MIRA INFORM REPORT

 

 

Report Date :           

12.05.2011

 

IDENTIFICATION DETAILS

 

Name :

DELTA CHEMICAL INDUSTRIES SAE

 

 

Registered Office :

871 Port Said Street, El Zawya El Hammra Square, El Matariya, Cairo

 

 

Country :

Egypt

`

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1999

 

 

Com. Reg. No.:

33814, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of chemicals used in the textile industry

 

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

           

Maximum Credit Limit :

US$ 400,000

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, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                                     : DELTA CHEMICAL INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1999

Commercial Registration Number            : 33814, Cairo

Authorised Capital                                  : £E 10,000,000

Issued Capital                                        : £E   5,000,000

Paid up Capital                                      : £E   5,000,000

Total Workforce                                     : 60

Activities                                               : Manufacture and export of chemicals used in the textile industry.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 400,000

COMPANY NAME

 

DELTA CHEMICAL INDUSTRIES SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 871 Port Said Street

Area                 : El Zawya El Hammra Square, El Matariya

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 24828566 / 24858350 / 24828620

Facsimile          : (20-2) 26833364

 

Premises

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       10 26th July Street                                                                            Rented office premises

Cairo

       Tel: (20-2) 23904775

       Fax: (20-2) 23920831

 

·       70 El Gomhoria Street                                                                       Rented office premises

Cairo

 

·       1 Al Manshia Central Street                                                               Rented office premises

Alexandria

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Nina Albert Negm Sayegh                                                                  Chairman

    

·       Rony Gamal                                                                                     Director

 

·       Noha Albert Sayegh                                                                          Director

 

·       Kelwah Nagy Elia Sayegh                                                                  Director

 

·       Candes Nagy Elia Sayegh                                                                 Director

 

·       Makram Yaccoub                                                                              Finance Manager

 

·       Mona Saad                                                                                       Accounts Manager

 

·       Lotfy Thabet                                                                                      Sales Manager

 

·       Taher Boulos                                                                                    Production Manager

 

·       Hanan Farag                                                                         Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 33814, Cairo

 

Authorised Capital       : £E 10,000,000

 

Issued Capital              : £E   5,000,000

 

Paid up Capital            : £E   5,000,000

 

Name of Shareholder (s)                                   Percentage

 

·       Nina Albert Negm Sayegh                                   60%

 

·       Candes Nagy Elia Sayegh                                  15%

 

·       Kelwah Nagy Elia Sayegh                                   15%

 

·       Rolan George                                                       9%

 

·       Chemical Trading Establishment                            1%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of chemicals used in the textile industry, as well as offering

     cleaning, submersion dyeing, textile thickeners and softeners.

 

Import Countries: Spain, Germany, China, Belgium, France and India.

 

Export Countries: Syria, Jordan and France.

 

Brand Names: ZYDEX

 

Operating Trend: Steady

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 17,300,000                           £E 15,800,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Delta Chemical Industries was established in 1999 and specialises in the manufacture and export of chemicals used in the textile industry.

 

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 deemed admissible.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.69

UK Pound

1

Rs.73.12

Euro

1

Rs.64.39

 

 

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.