MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
PICO ENGINEERING SERVICES COMPANY SAE |
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Registered Office : |
6 El Fawakeh Street, Mohandessin, Giza, Cairo 12311, |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1975 |
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Com. Reg. No.: |
13201, South Cairo |
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Legal Form : |
Societe Anonyme Egyptienne - SAE (Egyptian Joint Stock
Company) |
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Line of Business : |
Company is engaged in Engineering Services division specialises in the
sales, installation, rehabilitation and maintenance of heavy construction,
industrial and petroleum machinery |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
PICO ENGINEERING SERVICES COMPANY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1975
Commercial Registration Number :
13201, South Cairo
Authorised Capital :
£E 25,000,000
Issued Capital :
£E 11,500,000
Paid up Capital :
£E 11,500,000
Total Workforce :
240
Line of Business : Subject operates
through several divisions (see
below for details).
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
PICO ENGINEERING SERVICES COMPANY SAE
ADDRESS
Registered & Physical Address
Street : 6 El Fawakeh
Street
Area : Mohandessin,
Giza
Town : Cairo 12311
Country : Egypt
Telephone : (20-2) 3369520
/ 3369521 / 3369522 / 3369523
Facsimile : (20-2) 3351842
/ 3351879
Mobile : (20-12)
2189678
Email : bmakar@rite.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
3 Shagaret El Dor Street Rented
office premises
Zamalek
Cairo
Tel : (20-2) 7354091 / 7358308 / 7371000 / 7357770
Fax : (20-2) 7362409 / 7494766
3rd Industrial Zone, Plot No. 282 Workshop premises
Sixth of October City
Tel: (20-2) 8331912
15 El Mouasker El Romany Street Warehouse
premises
Rushdy
Alexandria
Tel: (20-3) 5468914
KEY PRINCIPALS
Eng. Salah El Din Diab Managing
Director
Dr. Kamel Tawfik Diab Director
Dr Ahmed El Hamaki General
Manager
Hassan Ali Gad Projects
Manager
Khaled Moharam Finance
Manager
Khaled Seif Accounts
Manager
Salah Gad Administration
Manager
Bassam Y. Makkar Manager
– Engineering Services Division
Magdy El Mahdy Manager
– Industrial Division
Sami M. Atabani Manager
– Construction & Mining Division
LEGAL FORM &
OWNERS
Date of Establishment : 1975
Legal Form :
Societe Anonyme Egyptienne - SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 13201,
South Cairo
Authorised Capital : £E
25,000,000
Issued Capital : £E
11,500,000
Paid up Capital : £E
11,500,000
Name of Shareholder
(s)
Eng. Salah El Din Diab
Dr. Kamel Tawfik Diab
Mohamed Alaa El Din
Gehan Kamel Tawfik Diab
Naema Mohamed El Tohamy
Nagwa Kamel Tawfik Diab
Enayat Said El Tawil
Shahira Salah Diab
Essmat Salah Diab
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.
AFFILIATED COMPANIES
Subject is a member of the well-known Pico Group of Companies that has
operations dating back to 1975 and currently employs approximately 2,000
people. The Pico Group consists of the following concerns:
Pico Petroleum Services & Investment Co
24, Wadi El Nile Street
Maadi
Cairo
Tel: (20-2) 3803050
Fax: (20-2) 3591042
Diab Agricultural Reclamation Co
3 Shagaret El Dor Street
Zamalek
Cairo
Tel : (20-2) 7371000
Fax : (20-2) 7362409
La Poire Touristic (Touristic
Projects Co)
2 El Massanea Street
El Basatin
Cairo
Tel: (20-2) 7024131
Fax: (20-2) 7024522
Pico Real Estate & Housing Co
3 Shagaret El Dor Street
Zamalek
Cairo
Tel : (20-2) 7371000
Fax : (20-2) 7362409
Pico Oil
43, Road 6 Maadi
Cairo
Tel: (20-2) 3800584
Fax: (20-2) 7510323
Pico Investment Co
24 Wadi El Nile Street
Maadi
Cairo
Tel: (20-2) 7509176
Fax: (20-2) 7510323
Pico Electronics Services Co
4 El Marasafy Street
Zamalek
Cairo
Tel: (20-2) 7351497
Fax: (20-2) 7351497
LINE OF BUSINESS
Operations: Subject’s activities are performed through the following
divisions:
Pico Engineering Division
The Engineering Services division specialises in the sales,
installation, rehabilitation and maintenance of heavy construction, industrial
and petroleum machinery. It employs 70 people.
