MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	ARAB ORGANIZATION FOR INDUSTRIALIZATION ELECTRONICS FACTORY
Registered Office :	Km 4.5, Cairo-Suez Road, Heliopolis, PO Box: 84, Cairo
Country :	Egypt
Date of Incorporation :	1979
Legal Form :	Limited Liability Company
Line of Business :	Manufacturers of electronic products
No. of Employees	800

RATING & COMMENTS

MIRA’s Rating :

B

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

Source : CIA

SUMMARY

Company Name : ARAB ORGANIZATION FOR INDUSTRIALIZATION ELECTRONICS

FACTORY

Also Known As : AOI ELECTRONICS FACTORY

Country of Origin : Egypt

Legal Form : Limited Liability Company

Registration Date : 1979

Issued Capital : £E 25,000,000

Paid up Capital : £E 25,000,000

Total Workforce : 800

Activities : Manufacturers of electronic products

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Samir Ismail, Finance Manager

COMPANY NAME

ARAB ORGANIZATION FOR INDUSTRIALIZATION ELECTRONICS FACTORY

ALSO KNOWN AS

AOI ELECTRONICS FACTORY

ADDRESS

Registered & Physical Address

Street : Km 4.5, Cairo-Suez Road

Area : Heliopolis

PO Box : 84

Town : Cairo

Country : Egypt

Telephone : (20-2) 22694778 / 22694375 / 22692478/9

Facsimile : (20-2) 22692480 / 22692481

Email : elect.marketing.@aoi.com.eg / aoief.marketing@aoi.com.eg

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Cairo.

KEY PRINCIPALS

Name Position

Abdul Mohsin Abdul Sadiq Chief Executive Officer

Anwar Satiha Commercial Manager

Abdul Hai Mohamed Production Manager

Samir Ismail Finance Manager

Tariq Sayed Purchasing Manager

LEGAL FORM & OWNERS

Date of Establishment : 1979

Legal Form : Limited Liability Company

Issued Capital : £E 25,000,000

Paid up Capital : £E 25,000,000

Name of Shareholder (s) Percentage

Arab Organisation For Industrialisation (AOI) 100%

2D El Abbasseya Square

Abbasseya

PO Box : 770

Cairo 11511

Tel: (20-2) 22692688

Fax: (20-2) 22692480 / 22692481

OPERATIONS

Activities: Engaged in the manufacture of electronic products, including televisions, radios, computers, printers, photocopiers, telephone switching systems and medical equipment.

Import Countries: Europe and the Far East.

Subject has a workforce of approximately 800 employees.

FINANCIAL DATA

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

Misr International Bank (MIBANK)

Maadi Branch

Cairo

Tel: (20-2) 33500814 / 33500992

Fax: (20-2) 33500992

National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SDA

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.