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MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELECTRO MECHANICAL CONTRACTORS SAE (EMEC) |
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Registered Office : |
135 Cairo Helwan
Agri Road, Maadi, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1999 |
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Com. Reg. No.: |
3675, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Electromechanical Installation Contractors. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ELECTRO MECHANICAL CONTRACTORS SAE (EMEC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1999
Commercial Registration Number : 3675, Cairo
Issued Capital : £E 2,000,000
Paid up Capital : £E 200,000
Total Workforce : 15
Activities : Electromechanical installation contractors.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
ELECTRO MECHANICAL
CONTRACTORS SAE (EMEC)
ADDRESS
Registered & Physical Address
Street : 135 Cairo Helwan Agri Road
Area : Maadi
Town : Cairo
Country : Egypt
Telephone : (20-2) 25266909
Facsimile : (20-2) 25250390
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
KEY PRINCIPALS
Name Position
·
Aref Abdel
Rahman Haky Chairman
·
Sherif Mahmoud
Mohamed Ahmed Director
·
Mamdouh Fouad
Abdel Ghaffar Director
·
Ahmed Youssef Purchasing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1999
Legal Form :
Egyptian Joint Stock Company
Commercial Reg. No. : 3675, Cairo
Issued Capital : £E 2,000,000
Paid up Capital : £E 200,000
Name of Shareholder
(s)
·
Aref Abdel
Rahman Haky
·
Sherif Mahmoud
Mohamed Ahmed
·
Mamdouh Fouad
Abdel Ghaffar
OPERATIONS
Activities: Engaged as electromechanical installation
contractors, specialising in engineering designing services and supervision
implementation.
Operating Trend: Steady
Subject has a
workforce of 15 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 9,800,000 £E 11,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Commercial International
Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 25703043
Fax : (20-2) 25703172 / 25072691
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1999, subject acts as electromechanical installation contractors, specialising
in engineering designing services and supervision implementation.
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
business is considered to be a fair trade risk and the above credit figure is
deemed 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%)