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Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DELTA FOR PHARMACEUTICALS CHEMICALS (DELTACHEM) |
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Registered Office : |
66 Gamal El Deen
Zaki Street, Gesr El Suez, El Togarieen, Salam City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
January 2012 |
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Com. Reg. No.: |
51405, Cairo |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of raw chemical materials for the pharmaceutical
industry. |
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No of Employees : |
5 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company Name : DELTA FOR PHARMACEUTICALS CHEMICALS (DELTACHEM)
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : January 2012
Commercial Registration Number : 51405, Cairo
Tax Card Number : 349-953-554
Invested Capital : £E 30,000
Total Workforce : 5
Activities : Distributors of raw chemical materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Dr Abdul Hamid Abdul Hamid Abdul Ghani, Proprietor & General Manager
DELTA FOR PHARMACEUTICALS CHEMICALS (DELTACHEM)
Street : 66 Gamal El
Deen Zaki Street
Area : Gesr El
Suez, El Togarieen, Salam City
Town : Cairo
Country : Egypt
Telephone : (20-2) 26988187
/ 26988217
Facsimile : (20-2)
26986340
Mobile : (20-100)
2998498
Email : hamid@deltachem.com.eg / sales@deltachem.com / purchase@deltachem.com.eg
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
·
Dr
Abdul Hamid Abdul Hamid Abdul Ghani Abu Al Elaa Proprietor
& General Manager
·
Mohamed
Fahmi Al Azougu Assistant
General Manager
·
Shayma
Adel Administration
Executive
Date of
Establishment : January 2012
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 51405, Cairo
Tax Card No. : 349-953-554
Invested Capital : £E 30,000
Dr Abdul Hamid Abdul Hamid Abdul Ghani Abu Al Elaa is the sole
proprietor of the business.
Activities: Engaged in the import and distribution of raw chemical materials for
the pharmaceutical industry.
Import Countries: Europe and India
Agencies Held:
· Accent Microcell
Pvt Ltd India
· Lasa Laboratory
Pvt Ltd India
· Fortune
Laboratories India
· NGL Fine Chemical India
Operating Trend: Steady
Subject has a workforce of 5 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 8,650,000
£E 9,200,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Dr Abdul Hamid Abdul Hamid Abdul
Ghani, Proprietor & General Manager
·
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.
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.12 |
|
|
1 |
Rs. 103.93 |
|
Euro |
1 |
Rs. 85.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
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-- |
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.