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Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ADVANCED GLOBAL INDUSTRIES (AGI) |
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Registered Office : |
1st Industrial Zone, Plot No. 43, Giza, 6th of October |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
2004 |
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Reg. No.: |
6044 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production and distribution of skimmed milk and full cream powdered
milk |
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No. of Employees : |
60 |
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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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 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
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 |
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 :
ADVANCED GLOBAL INDUSTRIES (AGI)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
2004
Commercial Registration Number :
6044, 6th 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
ADVANCED GLOBAL INDUSTRIES (AGI)
Registered &
Physical Address
Location : 1st
Industrial Zone, Plot No. 43
Area : Giza
Town : 6th
of October
Country : Egypt
Telephone : (20-2) 38340777
/ 38340776 / 38340775
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 6th of October.
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
Date of Establishment : 2004
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 6044, 6th 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%
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 highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E
39,407,115 £E
44,564,409
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
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
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.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
-- |
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.