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MIRA
INFORM REPORT
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Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
EGYPTIAN COMPANY FOR ENGINEERING & TRADE SAE (METCO) |
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Registered Office : |
33B Ramses Street, 5th Floor, Flat No. 8, Bourj
Maroouf, Cairo, |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
31138, Cairo |
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Legal Form : |
Societe Anonyme Egyptienne - SAE (Egyptian Joint Stock
Company) |
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Line of Business : |
Import and Distribution of Spare Parts and Accessories for Industrial
Machinery |
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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
EGYPTIAN COMPANY FOR ENGINEERING & TRADE SAE (METCO)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1996
Commercial Registration Number :
31138, Cairo
Issued Capital :
£E 250,000
Paid up Capital :
£E 250,000
Total Workforce :
40
Line of Business :
Distributors of spare parts and accessories for industrial machinery.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
EGYPTIAN COMPANY FOR ENGINEERING & TRADE SAE (METCO)
ADDRESS
Registered & Physical Address
Street : 33B Ramses
Street, 5th Floor, Flat No. 8
Area : Bourj
Maroouf
Town : Cairo
Country : Egypt
Telephone : (20-2) 25770374
/ 25794402
Facsimile : (20-2)
25794402
Email : metco.egy@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Subject has branch workshops located in Al Sahafa Street, Ramsis, Cairo
and the 6th of October City.
KEY PRINCIPALS
Yahya Eid Managing
Director
Ashraf Eid Director
Nazima Heshmat Mohamed Director
Azza Abbass General
Manager
Salah Darwish Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1996
Legal Form :
Societe Anonyme Egyptienne - SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 31138,
Cairo
Issued Capital : £E
250,000
Paid up Capital : £E 250,000
Name of Shareholder
(s)
Yahya Eid
Ashraf Eid
Nazima Heshmat Mohamed
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 import and distribution of spare parts and
accessories for industrial machinery.
Subject is also engaged in the assembly of industrial and factory
machinery.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 40 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
17,160,000 £E
18,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Banque Misr
151 Mohamed Farid Street
Cairo
Tel : (20-2) 23912711 / 23912106
Fax : (20-2) 23919779
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1996, subject is involved in the import and distribution
of spare parts and accessories for industrial machinery.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 250,000
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%)