MIRA INFORM REPORT
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Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MISR GLASS MANUFACTURING COMPANY SAE (MGM) |
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Registered Office : |
Sharekat El
Petrol Street, Mostorod Kaliub, Kaliubeya |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
2004 |
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Com. Reg. No.: |
20418, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of glassware |
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No. of Employees
: |
1200 |
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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Maximum Credit Limit : |
US$ 2,000,000 |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Egypt |
a2 |
a2 |
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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 |
Company Name : MISR GLASS MANUFACTURING COMPANY SAE (MGM)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2004
Commercial Registration Number : 20418, Cairo
Issued Capital : £E 92,610,360
Paid up Capital : £E 92,610,360
Total Workforce : 1,200
Activities : Manufacture of glassware.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
MISR GLASS MANUFACTURING COMPANY SAE (MGM)
Registered &
Physical Address
Street : Sharekat El Petrol Street
Area : Mostorod Kaliub
Town : Kaliubeya
Country : Egypt
Telephone : (20-2) 22557789 / 22533101 / 26511425
/ 22508758
Facsimile : (20-2) 26501890 / 22538074 /
22533136
Mobile : (20-122) 1640571 / (20-100)
2409207 / 2220925
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Kaliubeya.
Name Position
·
Dr
Mohamed Ahmed Ismail Chairman
·
Sherif
Ahmed Ismail El Zayat Managing
Director
·
Hassan
Gamal El Din Awn Vice
Chairman
·
Youssef
Tawfik Laham Director
·
Dr Alaa
El Din Galal Abu El Maati Director
·
Dr Taha
Khaled Director
·
Mohamed
Abd El Daim Financial
Manager
·
Tawfik
Leham Marketing
Manager
·
Youssef
Mohamed Factory
Manager
·
Walid
Ragab Administration
Manager
·
Rania
El Dessouky Office
Manager
·
Ibrahim
Yassin Human
Resources Manager
Date of Establishment : 2004
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 20418, Cairo
Issued Capital : £E 92,610,360
Paid up Capital : £E 92,610,360
Name of Shareholder
(s) Percentage
·
Holding
For Financial Investments 65%
Egypt
·
Mina
Glass Ltd 35%
United Kingdom
Activities: Engaged in the manufacture of glassware, including
glass containers for food, beverage and
pharmaceutical products.
Subject is ISO 9001/14001 accredited.
Production
Capacity: 110,000 tons per
year.
Import
Countries: Europe and the
Far East.
Export
Countries: United States of
America, Europe and GCC countries.
Operating Trend: Steady
Subject has a
workforce of approximately 1,200 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 212,876,156 £E 254,728,923
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Arab
Bank Ltd
20 Aly Amin Street
Nasr City
Cairo
PO Box: 4056
Tel: (20-2) 22613581
Fax: (20-2) 22613508
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.49.08 |
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UK Pound |
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.17 |
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.