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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
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Name : |
DELTA CO FOR TRADING & CHEMICALS |
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Registered Office : |
Building No. 47 Street No. 263 New Maadi Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
31.12.2013 |
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Com. Reg. No.: |
46014, Cairo |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the import and distribution of industrial chemicals |
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No. of Employees |
15 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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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 |
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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 : DELTA CO FOR TRADING & CHEMICALS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1995
Commercial Registration Number : 46014, Cairo
Tax Card Number : 256-968-209
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
Total Workforce : 15
Activities : Distributors of industrial chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hatim Mohamed Al Sofi, Partner
DELTA CO FOR TRADING & CHEMICALS
Building :
Building No. 47
Street : Street No.
263
Area : New Maadi
Town : Cairo
Country : Egypt
Telephone : (20-2) 25192316
Facsimile : (20-2)
27544553
Mobile : (20-122)
7899499 / 0155326 / (20-102) 0055055
Email : deltaco@soficom.com.eg
/ hatim@deltaco.com.eg
/ sofi@deltaco.com.eg
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Cairo.
Name Position
· Ahmed Mohamed Al
Sofi Managing
Partner
· Hatim Mohamed Al
Sofi Partner
· Taher Mohamed General
Manager
· Mostafa Abdul
Hamid Finance
Manager
· Ghareeb Ahmed Administrative
Officer
Date of
Establishment : 1995
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 46014, Cairo
Tax Card No. : 256-968-209
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
· Ahmed Mohamed Al
Sofi
· Hatim Mohamed Al
Sofi
Activities: Engaged in the import and distribution of industrial chemicals.
Import Countries: Europe and the United States of America
Operating Trend: Steady
Subject has a workforce of 15 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
8,700,000 £E
9,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Nationale Societe Generale Bank
PO Box: 2664
Cairo
Tel: (20-2)
27707777
Fax:
(20-2) 27707799
No complaints regarding subject’s payments have been reported.
Credit amount 100,000 100,000 100,000
Amount overdue 0 0 0
Payment terms 60
days 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars US Dollars US Dollars
Established in 1995, subject is owned and managed by Mr Ahmed Mohamed Al
Sofi and his brother Mr Hatim Mohamed Al Sofi who are both well respected in
the local business community.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.37 |
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|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
-- |
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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.