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Report No. : |
340962 |
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Report Date : |
18.09.2015 |
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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Financials (as on) : |
31.12.2014 |
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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 : |
Import and
distribution of food ingredients, colourings, flavourings and fragrances. |
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No. of Employees : |
3 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Egypt |
B2 |
B2 |
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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
pursued business climate reforms to attract foreign investment and facilitate
growth. Poor living conditions and limited job opportunities for the average
Egyptian contribute to public discontent, a major factor leading to the January
2011 revolution that ousted Mubarak. The uncertain political, security, and
policy environment since 2011 caused economic growth to slow significantly,
hurting tourism, manufacturing, and other sectors and pushing up unemployment.
Weak growth and limited foreign exchange earnings have made public finances
unsustainable, leaving authorities dependent on expensive borrowing for deficit
finance and on Gulf allies to help cover the import bill. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company 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 : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Ahmed
Abdul Hameed Ahmed Abdul Hameed, Commercial
Manager
AFRICA INTERNATIONAL
GROUP
Street : 12 Ahmed Anwar Street
Area : Maryotia Allpiny Street,
Haram
PO Box : 12555, Giza
Town : Cairo
Country : Egypt
Mobile : (20-122) 6860980 / (20-112)
6300778
Email : m-hameed@live.com / info@africainternationalgroup.com
mohamad@africainternationalgroup.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Mrs
Basmah Mohamed Proprietor
& General Manager
·
Mohamed
Ahmed Abdul Hameed Ahmed Abdul Hameed Commercial
Manager
Date of Establishment : 1st
June 2012
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 229626,
Cairo
Invested Capital
: £E 35,000
Mrs Basmah Mohamed 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.
Operating Trend: Steady
Subject has a
workforce of 3 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales £E 5,800,000 £E 6,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
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.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.50 |
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|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared by
: |
NIT |
RATING EXPLANATIONS
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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 |
-- |
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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.