MIRA INFORM REPORT

 

 

Report Date :

16.09.2014

 

IDENTIFICATION DETAILS

 

Name :

MINA PHARMACEUTICAL & CHEMICAL INDUSTRIES SAE

 

 

Registered Office :

2 El Bardissi Street, Nasr City, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

1986

 

 

Com. Reg. No.:

55223, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of pharmaceuticals, chemicals and medical requisites

 

 

No of Employees :

700

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Egypt

B1

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

SUMMARY

 

Company Name                                     : MINA PHARMACEUTICAL & CHEMICAL INDUSTRIES SAE

Doing Business As                                : MINA PHARM

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1986

Commercial Registration Number            : 55223, Cairo

Authorised Capital                                  : £E 500,000,000

Issued Capital                                        : £E 123,661,000

Paid up Capital                                      : £E 123,661,000

Total Workforce                                     : 700

Activities                                               : Manufacturers of pharmaceuticals, chemicals and medical requisites.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Alaa Hegazy, Financial Control

 

COMPANY NAME

 

MINA PHARMACEUTICAL & CHEMICAL INDUSTRIES SAE

 

 

DOING BUSINESS AS

 

MINA PHARM

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 2 El Bardissi Street

Area                 : Nasr City, Heliopolis

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 24143170/1/2/3/4/5

Facsimile          : (20-2) 24143179 / 24143170

Email                : mailbox@minapharm.com / sgeoge@minapharm.com / hegazy@minapharm.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

 

·       Mina Street                                                                                       Owned factory premises

     3rd Industrial Zone 2A

     Mena Street

     Sharkeya

     Tenth of Ramadan City

     Tel: (20-15) 413115 / 412157 / 412158 / 413015

     Fax: (20-15) 413109

 

·       32 Talaat Harb Street                                                             Sales Office

Cairo

     Tel: (20-2) 25745903 / 25788050

     Fax: (20-2) 25788079

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Wafik Saad El Bardissi                                                                  Chairman

 

·       Ibrahim El Bakri                                                                                Director

 

·       Dr Amr Mohamed Sobhy El Shabrawishi                                             Director

 

·       Dr Anwar Nasr Mikhaiel                                                                     Director

 

·       Eissa Hamed Eleish                                                                          Director

 

·       Torben Kjaer                                                                         Director

 

·       Sameh George                                                                                  Finance Manager

 

·       Dr Philip Labib Eskros                                                                       Marketing Manager

 

·       Dr Wagih Hana                                                                                 Production Manager

 

·       Dr Ezzat Guirguis                                                                              Maintenance Manager

 

·       Moustafa Habib                                                                                 IT Manager

 

·       Mariam Rimon                                                                                  Human Resources Manager

 

·       Alaa Hegazy                                                                                     Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1986

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 55223, Cairo

 

Authorised Capital       : £E 500,000,000

 

Issued Capital              : £E 123,661,000

 

Paid up Capital            : £E 123,661,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Members of the El Bardissi family                                           50.0%

 

·       Members of the El Shabrawishi family                                     `21.0%

 

·       Arab Moltaka Investment                                                        17.0%

Cairo

 

·       New Trend                                                                              8.0%

Cairo

 

·       Danish Domix                                                                         4.0%

Cairo

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of pharmaceuticals, chemicals and medical requisites. Subject’s product range includes, cardiovascular products, coronary vasodilators, anaesthetics, eye ointments and drops, ophthalmic preparations, anti-diarrhoeal preparations, antacids and preparations for gastric ulcers.

 

Subject is ISO 9001 accredited.

 

Import Countries: Europe, United States of America and Japan.

 

International Agencies Held:

 

·       Sanofi                      France

·       Boi                           Spain

·       Menarini                   Italy

·       Bracco                     Italy

·       Bausch & Lomb        Germany

·       Schwarz Pharma       Germany

·       Alcon                       Denmark

·       Cilag                        Switzerland

·       OM                          Switzerland

·       Wyeth                      United States of America

·       Yamanoushi             Japan

·       Dr Falk                     Germany

·       Leo                          Denmark

 

Export Countries: Saudi Arabia, Kuwait, Bahrain, United Arab Emirates, South Africa, Somalia, Kenya, Iraq, Jordan and Ghana.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 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 529,465,000                         £E 538,640,917

 

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

 

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

 

 

BANKERS

 

·       Bank of Alexandria

49 Kasr El Nile Street

     Cairo

     Tel: (20-2) 24824056 / 24836073

     Fax: (20-2) 24837468

 

·       Suez Canal Bank

PO Box: 2620

Cairo

Tel: (20-2) 25769296

Fax: (20-2) 25322064

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.99

UK Pound

1

Rs.99.10

Euro

1

Rs.79.03 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

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.