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Report Date : |
19.12.2013 |
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) : |
31.12.2012 |
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Date of Incorporation : |
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 : |
Subject is engaged in the manufacture of glassware, including glass
containers for food, beverage and pharmaceutical products. |
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No. of Employees : |
1,200 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.
|
Source
: CIA |
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 225,063,000
Paid up Capital :
£E 225,063,000
Total Workforce :
1,200
Activities :
Manufacture of glassware.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
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
Ayman Abd El Hady Accounts
Manager
Neveen El Nagar Purchase
Manager
Date of Establishment : 2004
Legal Form : Egyptian Joint Stock
Company
Commercial Reg. No. : 20418, Cairo
Issued Capital : £E 225,063,000
Paid up Capital : £E 225,063,000
Name of
Shareholder (s) Percentage
MGM Holding For Financial Investments 63.52%
Egypt
Mina Glass Ltd 35.00%
United Kingdom
Private Investors 1.48%
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 31/12/11: Year Ending 31/12/12:
Total Sales £E
254,728,923 £E
262,416,709
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.61.92 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
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.