MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABB METALS & PLASTIC MANUFACTURING SAE |
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Registered Office : |
1st
Industrial Zone, Plot B1, El Asher El Helal, Sharkeya, P O Box 415, 10th
Ramadan City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1994 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of electric, mechanical and plastic components and parts for engineering industries. |
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$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABB METALS & PLASTIC MANUFACTURING SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1994
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 156
Activities : Manufacturers of electric, mechanical and plastic components and parts for engineering industries.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
ABB METALS &
PLASTIC MANUFACTURING SAE
ADDRESS
Registered & Physical
Address
Location : 1st Industrial Zone,
Plot B1
Area : El Asher El Helal, Sharkeya
PO Box : 415
Town : 10th Ramadan City
Country : Egypt
Telephone : (20-15) 368795 / 368794 / 368793 /
361288
Facsimile : (20-15) 367106 / 361642
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of 10th Ramadan City.
Branch Office
(s)
Location Description
·
7 Dr Mohamed
Kamel Hussein Street Office
premises
El Nozha El Gedida
PO Box : 193
Heliopolis
Cairo
Tel : (20-2) 26251439 / 26222556 / 26222612
Fax : (20-2) 26251435 / 26222603 / 26222620
KEY PRINCIPALS
Name Position
·
Ali Youssef
Ali Chairman
·
Mohamed El
Sawy Managing
Director
·
Ramadan
Mohamed Ali Finance Manager
·
Mohamed
Hussain Export
Manager
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Gamal Quorish Production
Manager
·
Samy Saad Factory
Manager
·
Ashraf Fathi
El Khoriby Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1994
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Name of Shareholder (s)
·
Ali Youssef
Ali
·
Mohamed El
Sawy
·
ABB Asea Brown
Boveri Group
Affolternstr 54
PO Box:
8131
Switzerland
Tel: (41-43) 3177111
Fax:
(41-43) 3174420
OPERATIONS
Activities: Engaged in the manufacture of electric,
mechanical and plastic components and parts for engineering industries.
Subject is ISO 9001
and 14001 accredited.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 156 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year Ending 31/12/06: Year Ending 31/12/07:
Total Sales £E 37,800,000 £E 40,625,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Commercial
International Bank (CIB)
City Centre, Plot No. 8
Tenth of Ramadan City
Tel: (20-15) 367294
Fax: (20-15) 367915
·
Arab African
Bank
5 El Saraya El Kobira Square
PO Box : 60, Magles El Shaab
Cairo
Tel : (20-2) 23545094
Fax : (20-2) 23558493
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1994,
subject is involved in the manufacture of electric, mechanical and plastic
components and parts for engineering industries.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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%)