|
Report No. : |
316512 |
|
Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE |
|
|
|
|
Registered Office : |
496 El Horreya Road, Boulkley, Ramleh, PO Box 12, Sidi Gaber,
Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
1984 |
|
|
|
|
Com. Reg. No.: |
221697 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the manufacture and marketing of over 150 medical products,
including carbohydrates, proteins and enzymes, barbiturates, sulphonamides,
glycacoides, antibiotics, penicillin,
as well as pharmaceutical preparations for the cardio-vascular system
and chemotherapeutic agents. |
|
|
|
|
No. of Employees : |
2,000 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 :
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES
CO SAE
Also Known As :
PHARCO PHARMACEUTICALS
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1984
Commercial Registration Number :
221697, Alexandria
Authorised Capital :
£E 1,000,000,000
Issued Capital :
£E 1,000,000,000
Paid up Capital :
£E 1,000,000,000
Total Workforce :
2,000
Activities :
Production of medical products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed El Desouky, Finance Manager
ISLAMIC PHARMACEUTICALS CHEMICALS & MEDICAL SUPPLIES CO SAE
PHARCO PHARMACEUTICALS
Registered &
Physical Address
Street : 496 El
Horreya Road
Area : Boulkley,
Ramleh
PO Box : 12, Sidi Gaber
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5823745
/ 5821999 / 5839670 / 5863745
Facsimile : (20-3) 5830958
Mobile : (20-122)
3931000 / 3175550 / (20-100) 1628026
Email : pharco@pharco.com.eg
/ contact@pharco.org
/ mdousky1962@gamil.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
Alexandria-Cairo Desert Road, Km-31, Plot 8-15 Owned factory premises
Amreya
Alexandria
Tel: (20-3) 4480440 / 4480720 / 44800130 / 4480140
Fax: (20-3) 4480730 / 4486560
2 El Gomhoureya Square Rented
office premises
Hadayek El Qobba
Cairo
Tel: (20-2) 23920845 / 23920529
Fax: (20-2) 24486560
Name Position
Dr Hassan Abbas Helmi Chairman
Yasha Hassan Abbas Helmi Vice
Chairman
Dr Sherine Hassan Abbas Helmi Director
Abdel Moneim El Toukhi Director
Mamdouh Abbass Labib Director
Adel Hamed Hamza Director
El Prince Mahmoud Tawfik Director
Mohamed Youssef Projects
Manager
Dr Mohamed Ibrahim Hamza Planning
Manager
Fayez El Sobky Administration
Manager
Nagi El Saif Operations
Manager
Mohamed Rakha Export
Manager
Ahmed El Sayed Ahmed El Shahawi Maintenance
Manager
Mohamed El Desouky Finance
Manager
Diaa El Din Ibrahim Branch
Manager – Cairo
Date of Establishment : 1984
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 221697,
Alexandria
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 1,000,000,000
Paid up Capital : £E 1,000,000,000
Name of
Shareholder (s) Percentage
Dr Hassan Abbas Helmi 72%
Dr Sherine Hassan Abbas Helmi 10%
Yasha Hassan Abbas Helmi 10%
Local businessmen and private investors 7%
Company Employee’s Fund 1%
Amriya Pharmaceuticals
European Egyptian Pharmaceuticals
Safe Pharma
Pharco B International
Techno Pharma Egypt
Pharco Impex 93 Srl
Abou Kir Trading
Activities: Engaged in the manufacture and marketing of over 150 medical products,
including carbohydrates, proteins and enzymes, barbiturates, sulphonamides,
glycacoides, antibiotics, penicillin, as
well as pharmaceutical preparations for the cardio-vascular system and
chemotherapeutic agents.
Subject’s agents include:
Pharco Impex Romania
International Trading Pharmaceuticals Laboratories Inc United States of America
Tunsal International Company Limited Nigeria
Pharmaplus Pharmaceuticals & Beauty Care LTD Kenya
Ramada Trading Co Ethiopia
El Nasr Export Import Co Zimbabwe
Pharco Pharmaceuticals Uganda LTD Uganda
Medix International Malawi
Soprophal Spa Algeria
U.M.A Line Group Tunisia
Qatar Pharmacy Qatar
Modern Drug Store Jordan
Kambal International Agencies Sudan
Abdulrehman Algosaibi General Trading Bureau Saudi Arabia
Gulf Drug LLC United
Arab Emirates
Boushahri Group WLL Kuwait
Jaffar Pharmacy Bahrain
Muttrah Pharmacy LLC Oman
Al Fath Trading Co Yemen
Import Countries: Germany, France, Italy, the Netherlands, Austria
and the United States of America.
International Suppliers:
Mead Johnson United States of
America
Duphar Netherlands
Biochemee Austria
Merz Germany
Latema France
Export Countries: Subject exports to over 50 countries covering
Africa, the Middle East, Europe and the United States of America.
Operating Trend: Steady
Subject has a workforce of approximately 2,000 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales £E
402,350,000 £E
409,700,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Faisal Islamic Bank of Egypt
7 Victor Pasilly Street
El Azareta
Alexandria
Tel: (20-3) 4911653
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
National Societe Generale Banque SAE
Evergreen Building
10 Talaat Harb Street
PO Box: 2664
Cairo
Tel: (20-2) 25749376
Fax: (20-2) 25776249
Banque du Caire SAE
Sesostris Branch
1 Hagar El Newateyah Street
Alexandria
Tel: (20-3) 5744532
Citibank
95, 26th July Street
Azarita
Alexandria
Tel: (20-3) 4834363 / 4840342
Fax: (20-3) 4884363
Subject’s payment record is reported to be met in a generally prompt
manner.
Date of transaction October
2005 April 2006 December 2006
Credit amount 612,000 1,000,000 100,000
Amount overdue 0 0 0
Payment terms 60
days 90 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling US Dollars US Dollars
Pharco Pharmaceuticals is one of the largest Egyptian companies in the
field of pharmaceutical products, and was ranked number one in the Egyptian
pharmaceutical market, with 13.2% market share in 2011.
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.62.33 |
|
|
1 |
Rs.92.53 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.