|
Report No. : |
310045 |
|
Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MEDICAL UNION PHARMACEUTICALS CO SAE (MUP) |
|
|
|
|
Registered Office : |
36 Dr
Mohamed Hassan El Gamal Street, 6th District, Nasr City, P O Box: 7010, Cairo
- 11471 |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishment : |
1984 |
|
|
|
|
Com. Reg. No.: |
13363, Ismailia |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and preparation of pharmaceutical products for the
cardio-vascular system, central autonomic nervous system, anaesthetics,
metabolism, nutrition, alimentary system, urology, dermatology, gynaecology
and obstetrics. |
|
|
|
|
No of Employees : |
2,286 |
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 – 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 :
MEDICAL UNION PHARMACEUTICALS CO SAE (MUP)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1984
Commercial Registration Number :
13363, Ismailia
Issued Capital :
£E 313,686,460
Paid up Capital :
£E 313,686,460
Total Workforce : 2,286
Activities :
Manufacture and preparation of pharmaceutical products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mostafa Sulaiman, Finance
Manager
MEDICAL UNION PHARMACEUTICALS CO SAE (MUP)
Registered &
Physical Address
Street : 36 Dr Mohamed Hassan El Gamal
Street
Area : 6th District, Nasr City
PO Box : 7010
Town : Cairo 11471
Country : Egypt
Telephone : (20-2) 22709324 / 22709316 /
22709535 / 22726169
Facsimile : (20-2) 22709315
Mobile : (20-102) 8899180
Email : hr@mupeg.com / promotion@mupeg.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
Abou
Sultan Owned
factory premises
PO Box: 523
Ismailia
Tel: (20-64) 3400822
/ 3400823 / 3400893 / 3400527
Fax: (20-64) 3400363
8 Dr Mohamed Awad Street Sales
Office
6th
District, Nasr City
Tel: (20-2) 2719460 / 22721979 / 26702968
Fax: (20-2) 22719461
Pharmacists
Building No. 1 Sales Office
Galal
Al Desouky Street
Wabour
Al Meah
Alexandria
Tel: (20-3) 4264905
Fax: (20-3) 4264907
246
Portsaid Street Sales
Office
Cleopatra
Alexandria
Tel:
(20-3) 5220947 / 5220948
Ahmed Galal Street Sales Office
Mansoura
Tel: (20-50) 320140 / 320141
Takseem
Shauna Al Namees Street Sales Office
Assiut
Tel: (20-88) 300237
Fax: (20-88) 300238
Name Position
Dr Mohamed Abd El Gawad Chairman
Ahmed Said Kelany Managing
Director
Dr Ossama Hamed Shams El Din Raslan Director
Dr Abdallah Zein El Abdin Director
Dr Mourad Abdel Salam Youssef Director
Essam Sayed Ahmed Director
Dr Ezz El Din El Aref Faranka Director
Dr Essam El Din Mohamed Hussain El Erian Director
Mahmoud Hassan Hamed Director
Mohamed Metwally Mahdy Mohamed Director
Sheikh Sultan Ben Mohamed Ben Saleh Director
Dr Abd El Hamid El Hadey Director
Mostafa Sulaiman Finance
Manager
Dr Hesham Al Ajmi Marketing
Manager
Dr Zeinab Al Saeed Factory
Manager
Ayman Farooq Sales Manager
Dr Mohamed Raslan Export Manager
Dr Amira Fouad Purchasing Manager
Dr Mohamed Galal Human Resources Manager
Mohamed El Sayed Treasury Manager
Date of Establishment : 1984
Legal Form :
Egyptian
Joint Stock Company
Commercial Reg. No. : 13363, Ismailia
Authorised Capital :
£E
400,000,000
Issued Capital : £E 313,686,460
Paid up Capital :
£E
313,686,460
Name of
Shareholder (s) Percentage
Arab Drugs & Medical Industries 40.63%
Private Investors 12.92%
Medical Union Pension Fund & Endowment Fund 10.77%
Medical Professions Investment 10.61%
Arab Libyen for Investment Foreign 10.01%
Industrial Investment 10.01%
Nomas Trade Establishment 5.05%
Activities: Engaged in the manufacture and preparation of pharmaceutical products
for the cardio-vascular system, central autonomic nervous system, anaesthetics,
metabolism, nutrition, alimentary system, urology, dermatology, gynaecology and
obstetrics.
Subject acquired the ISO 9001 Certificate from the British Standards
Institute (BSI) in 1996.
According to the Memorandum of the Understanding signed on November 4,
2014 Between MUP & Eli- Lilly under the patronage of the Minister of Health
and population of Egypt. On December 21, 2014 MUP & Eli-Lilly –USA signed
three agreements: First agreement "Factory Purchase agreement"
concerning MUP acquiring of Eli-Lilly factory which produce human Insulin
vials, located in 6th October City , Egypt. Production planned to be in the
Egyptian market within weeks. Second agreement "Products' Registration
Files Assignment Agreement" according to which Eli-Lilly waiving the
registration files of 9 human insulin vials products to MUP. Third agreement
"Supply agreement" is about the insulin Raw Materials supplying.
Insulin Crystals will be supplied by Eli Lilly and company, USA. Eli-Lilly, SA
will be MUP's sole supplier of Insulin Crystals for 10 years.
Import Countries: Spain, Switzerland, Italy, Germany, United
Kingdom, India, China, Malaysia, Japan and France.
International Suppliers:
Almirall Prodesfarma SA Spain
Mepha AG Switzerland
Recordati SpA Italy
Hermal GmbH Germany
Smithkline Beecham United
Kingdom
Pierre Fabre SA France
Export Countries: Subject exports to over 20 countries, including
Iran, Algeria, Sudan, United Arab Emirates, Saudi Arabia, Yemen, Libya, Iraq,
Switzerland and other European nations
Operating Trend: Steady
Subject has a workforce of approximately 2,286 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
713,035,152 £E
780,878,008 £E
1,001,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Bank of Alexandria
Main Branch
Cairo
Tel: (20-2) 24824056 / 24836073
Fax: (20-2) 24837468
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
National Societe Generale Bank
86 Mokram Ebaid
Nasr City
Cairo 11371
Suez Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 25769296
Fax: (20-2) 25322064
Arab Bank
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
National Bank of Abu Dhabi
Nile Tower, 18th Floor
21, Giza Street
Cairo
Tel: (20-2) 33609724
American Express Bank Ltd
PO Box: 1824
Cairo
Tel: (20-2) 33608228
Fax: (20-2) 33608227
No complaints regarding subject’s payments have been reported.
Date of
transaction September
2004 November 2005 July 2007
Credit amount 100,000 170,000 100,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No
Complaints
Currency US
Dollars Pounds Sterling US Dollars
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.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.