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Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
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Name : |
DELTA AROMATIC INTERNATIONAL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
58245, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of food additives and flavourings for biscuits,
ice cream, chewing gums, aromatic oil, food colouring and juices
concentrates. |
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No. of Employees : |
300 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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Source
: CIA |
Company Name : DELTA AROMATIC INTERNATIONAL
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1982
Commercial Registration Number : 58245, Giza
Industrial Registration Number : 4705
Issued Capital : £E 5,789,000
Paid up Capital : £E 5,789,000
Total Workforce : 300
Activities : Manufacture and export of food additives and flavourings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
DELTA AROMATIC INTERNATIONAL
Street : 439 Pyramids
Street
Area : Pyramids,
Giza
Town : Cairo 11511
Country : Egypt
Telephone : (20-2) 35853348
/ 35852350 / 35853172
Facsimile : (20-2)
35856950
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 77, 1st Industrial
Zone Owned
factory premises
6th of
October City
Tel:
(20-2) 38343846 / 38342214
Fax: (20-2)
38330419
Name Position
· Omar Hussein Abd
El Rahim Tammam Chairman
· Mohamed Tammam Vice
Chairman
· Ibrahim Omar
Hussein Abd El Rehim Director
· Khaled Omar
Hussein Abd El Rehim Director
· Khaled Balboul Finance
Manager
· Ibrahim Hassan Treasurer
· Abd El Rahman
Ibrahim Accounts
Manager
· Kamal Helmy Sales
Manager
· Ahmed Zaki Production
Manager
· Akila Abd El Rehim Purchasing
Manager
· Dr Ahmed Hassan Technical
Manager
· El Sayed Ahmed Administration
Manager
· Yasser Ibrahim Factory
Manager
Date of
Establishment : 1982
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 58245, Giza
Industrial Reg.
No. : 4705
Issued Capital : £E 5,789,000
Paid up Capital : £E 5,789,000
· Ibrahim Omar
Hussein Abd El Rehim 20.00%
· Khaled Omar
Hussein Abd El Rehim 20.00%
· Akela Omar Hussein 20.00%
· Omar Hussein Abd
El Rahim Tammam 19.72%
· Heba Ali Abd El
Rahman 10.00%
· Hala Ali Abd El
Rahman 10.00%
· Bahia Ibrahim
Badran 0.28%
Activities: Engaged in the manufacture and export of food additives and flavourings
for biscuits, ice cream, chewing gums, aromatic oil, food colouring and juices
concentrates.
Import Countries: Spain, Italy, United Kingdom, Netherlands, China,
Thailand and India
Export Countries: Sudan, Saudi Arabia, Syria, Lebanon, Libya.
Zambia, Kuwait, Jordan and the United Arab
Emirates
Brand Names: DELTA AROMATIC INTERNATIONAL
Operating Trend: Steady
Subject has a workforce of approximately 300 employees.
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
32,000,000 £E
40,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Egypt
24, Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
·
Societe Arabe Internationale de Banque
PO Box: 124
Cairo
Tel: (20-2)
33499464 / 33603489
Fax: (20-2)
33603497 / 33603487
·
Al Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2)
33379363
Fax: (20-2)
33772959
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
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|
1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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.