MIRA INFORM REPORT

Report Date :

14.03.2014

IDENTIFICATION DETAILS

Name :	DELTA FOR PHARMACEUTICALS CHEMICALS (DELTACHEM)

Registered Office :	66 Gamal El Deen Zaki Street Gesr El Suez, El Togarieen, Salam City Cairo

Country :	Egypt

Financials (as on) :	31.12.2013

Date of Incorporation :	January 2012

Com. Reg. No.:	51405, Cairo

Legal Form :	Sole Proprietorship

Line of Business :	Engaged in the import and distribution of raw chemical materials for the pharmaceutical industry

No. of Employees :	05

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Egypt

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, pushing up unemployment levels, and economic growth is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency

Source : CIA

SUMMARY

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

COMPANY NAME

DELTA FOR PHARMACEUTICALS CHEMICALS (DELTACHEM)

ADDRESS

Registered & Physical Address

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

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Cairo.

KEY PRINCIPALS

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

LEGAL FORM & OWNERS

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.

OPERATIONS

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 DATA

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

BANKERS

· Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.61.02
UK Pound	1	Rs.101.65
Euro	1	Rs.85.02

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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