MIRA INFORM REPORT

 

 

Report No. :

312011

Report Date :

13.03.2015

           

IDENTIFICATION DETAILS

 

Name :

EIMC UNITED PHARMACEUTICALS SAE (EUP)

 

 

Registered Office :

Pharma Plaza Building, 4B Takseem Asmaa Fahmy Street, Ard El Golf, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Year of Establishment :

1992

 

 

Com. Reg. No.:

3220

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the manufacture of human and veterinary pharmaceutical preparations.

 

 

No. of Employee :

550

 

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 – 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

 

 

SUMMARY

 

Company Name                                    : EIMC UNITED PHARMACEUTICALS SAE (EUP)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Start Date                                             : 1992

Registration Date                                  : 2003

Commercial Registration Number           : 3220, Cairo

Issued Capital                                       : £E 105,800,000

Paid up Capital                                     : £E 105,800,000

Total Workforce                                     : 550

Activities                                               : Manufacturers of human and veterinary pharmaceutical preparations.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Adel Moustafa, Finance Manager

 

 

 

COMPANY NAME

 

EIMC UNITED PHARMACEUTICALS SAE (EUP)

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Pharma Plaza Building

Street               : 4B Takseem Asmaa Fahmy Street

Area                 : Ard El Golf, Nasr City

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22911494 / 24184011 / 22911406 / 24140215 / 24181660 / 24184689 / 26905057

Facsimile          : (20-2) 24180772 / 22911525 / 24144932

Mobile              : (20-102) 1997369

Email                : info@eimc.com.eg

 

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

 

·       Plot No. 10D WA 11D                                                                       Factory premises

Industrial Zone Centre

Badr City

Helwan

 

·       23 El Azhar Street                                                                             Office premises

Haram

Giza

Cairo

Tel: (20-2) 37467040

Fax: (20-2) 33846430

 

·       12 El Mahdy Street                                                                           Office premises

Alexandria

Tel: (20-3) 5595050

Fax: (20-3) 5575724

 

·       10 Dr Shafiq Yonis Street                                                                 Office premises

Mansoura

Tel: (20-50) 2528020

Fax: (20-50) 2528108

 

·       Menia                                                                                               Office premises

Tel: (20-86) 2296594

Fax: (20-86) 2296594

 

·       20 Hashem Bakr Abu Hegy Street                                                      Office premises

Sohag

Tel: (20-93) 2313494

Fax: (20-93) 2310472

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Kamal Sabra                                                                                Chairman

 

·       Mohamed El Sayed Ahmed Mohamed                                               Managing Director

 

·       Moustafa Ali Abd El Rahman El Salamouny                                       Director

 

·       Ahmed Ali Ahmed El Fardan                                                             Director

 

·       Amin Ali Hassan Mahgoul                                                                 Director

 

·       Adel Moustafa                                                                                  Finance Manager

 

·       Mohamed Habib                                                                               Sales Manager

 

·       Dr Fathi Reda                                                                                   Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992 however subject was registered in 2003

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 3220, Cairo

 

Issued Capital              : £E 105,800,000

 

Paid up Capital            : £E 105,800,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Egyptian International Medical Centre SAE                             42.3%

Pharma Plaza Building

4B Takseem Asmaa Fahmy Street

Ard El Golf, Nasr City

PO Box: 8092

Cairo

Tel: (20-2) 22911525 / 22911406

Fax: (20-2) 22911494

 

·       Centrona Co                                                                         21.0%

Cairo

 

·       Korea United Pharma                                                              8.0%

South Korea

 

·       Ahmed Ali Ahmed El Fardan                                                   5.0%

 

·       Hassan Ahmed Mohamed Farhana                                          5.0%

 

·       Mohamed Akif                                                                        3.0%

 

·       Dr Awad Gabr Awad Khalil                                                      2.0%

 

·       Mohamed El Sayed Ahmed Mohamed                                     2.0%

 

·       Dok Young King Pharma                                                         2.0%

South Korea

 

·       Amin Ali Hassan Mahgoul                                                       1.0%

 

·       Local businessmen and private investors                                 8.7%

 

Please note that North Africa Holding Company (NAH) in Kuwait owns shares in Centrona Co.

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of human and veterinary pharmaceutical preparations.

 

Production Capacity: 30 million packages per year.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of approximately 550 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

 

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.62.56

UK Pound

1

Rs.93.57

Euro

1

Rs.65.95

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.