MIRA INFORM REPORT

 

 

Report Date :

10.12.2012

 

IDENTIFICATION DETAILS

 

Name :

MISR CO FOR AROMATIC PRODUCTS (MAR) (IFF EGYPT)

 

 

Registered Office :

Plot No. 26, Street No. 79, 1st Industrial Zone, PO Box: 114, 6th of October City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1986

 

 

Reg. No.:

70397

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of aromatic products and flavours for food, beverages and medicines.

 

 

No. of Employees :

56

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

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 GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

Source : CIA

SUMMARY

 

Company Name                         : MISR CO FOR AROMATIC PRODUCTS (MAR) (IFF EGYPT)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1986

Commercial Registration Number            : 70397, Giza

Industry Registration Number                  : 201990

Issued Capital                                        : £E 3,000,000

Paid up Capital                                      : £E 3,000,000

Total Workforce                         : 56

Activities                                               : Manufacturers of aromatic products and flavours for food, beverages and medicines.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

MISR CO FOR AROMATIC PRODUCTS (MAR) (IFF EGYPT)

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Plot No. 26

Street               : Street No. 79

Area                 : 1st Industrial Zone

PO Box             : 114

Town                 : 6th of October City

Country : Egypt

 

Telephone         : (20-2) 38331640 / 38332096

Facsimile          : (20-2) 38330553

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of 6th of October City.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

L H Stinberneck                                                                         Chairman

 

Dr Ahmed Mahmoud                                                                              General Manager

 

Ali Hosni                                                                                               Finance Manager

 

Ahmed Salah                                                                                         Sales Manager

 

Mowafk Ali                                                                                            Purchasing Manager

 

Mohamed Yehia                                                                         Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment: 1986

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 70397, Giza

 

Industry Reg. No.         : 201990

 

Issued Capital              : £E 3,000,000

 

Paid up Capital            : £E 3,000,000

 

Name of Shareholder (s)                                                      Percentage

 

International Flavors and Fragrances IFF                          100%

Netherlands

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of aromatic products and flavours for food, beverages and medicines.

 

Export Countries: Pakistan, Saudi Arabia and Syria.

 

Operating Trend: Steady

 

Subject has a workforce of 56 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/10:              Year Ending 31/12/11:

 

Total Sales                                £E 17,350,000                           £E 18,000,000

 

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

 

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

 

 

BANKERS

 

Citibank

PO Box: 188

Cairo

Tel: (20-2) 33551877 / 33551874

Fax: (20-2) 33558056

 

Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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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