MIRA INFORM REPORT

 

 

Report Date :

28.06.2013

 

IDENTIFICATION DETAILS

 

Name :

DELTA CO FOR PRINTING & PACKAGING SAE

 

 

Registered Office :

Borg El Arab El Gedida, Land No. 8, Block No. 35 2nd Industrial Zone Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

30.10.2002

 

 

Com. Reg. No.:

1451, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and printing of packaging materials.

 

 

No. of Employees :

148

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Egypt

B1

B1

 

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 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, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.

Source : CIA

 

 

SUMMARY

 

Company Name                                    : DELTA CO FOR PRINTING & PACKAGING SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 30th October 2002

Commercial Registration Number           : 1451, Alexandria

Tax Card Number                                  : 703-630-679

Issued Capital                                       : £E 28,000,000

Paid up Capital                                     : £E 28,000,000

Total Workforce                                     : 148

Activities                                               : Manufacture and printing of packaging materials.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

DELTA CO FOR PRINTING & PACKAGING SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Borg El Arab El Gedida, Land No. 8, Block No. 35

Area                 : 2nd Industrial Zone

 

Town                : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 4597277 / 4597276 / 4597278 / 4592047

Facsimile          : (20-3) 4597274

Mobile              : (20-12) 9132223

Email                : info@deltapackage.com / osenousy@delta-alex.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       7 El Iqbal Street                                                                                Office premises

Loran

Alexandria

Tel: (20-3) 5832016 / 5837739

Fax: (20-3) 5827407

 

·       Tahrir Square                                                                                    Office premises

Dokki

Cairo

Tel: (20-2) 33351905

Fax: (20-2) 33351906

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Saleh Abdulaziz Ismail                                                                      Chairman

 

·       Mohamed Idriss Ahmed El Shanousi                                                 Managing Director

 

·       Ahmed Mohamed Rashad Ghettany                                                   Director

 

·       Mohamed El Ghettany                                                                      Director

 

·       Gehan Saleh Abd El Aziz                                                                  Director

 

·       Nevein Wasfy Morcous                                                                     Director

 

·       Sameh Abdul Wahid                                                                         Finance Manager

 

·       Mohamed Saleh Abd El Aziz                                                             Factory Manager

 

·       Samir Mohamed Adawy                                                                    Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th October 2002, full production began in 2004

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 1451, Alexandria

 

Tax Card No.                : 703-630-679

 

Issued Capital              : £E 28,000,000

 

Paid up Capital            : £E 28,000,000

 

Name of Shareholder (s)                                                                   Percentage

 

·       Saleh Abdulaziz Ismail                                                                      30%

 

·       Mohamed Idriss Ahmed El Shanousi                                                 20%

 

·       Mohamed El Ghettany                                                                      20%

 

·       Local businessmen and private investors                                           30%

 

 

AFFILIATED COMPANIES

 

·       El Ahram Co for Printing and Packaging SAE

1/2, Industrial Zone, Plot No.6A, Block 11

Borg El Arab

Alexandria

Tel: (20-3) 4591441

Fax: (20-3) 4592059

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and printing of flexible packaging materials for use in the foodstuff and

     pharmaceutical industries.

 

Import Countries: India, Italy, France, China and Saudi Arabia.

 

Operating Trend: Steady

 

Subject has a workforce of 148 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

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

 

Total Sales                                £E 60,317,958                           £E 74,672,043

 

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

 

 

BANKERS

 

·       National Societe Generale Bank

240 El Corniche Street

Ramleh

     Alexandria

     Tel: (20-3) 5452352 / 5450332

     Fax: (20-3) 5455715

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

 

 

 

GENERAL COMMENTS

 

The above credit figure is higher than transactions previously seen and a measure of caution would be prudent.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.70

UK Pound

1

Rs.92.25

Euro

1

Rs.78.38

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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