MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DELTA AROMATIC INTERNATIONAL |
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Registered Office : |
439 Pyramids Street, Pyramids, Giza,
Cairo 11511 |
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Country : |
Egypt |
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Financials (as on) : |
31/12/2007 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
110446, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of food additives flavours. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$ 600,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DELTA AROMATIC INTERNATIONAL
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1985
Commercial Registration Number : 110446, Giza
Industrial Registration Number : 4705
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 140
Line of Business : Manufacture and export of food additives flavours
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DELTA AROMATIC INTERNATIONAL
ADDRESS
Registered & Physical Address
Street : 439 Pyramids Street
Area : Pyramids, Giza
Town : Cairo 11511
Country : Egypt
Telephone : (20-2) 35853348 / 35852350 / 35853172
Facsimile : (20-2) 35856950
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
· 77,
1st Industrial Zone Owned
factory premises
6th of October City
Tel:
(20-2) 38343846 / 38342214
Fax:
(20-2) 38330419
KEY PRINCIPALS
· Omar
Hussein Abd El Rahim Tammam Managing
Director
· Mohamed
Tammam Director
· Moustafa
Kamal Finance
Manager
· Kamal
Helmy Sales
Manager
· Ahmed
Zaki Production
Manager
· Akila
Abd El Rehim Purchasing
Manager
· Dr.
Ahmed Hassan Technical
Manager
· El
Sayed Ahmed Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1985
Legal Form : Societe Anonyme
Egyptienne – SAE (Egyptian Joint Stock
Company)
Commercial Reg.
No. : 110446, Giza
Industrial Reg.
No. : 4705
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Name of Shareholder (s)
· Omar
Hussein Abd El Rahim Tammam
· Mohamed
Tammam
Note to the Legal
Form
The Egyptian Company Law provides that the capital of a
Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares
are offered to the public and £E 250,000 if not. If shares are offered to the
public they are freely transferable, if not, transfer may be restricted.
Liability of shareholders is limited.
LINE OF BUSINESS
Operations : Engaged in the manufacture and export of food additives
flavours for biscuits, ice cream, chewing gums, aromatic oil, food colouring
and juices concentrates.
Import Countries : Spain, Italy and
India.
Operating Trend : Steady
Subject has a workforce of approximately 140 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue £E
21,000,000 £E
24,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of Egypt
24, Sherif Street
Cairo
Tel :
(20-2) 3924175
Fax : (20-2)
3924143
·
Al Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2)
3379363
Fax: (20-2)
3772959
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Opinion on the credit figure of US$ 100,000:
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 and
the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 600,000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)