MIRA INFORM REPORT

 

 

Report Date :

04.07.2007

 

IDENTIFICATION DETAILS

 

Name :

JOINT AUTOMOTIVE CORPORATION SAE (JAC)

 

 

Registered Office :

179 Airport Road, Heliopolis, P O Box 5597, Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

1992

 

 

Com. Reg. No.:

10997, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the assembly of automotives, including trucks and buses.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : JOINT AUTOMOTIVE CORPORATION SAE (JAC)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1992

Commercial Registration Number            : 10997, Cairo

Issued Capital                                        : £E 5,000,000

Paid up Capital                                      : £E 5,000,000

Total Workforce                                     : 500

Line of Business                                    : Assemblers of automotives, including trucks and buses.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

JOINT AUTOMOTIVE CORPORATION SAE (JAC)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 179 Airport Road

Area                 : Heliopolis

PO Box             : 5597

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22667665 / 24140270

Facsimile          : (20-2) 22667661

Email                : jacgroup@commnet.com.eg

 

 

Premises

 

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

 

 

Branch Office (s)

 

     Location                                                                   Description

 

·       112 Merghani Street                                                  Office premises

Heliopolis

     Cairo

     Tel : (20-2) 22917085

     Fax : (20-2) 22906459

 

 

KEY PRINCIPALS

 

·       Dr Magdi Yousef Mukhtar                                           Managing Director

 

·       Dr Mamdouh Yousef Mukhtar                         Director

 

·       Emad Yousef Mukhtar                                               Director

 

·       Sami George                                                            Commercial Manager

 

·       Abdul Hamid Mohamed                                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992

 

Legal Form                  : Societe Anonyme Egyptienne - SAE (Egyptian Joint Stock Company)

 

Commercial Reg. No.  : 10997, Cairo

 

Issued Capital              : £E 5,000,000

 

Paid up Capital            : £E 5,000,000

 

 

Name of Shareholder (s)

 

·       Dr Magdi Yousef Mukhtar

 

·       Dr Mamdouh Yousef Mukhtar

 

·       Emad Yousef Mukhtar

 

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

 

·       Power Egypt Corporation (PEC)

     112 Merghani Street

Heliopolis

     Cairo

     Tel : (20-2) 22917085

     Fax : (20-2) 22906459

 

 

LINE OF BUSINESS

 

Operations : Engaged in the assembly of automotives, including trucks and buses.

 

Import Countries : Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of approximately 500 employees.

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

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)

14 Alfy Street

     PO Box : 631

     Cairo

     Tel : (20-2) 25931002

     Fax : (20-2) 25912306

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 100,000:

 

Established in 1992, subject is involved in the assembly of automotives, including trucks and buses.

 

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 deemed to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 500,000

 

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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