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Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
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Name : |
MISR CO FOR AROMATIC PRODUCTS (MARP) SAE (IFF |
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Registered Office : |
Plot No. 26, Street No. 79, 1st Industrial Zone, PO Box
114, 6th of October City |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
70397 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of aromatic products and
flavours for food, beverages and medicines. |
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No of Employees : |
72 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
Company Name :
MISR CO FOR AROMATIC PRODUCTS (MARP) SAE (IFF
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 :
72
Activities :
Manufacturers of aromatic products and flavours for food, beverages and
medicines.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Mowafaq Ali, Purchasing Manager
MISR CO FOR AROMATIC PRODUCTS (MARP) SAE (IFF EGYPT)
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
Mobile : (20-127)
9222104 / (20-120) 2640080 / (20-122) 1004121
Email : mowafaq.ali@iff.com
/ ahmed.ammar@iff.com
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.
Name Position
L H Stinberneck Chairman
Dr Ahmed Mahmoud General
Manager
Ali Hosni Finance
Manager
Ahmed Ammar Sales
Manager
Mowafaq Ali Purchasing
Manager
Mohamed Yehia Administration
Manager
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
Tel: (31-13) 4642211
Activities: Engaged in the manufacture of aromatic products and flavours for food,
beverages and medicines.
Import Countries: Spain and India
International
Suppliers:
Roha Industries India
Akhwan Navaro Spain
Akhwan Jose Spain
Export Countries: Pakistan, Saudi Arabia and Syria.
Operating Trend: Steady
Subject has a workforce of 72 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E
18,450,000 £E
18,885,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
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
No complaints regarding subject’s payments have been reported.
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.60.47 |
|
|
1 |
Rs.100.15 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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 |
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.