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Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
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Name : |
AFRICA INTERNATIONAL GROUP |
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Registered Office : |
12 Ahmed Anwar
Street, Maryotia Allpiny Street, Haram,
P O Box 12555, Giza, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
01.06.2012 |
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Com. Reg. No.: |
229626, Cairo |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of food ingredients,
colourings, flavourings and fragrances. |
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No. of Employees : |
03 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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 |
Concern Name : AFRICA INTERNATIONAL GROUP
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1st June 2012
Commercial Registration Number : 229626, Cairo
Invested Capital : £E 35,000
Total Workforce : 3
Activities : Distributors of food ingredients, colourings, flavourings and fragrances.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Ahmed Abdul Hameed Ahmed Abdul Hameed,
Proprietor & General Manager
AFRICA
INTERNATIONAL GROUP
Registered &
Physical Address
Street : 12 Ahmed Anwar Street
Area : Maryotia Allpiny Street,
Haram
PO Box : 12555, Giza
Town : Cairo
Country : Egypt
Mobile : (20-122) 6860980
Email : m-hameed@live.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Mohamed
Ahmed Abdul Hameed Ahmed Abdul Hameed Proprietor
& General Manager
Date of Establishment : 1st
June 2012
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 229626, Cairo
Invested Capital
: £E 35,000
Mr Mohamed Ahmed
Abdul Hameed Ahmed Abdul Hameed is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
food ingredients, colourings, flavourings and fragrances.
Import
Countries: Europe and the
Far East.
Subject has a workforce
of 3 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
No complaints
regarding subject’s payments have been reported.
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.68 |
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 |
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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 |
|
-- |
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.