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Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST GLASS MANUFACTURING (MEG) |
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Registered Office : |
El Mokhayam El Daem
Street, Industrial Zone, 6th District, 79 Nasr City,
P O Box 2819, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1979 |
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Com. Reg. No.: |
193770, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of glass bottles for the beverage industries and glass containers for food products packaging |
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No. of Employees : |
460 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company Name : MIDDLE EAST GLASS MANUFACTURING (MEG)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1979
Commercial Registration Number : 193770, Cairo
Tax Card Number : 100-034-810
Authorised Capital : £E 150,000,000
Issued Capital : £E 40,000,000
Paid up Capital : £E 40,000,000
Total Workforce : 460
Activities :
Manufacturers of glass bottles for the beverage
industries and glass
containers for food products packaging.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MIDDLE EAST GLASS MANUFACTURING (MEG)
Registered &
Physical Address
Street : El Mokhayam El Daem Street
Area : Industrial
Zone, 6th District, 79 Nasr City
PO Box : 2819
Town : Cairo
Country : Egypt
Telephone : (20-2) 2624304
/ 2624305 / 2624303 / 2602260 / 2530242
Facsimile : (20-2) 2624302
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Cairo.
Name Position
·
Abd El Gelil Abd El Haq Beshr Chairman
·
Peter James Carpenter Managing
Director
·
Rashed Abd El Haq Beshar Director
·
Ramesh
Raman Director
·
Ali Asaad Ahmed Mehana Director
·
Greggor Roman Steiner Director
·
Asit
Chawla General
Manager
·
Wael
Shaher Deputy
General Manager
·
Mohamed Abd El Baki Finance
Manager
·
Hassan Nabih Accounts
Manager
·
Younes Moustafa Moussallak Sales
Manager
·
Hesham Sanad Technical
Manager
·
Imam Ahmed Ammar Administration
Manager
·
Sherin Farid Human
Resources Manager
·
Hedayetallah
El Emary Office
Manager
·
Ali El
Bana Investor
Relation Manager
·
Alaa
Nada Purchasing
Manager
·
Alaa
Emam IT
Manager
·
Tarek
Hassan Abd El Moamen Production
Manager
·
Hazem
Moustafa Financial
Controller
Date of Establishment : 1979
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 193770, Cairo
Tax Card No. : 100-034-810
Authorised Capital : £E
150,000,000
Issued Capital : £E
40,000,000
Paid up Capital : £E 40,000,000
Name of Shareholder
(s) Percentage
·
Mac
Investments 92.02%
138, 26th July Street
Zamalek
Cairo
Tel: (20-2) 27366524
Fax: (20-2) 27357279
·
Khedr
Mohamed Ahmed 5.00%
·
Local
businessmen and private individuals 2.98%
Activities: Engaged in the manufacture
of glass bottles for the beverage industries and glass containers for food
products packaging.
Subject is ISO 9001 accredited.
Import
Countries: Turkey, Germany,
Italy and the United States of America.
Export
Countries: Morocco, Algeria
and Lebanon.
Brand Names: MEG
Operating Trend: Steady
Subject has a
workforce of approximately 460 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E 121,106,627 £E 138,730,261
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Misr International
Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
·
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 company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.47 |
|
UK Pound |
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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.