MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	ADVANCED GLOBAL INDUSTRIES (AGI)
Registered Office :	1^st Industrial Zone, Plot No. 43 Giza 6^th of October
Country :	Egypt
Financials (as on) :	31.12.2011
Year of Establishment :	2004
Com. Reg. No.:	6044, 6^thof October
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Production and distribution of skimmed milk and full cream powdered milk
No. of Employees :	60

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

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 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Egypt	A2	A2

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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

Source : CIA

SUMMARY

Company Name : ADVANCED GLOBAL INDUSTRIES (AGI)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 2004

Commercial Registration Number : 6044, 6^th of October

Tax Card Number : 592-227-014

Issued Capital : £E 1,000,000

Paid up Capital : £E 1,000,000

Total Workforce : 60

Activities : Production and distribution of skimmed milk and full cream powdered milk

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

ADVANCED GLOBAL INDUSTRIES (AGI)

ADDRESS

Registered & Physical Address

Location : 1^st Industrial Zone, Plot No. 43

Area : Giza

Town : 6^th of October

Country : Egypt

Telephone : (20-2) 38340777 / 38340776 / 3830775

Facsimile : (20-2) 38340778

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of the 6^th of October.

KEY PRINCIPALS

Name Position

· Khaled Essam Azzam Chairman

· Mohamed Essam Azzam Director

· Somaya Abd El Hamid Tawfik Director

· Ahmed Nabil Finance Manager

· Moustafa Zein Accounts Manager

· Hamed Malash Marketing Manager

· Mohamed El Sheikh Export Manager

· Karim Baramawy Purchasing Manager

· Ahmed Said Sales Manager

· Mohamed Tayseer Import Manager

LEGAL FORM & OWNERS

Date of Establishment : 2004

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 6044, 6^th of October

Tax Card No. : 592-227-014

Issued Capital : £E 1,000,000

Paid up Capital : £E 1,000,000

Name of Shareholder (s) Percentage

· Khaled Essam Azzam 99.50%

· Essam Azzam 0.25%

· Somaya Abd El Hmaid Tawfik 0.25%

OPERATIONS

Activities: Engaged in the import, production and distribution of skimmed milk and full cream powdered milk.

Import Countries: China, India, Australia, France, Netherlands and the United States of America.

Production Capacity:

· 264 ton/ year Shanti cream powder

· 480 ton/ year Half fat milk powder

· 240 ton/ year milk sugared powder

· 100 ton/ year creamer

Export Countries: Syria, Libya, United Arab Emirates, Qatar and Sudan.

Brand Names: AGI

Operating Trend: Steady

Subject has a workforce of 60 employees.

FINANCIAL DATA

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 29,779,440 £E 36,364,760

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

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

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

According to local sources subject’s financial position is described as healthy and profitable with payments made in a timely manner. The operating history is clear and the above credit figure is deemed to be within subject’s financial means.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.78
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.