MIRA INFORM REPORT

 

 

Report Date :

4th May 2006

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN SWEDISH WELDING ELECTRODES (ESWECO)

 

 

Registered Office :

Alexandria - Cairo Desert Road, Km. 23

Mergham, Amreya, 1915

Alexandria, Egypt

 

 

Date of Incorporation :

1984

 

 

Com. Reg. No.:

111681, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of various kinds of welding  wires, standard and coated, as well as air compressors and welding powder.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

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

 

Maximum Credit Limit :

US$ 1,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

SUMMARY

 

Company Name

EGYPTIAN SWEDISH WELDING ELECTRODES (ESWECO)

Country of Origin

Egypt

Legal Form

Egyptian Joint Stock Company

Registration Date

1984

Commercial Registration Number

111681, Alexandria

Issued Capital

£E 50,000,000

Paid up Capital

£E 50,000,000

Total Workforce

165

Line of Business

Manufacture and export of various kinds of welding  wires, standard and coated, as well as air compressors and welding powder.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

EGYPTIAN SWEDISH WELDING ELECTRODES (ESWECO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street                   : Alexandria - Cairo Desert Road, Km. 23

Area            : Mergham, Amreya

PO Box        : 1915

Town           : Alexandria

Country      : Egypt

Telephone   : (20-3) 4701187 / 4701016

Facsimile    : (20-3) 4702048 / 4700031

Email          : hdkoalex@intouch.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Suburban Business Area of Alexandria.

 

Branch Office (s)

 

Location                                                               Description

 

1 Guirguis El Tawil                                               Rented office premises

Mansheya

Alexandria

Tel: (20-3) 4700030

Fax: (20-3) 4700034

 

 

KEY PRINCIPALS

 

Ibrahim Ismail Mohamed                                               Chairman

 

Tamer Ibrahim Ismail Mohamed                                    Director

 

Yasser Ibrahim Ismail Mohamed                                    Director

 

Heba Ibrahim Ismail Mohamed                                      Director

 

Ahmed Shalabi Toubar                                                   Director

 

Ahmed Salah Ahmed                                                     General Manager

 

Ahmed Mohamed Abdallah                                            Finance Manager

 

Hesham Fouad Moursy                                                  Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1984

 

Legal Form                    : Societe Anonyme Egyptienne – SAE (Egyptian Joint

                                        Stock Company)

 

Commercial Reg. No.    : 111681, Alexandria

 

Issued Capital               : £E 50,000,000

 

Paid up Capital             : £E 50,000,000

 

Name of Shareholder (s)

 

Ibrahim Ismail Mohamed

 

Tamer Ibrahim Ismail Mohamed

 

Yasser Ibrahim Ismail Mohamed

 

Heba Ibrahim Ismail Mohamed

 

Laila Abd El Qader Hassan

 

Nasr Mohamed Mansour

 

Note to the Legal Form 

The Egyptian Company Law provides that the capital of a Societe Anonyme

Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the manufacture and export of various kinds of welding wires, standard and coated, as well as air compressors and welding powders.

 

Subject is ISO 9002 accredited.

 

Production Capacity: 10,000 tonnes per annum

 

Import Countries : Europe and India.

 

Export Countries : Saudi Arabia, Jordan, United Arab Emirates, Kuwait, Syria, Malta, and France

 

Brand Names : SWECO

 

Operating Trend : Steady

 

Subject has a workforce of approximately 165 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Egyptian Pounds (£E)

 

                                      Year Ending 31/12/04:           Year Ending 31/12/05:

 

Total Revenue                £E 37,800,000                         £E 41,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

Commercial International Bank (CIB)

61 Sultan Hussein Street

Alexandria

Tel : (20-3) 4824643 / 4834255

Fax : (20-3) 4832240

 

National Bank of Abu Dhabi

28 Salah Salem Street

Alexandria

Tel: (20-3) 4829175

Fax: (20-3) 4847114

 

Al Watany Bank of Egypt

601 Horreya Road

Alexandria

Tel: (20-3) 5745621

Fax: (20-3) 5703282

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 1,000,000:

 

Egyptian Swedish Welding Electrodes (Esweco) has been trading for over 20 years and is engaged in the manufacture and export of various kinds of welding wires, standard and coated, as well as air compressors and welding powder.

 

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 and the above credit figure is within subject’s financial means.

 

Maximum suggested credit figure: US$ 1,000,000

 

 

 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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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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