MIRA INFORM REPORT

Report Date :

25.09.2014

IDENTIFICATION DETAILS

Name :	MISR CO FOR AROMATIC PRODUCTS (MARP) SAE (IFF EGYPT)

Registered Office :	Plot No. 26, Street No. 79, 1^st Industrial Zone, P O Box: 114, 6^th of October City

Country :	Egypt

Financials (as on) :	31.12.2013

Year of Establishment :	1986

Com. Reg. No.:	70397, Giza

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Manufacturers of Aromatic Products and Flavours for Food, Beverages and Medicines.

No. of Employees :	72

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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

SUMMARY

Company Name : MISR CO FOR AROMATIC PRODUCTS (MARP) SAE (IFF EGYPT)

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

COMPANY NAME

MISR CO FOR AROMATIC PRODUCTS (MARP) SAE (IFF EGYPT)

ADDRESS

Registered & Physical Address

Building : Plot No. 26

Street : Street No. 79

Area : 1^st Industrial Zone

PO Box : 114

Town : 6^th of October City

Country : Egypt

Telephone : (20-2) 38331640 / 38332096 / 38332098

Facsimile : (20-2) 38330553 / 38330669

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 6^th of October City.

KEY PRINCIPALS

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

LEGAL FORM & OWNERS

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

OPERATIONS

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 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 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.

BANKERS

· 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

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.61.03
UK Pound	1	Rs.99.99
Euro	1	Rs.78.37

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	NIT

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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