MIRA INFORM REPORT

 

 

Report Date :           

26.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MISR COMPRESSOR MANUFACTURING CO SAE (MCMC)

 

 

Registered Office :

2nd Industrial Zone, 2A, Sharkeya, P O Box 1001, Tenth of Ramadan City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

59948, Sharkeya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and assembly of compressors

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 1,750,000

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : MISR COMPRESSOR MANUFACTURING CO SAE (MCMC)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1996

Commercial Registration Number            : 59948, Sharkeya

Authorised Capital                                  : £E 350,000,000

Issued Capital                                        : £E 210,433,800

Paid up Capital                                      : £E 210,433,800

Total Workforce                                     : 700

Activities                                               : Manufacture and assembly of compressors.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,750,000

 

COMPANY NAME

 

MISR COMPRESSOR MANUFACTURING CO SAE (MCMC)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 2nd Industrial Zone, 2A, Sharkeya

PO Box             : 1001

Town                 : Tenth of Ramadan City

Country             : Egypt

Telephone         : (20-15) 413322 / 367676 / 413062 / 413066 / 413092

Facsimile          : (20-15) 413161 / 413029 / 367261

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of the Tenth of Ramadan City.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Gamal Hassan Afifi                                                                            Chairman

 

·       Sayed Azam                                                                                     Managing Director

 

·       Tarek Hosny                                                                                     Director

 

·       Mohamed Safaa Helmy                                                                      Director

 

·       Abd El Kader Abd El Maaboud Ahmed                                                Director

 

·       Adnan El Sharkawy                                                                           Director

 

·       Ahmed Mohamed Sayed Salem                                                         Director

 

·       Mohamed Nasr El Din Abd El Moghith                                                Director

 

·       Hussein Hafez Mitkees                                                                      General Manager

 

·       Mahmoud Samaha                                                                            Finance Manager

 

·       Hany Elwan                                                                                      Accounts Manager

 

·       Mamdouh Makram                                                                            Production Manager

 

·       Gamal Zein                                                                                       Administration Manager

 

·       Ahmed Helaly                                                                                   Sales Manager

 

·       Tamer Selim                                                                                     Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1996

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 59948, Sharkeya

 

Authorised Capital       : £E 350,000,000

 

Issued Capital              : £E 210,433,800

 

Paid up Capital            : £E 210,433,800

 

Name of Shareholder (s)                                               Percentage

 

·       Dallah El Baraka Group                                                25.00%

Bahrain

 

·       Saudi Egyptian Company for Industrial Investments         17.00%

 

·       Suez Canal Bank                                                         14.92%

 

·       International Finance Corporation                                   10.58%

United States of America

 

·       Dallah International Holding                                             7.72%

 

·       Egyptian Gulf Bank                                                        3.32%

 

·       National Bank of Egypt                                                   2.76%

 

·       Sofico for Economic Development                                    2.38%

 

·       Delta Industry (Ideal)                                                       2.37%

 

·       Misr Iran Development Bank                                            1.19%

 

·       Misr Insurance                                                               1.19%

 

·       Electromiechanic                                                           0.05%

 

·       Zanussi Electromecamica                                               0.01%

 

·       Egyptian businessmen & private investors                      11.51%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and assembly of compressors for domestic refrigeration industries under

     license of Zanussi of Italy.

 

Production Capacity: 2,000,000 units per year

 

Import Countries: Italy, France, Spain, Germany, China and India

 

Export Countries: Portugal, Algeria, Sudan, Syria and Turkey

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 224,458,656                         £E 257,855,250

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Suez Canal Bank

PO Box: 2620

Cairo

Tel: (20-2) 25769296

Fax: (20-2) 25322064

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.45

UK Pound

1

Rs.73.35

Euro

1

Rs.64.78

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.