The division also has a Joint Venture with Aqua Sphere International of Canada
to provide environmental services for water hyacinth and weed harvesting in the
lakes, Nile, canals and drains of Egypt.
It also represents many well-known international suppliers, including:
- Flowserve United States of America
- Link Belt Construction
Equipment Co United States of America
- American
Aero Cranes United
States of America
- Jakob Thaler GmbH Germany
- Lintec GmbH Germany
- Pietribiasi Italy
Pico Industrial Division
This division supplies, installs and services the full range
of Ingersoll-Rand air compressors and accessories and since 1981 has been the
sole agent for Ingersoll-Rand
Pico Construction & Mining Division
This division specialises in the import and distribution of equipment
for heavy construction and mining applications. It also provides technical
consultations and a comprehensive after-sales service.
Systems Division
The Systems Division specialises in offering Bar code based solutions to
all market segments, dealing with well-known organisations such as Symbol and
Zebra from the United States of America.
Turf Division
This division offers complete landscaping solutions for golf courses,
hotels, and resorts, residential complexes, parks, sports fields and private
gardens. The division has been providing turf and landscape design,
installation and maintenance services incorporating irrigation systems since
1985.
Fire Protection & Electromechanical Division
This division is concerned primarily with the insulation and
maintenance of fire protection and safety systems. It also handles
electro-mechanical installation for buildings and factories, including light
current networks, closed circuit video systems, central antennas, air
conditioning and plumbing.
The company is ISO 9002 certified.
Import Countries: United States of America, Canada, Japan, Italy, Netherlands,
United Kingdom and Germany.
International Suppliers:
General Motors United
States of America
Baldor United
States of America
Thomas Inc Canada
Sumitomo Corp Japan
Tomassen Netherlands
Metalli Italy
Babcock Germany
Rehwhum Germany
Turner Diesel Ltd United
Kingdom
Boston Insulated Wires UK Ltd (BIW) United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 240 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pound (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Sales £E
250,000,000 £E
263,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
Misr International Bank (MIBANK)
14, Alfy Street
PO Box : 631
Cairo
Tel : (20-2) 5931002
Fax : (20-2) 5912306
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box : 1825
Cairo
Tel : (20-2) 3416150
Fax : (20-2) 3420265
National Bank of Egypt
24, Sherif Street
Cairo
Tel : (20-2) 3924175
Fax : (20-2) 3924143
National Societe Generale Bank
Evergreen Building
10 Talaat Harb Street
PO Box: 2664
Cairo
Tel: (20-2) 5749376
Fax: (20-2) 5776249
Citibank
PO Box: 188
Cairo
Tel: (20-2) 3551877 / 3551874
Fax: (20-2) 3558056
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction March
2004 June 2005 June 2006
Credit amount 219,846 448,997 388,891
Amount overdue 0 0 0
Payment terms 90 days 90 days 90
days
Payment Method Letters of
Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Canadian Dollars Canadian Dollars
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Incorporated in 1975, Pico Engineering Services Company SAE is well
established in the local market. The company deals with a number of well known
international organisations and enjoys a good reputation for the quality of its
products and services.
It is owned by members of the Diab family who are well respected in the
Egyptian business community and have many years of market experience.
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$ 1,500,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)