MIRA INFORM REPORT

 

 

Report Date :

18.09.2014

 

IDENTIFICATION DETAILS

 

Name :

LIPTIS EGYPT FOR PHARMACEUTICAL PRODUCTS CO

 

 

Registered Office :

65 Manial Street, El Pasha Square, Manial, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

2004

 

 

Com. Reg. No.:

6271, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of Pharmaceutical Preparations.

 

 

No of Employees :

250

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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                                     : LIPTIS EGYPT FOR PHARMACEUTICAL PRODUCTS CO

Also Known As                                      : LIPTIS PHARMACEUTICALS

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2004

Commercial Registration Number            : 6271, Cairo

Tax Card Number                                   : 431-157-022

Issued Capital                                        : £E 130,000,000

Paid up Capital                                      : £E 130,000,000

Total Workforce                                     : 250

Activities                                               : Manufacturers of pharmaceutical preparations.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ayman Abdallah, Administration Manager

 

COMPANY NAME

 

LIPTIS EGYPT FOR PHARMACEUTICAL PRODUCTS CO

 

 

ALSO KNOWN AS

 

LIPTIS PHARMACEUTICALS

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 65 Manial Street

Area                 : El Pasha Square, Manial

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 25310174 / 23658541

Facsimile          : (20-2) 23687847 / 23683423

Mobile               : (20-122) 2732719

Email                : info@liptisegypt.com / liptisegypt@liptisegypt.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       6th Industrial Zone, Area B2                                                               Factory premises

     6th of October City

     Tel: (20-2) 38290662

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Lotfy Ismail Omar                                                                          Managing Director

 

·       Dr Sharif Lotfy Ismail Omar                                                                Director

 

·       Dr Mohamed Abu Al Hamd                                                                 Director

 

·       Mohamed Abdul Wahab                                                                     Director

 

·       Dr Ahmed Samir                                                                               General Manager

 

·       Ahmed Taha                                                                                     Finance Manager

 

·       Ayman Abdallah                                                                                Administration Manager

 

·       Ahmed El Sharkawy                                                                          Purchasing Manager

 

·       Mohamed Fekri                                                                                 Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2004

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 6271, Cairo

 

Tax Card No.               : 431-157-022

 

Issued Capital              : £E 130,000,000

 

Paid up Capital            : £E 130,000,000

 

Name of Shareholder (s)

 

·       Dr Lotfy Ismail Omar

 

·       Dr Sharif Lotfy Ismail Omar

 

·       Dr Mohamed Abu Al Hamd

 

·       Mohamed Abdul Wahab

 

 

AFFILIATED COMPANIES

 

·       Liptis Egypt Co

65 Manial Street

El Pasha Square, Manial

Cairo

Tel: (20-2) 25310174 / 23658541

Fax: (20-2) 23687847 / 23683423

CR No. 33156

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceutical preparations. Subject is currently in the process of

     launching a new production line for baby milk under licence of Hok Dorf (Switzerland).

 

Import Countries: Switzerland, Egypt, India and the United States of America.

 

International Suppliers:

 

·       ACG Pharma Pack                India

·       Liptis                                    United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 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 80,500,000                           £E 83,200,000

 

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

 

The above figures were provided by Mr Ayman Abdallah, Administration Manager

 

 

BANKERS

 

·       Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

     Mohandessin

     Cairo 11111

     Tel: (20-2) 33619005 / 33385877

     Fax: (20-2) 33385940 / 33385938

 

 

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.60.95

UK Pound

1

Rs.99.32

Euro

1

Rs.78.97

 

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.