,281,000 £E 115,030,000
£E 116,671,000
Please note that figures for the year ending 31st December
2013 were not available.
Local sources consider subject’s financial condition to be Fair.
National Bank of Abu Dhabi
Nile Tower, 18th Floor
21 Giza Street
Cairo
Tel: (20-2) 33609724
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
Arab Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
No complaints regarding subject’s payments have been reported.
October Pharma SAE is well established in the local market with
operations dating back over 30 years. It is engaged in the manufacture and
marketing of pharmaceuticals, drugs and para-pharmaceutical solutions.
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.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.