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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SOUTH EGYPT DRUG INDUSTRIES SAE (SEDICO) |
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Registered Office : |
1st Industrial Zone, Plot No. 43/44, 20 Abdou Sallam Street, P O Box: 43, 6th October City 12566 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
76676 6th
of October City |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
·
Manufacture of pharmaceutical preparations,
including tablets, capsules, syrups, ampoules, suppositories and ointments. · Subject is also involved in the manufacture of veterinary preparations. |
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No. of Employees : |
1,500 |
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 : |
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 |
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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 : SOUTH
EGYPT DRUG INDUSTRIES SAE (SEDICO)
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1986
Commercial
Registration Number : 76676, 6th
of October City
Issued Capital : £E
223,768,000
Paid up Capital : £E
223,768,000
Total Workforce : 1,500
Activities :
Manufacturers of pharmaceutical preparations.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SOUTH EGYPT DRUG
INDUSTRIES SAE (SEDICO)
Location : 1st Industrial Zone,
Plot No. 43/44
Street : 20 Abdou Sallam Street
PO Box : 43
Town : 6th October City
12566
Country : Egypt
Telephone : (20-2) 38331590 / 38331591 / 38331592
/ 38331594 / 38200575/78/90
Facsimile : (20-2) 38331593 / 38332492 /
38341522 / 38200492
Mobile : (20-100) 5224919 / 6022777
Email : info@sedico.net
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of 6th of October City.
Branch Office
(s)
Location Description
·
3 El
Khalifa Street Office
premises
El Andalos
Pyramids
Giza
Cairo
Tel: (20-2) 35852319 / 35861778
Fax:
(20-2) 35852319
·
Ismailia
Square Office
premises
3 El Emam Aly Street
Heliopolis
Cairo
Tel: (20-2) 22919075
Fax:
(20-2) 22919075
·
9 A Aly
Moubarak Street Office
premises
Mansoura
Dakahleya
Tel: (20-50) 332466
Fax: (20-50) 332493
·
21
Victoria Emanuel Square Office
premises
Smouha
Alexandria
Tel: (20-3) 4254434
·
72 Taha
Hussein Street Office
premises
El Minia
Tel:
(20-86) 340275
·
19 El
Hayat Street Office
premises
Stadium Area
Tanta
Tel: (20-40) 3412285
·
El Sayeda Aisha Street Office
premises
Luxor
Tel:
(20-95) 2374188
·
12
Corniche El Maadi Office
premises
Giza
Cairo
Tel: (20-2) 25244348
Fax: (20-2) 25244346
·
112B
Ammar Ibn Yasser Street Office
premises
Heliopolis
Cairo
Tel: (20-2) 26215871
Fax: (20-2) 26200022
·
Gihan
Street Office
premises
Delta
Tel: (20-50) 2373803
Fax: (20-50) 2267411
·
37
Adnan Elmalky Street Office
premises
Ard El Sultan
Upper Egypt
Tel: (20-86) 338687
Name Position
·
Dr
Nasser El Tayeb Chairman
·
Dr
Hossam Ahmed Ali Abou El Enein Vice
Chairman
·
Dr
Mahmoud Nasser El Tayeb Director
·
Momtaz
Mohamed El Said Director
·
Tarek El Sayed El Sayed Director
·
Hanaa
Ahmed Abdallah Director
·
Mohamed Mohamed Abd El Hamid Director
·
Dr
Walid Amin Abdel Fatah El Keyaly Director
·
Ehab Kaldas Director
·
Magdy Ahmed Hassan Director
·
Fawzy
Omeira Finance
Manager
·
Abd El Wahab Mohamed Accounts
Manager
·
Dr Khaled Fakhry Export
Manager
·
Mohamed Kamel Production
Manager
·
Hesham Rasmy Purchasing
Manager
·
Biadie Beshara Baghous Engineering
Manager
·
Salah Rashwan Administration
Manager
·
Aziz Shoukry IT
Manager
·
Zeizi Moustafa Planning
Manager
Date of Establishment : 1986
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 76676, 6th
of October City
Tax
Card No. : 204-897-637
Issued Capital : £E 223,768,000
Paid up Capital : £E 223,768,000
·
Misr
Insurance Co 31.1%
Cairo
·
Arabian
for Drugs Industries & Medical Appliances 27.7%
Kuwait
·
Merc
Pharmaceutical 22.2%
Cairo
·
Dr
Walid Amin Abdel Fatah El Keyaly 12.0%
·
Holding
for Pharmaceuticals Chemicals & Medical Appliances 6.6%
Cairo
·
Ahmed
Ali Abou El Enein 0.4%
Activities: Engaged in the manufacture of
pharmaceutical preparations, including tablets, capsules, syrups,
ampoules, suppositories and
ointments.
Subject is also involved in the manufacture of veterinary preparations.
Subject is ISO 9001, 14001 and 18001 accredited.
Import Countries
: Germany,
Australia, Belgium, Netherlands and China.
Export Countries
: Romania, Russia, Yemen,
Sudan, Libya and Kenya.
Brand Names : SEDICO
Operating Trend: Steady
Subject has a
workforce of approximately 1,500 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year Ending
31/12/11: Year Ending
31/12/12: Year Ending
31/12/13:
Total Sales £E 390,700,000 £E 459,600,000 £E 512,600,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Misr
Iran Development Bank
Nile Tower
21 Giza Street
Cairo
Tel: (20-2) 25727570
Fax:
(20-2) 25727311
·
Banque
du Caire SAE
19
Adly Street
Cairo
Tel: (20-2)
33926915
Fax: (20-2)
33951713
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
No complaints
regarding subject’s payments have been reported.
Credit amount 1,000,000 100,000
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
Established in 1986,
subject is involved in the manufacture of pharmaceutical preparations,
including tablets, capsules, syrups, ampoules, suppositories and ointments.
Subject is also involved in the manufacture of veterinary preparations.
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.61.32 |
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|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.