MIRA INFORM REPORT

 

 

Report Date :           

24.12.2011

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIAL DEVELOPMENT OF AUTOMOTIVE COMPONENTS (IDACO)

 

 

Registered Office :

Street No. 36, 3rd Industrial Zone, Plot 243/17, P O Box   61,6th of October City 12566

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1986

 

 

Com. Reg. No.:

6787, 6th of October City

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacture of electrical wire braids, counters and sun visors for motor vehicles.

 

 

No. of Employees :

1200 persons

 

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$ 850,000

 

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : INDUSTRIAL DEVELOPMENT OF AUTOMOTIVE COMPONENTS

                                                              (IDACO)

Also Known As                                      : GAMAL EL DIN MAHMOUD FOUAD & CO

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1986

Commercial Registration Number            : 6787, 6th of October City

Tax Card Number                                   : 431-181-233

Issued Capital                                        : £E 50,000,000

Paid up Capital                                      : £E 50,000,000

Total Workforce                                     : 1,200

Activities                                               : Manufacture of electrical wire braids, counters and sun visors for motor

                                                              vehicles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 850,000

 

COMPANY NAME

 

INDUSTRIAL DEVELOPMENT OF AUTOMOTIVE COMPONENTS (IDACO)

 

 

ALSO KNOWN AS

 

GAMAL EL DIN MAHMOUD FOUAD & CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Street No. 36

Area                 : 3rd Industrial Zone, Plot 243/17

PO Box             : 61

Town                 : 6th of October City 12566

Country             : Egypt

Telephone         : (20-2) 38332461 / 38332539

Facsimile          : (20-2) 38332460

Mobile               : (20-10) 5444301 / 6685250 / 2512092

 

Premises

Subject operates from a large suite of offices, a factory and a warehouse that are rented and located in the Industrial Area of the 6th of October City.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mostafa Salem                                                                                  Chairman

 

·       Hesham Gamal El Din Mahmoud                                                        Managing Director

 

·       Adel Abbass                                                                                     Accounting Manager

 

·       Ossama El Araby                                                                              Sales Manager

 

·       Magdy Mahmoud                                                                              IT Manager

 

·       Ahmed Abd El Sattar Fouda                                                               Factory Manager

 

·       Mohamed Salah                                                                                Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1986

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 6787, 6th of October City

 

Tax Card No.               : 431-181-233

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)

·       Mostafa Salem

·       Khaled Akl

·       Hesham Gamal El Din Mahmoud

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of electrical wire braids, counters and sun visors for motor vehicles. Subject  also imports components and joints for all kinds of motor vehicles, electronic & electrical equipment in cooperation with Yazaki of Japan.

 

Subject is ISO 9001:14001: TS 16949 accredited.

 

Import Countries: Germany, Japan, Republic of South Korea, Turkey, China and the United States of America.

 

Export Countries: Italy, Germany and United Kingdom.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,200 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 118,000,000                         £E 126,000,000

 

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

 

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

 

 

BANKERS

 

·       Egyptian Saudi Finance Bank

Giza, Plot No. 1

6th of October City

Tel: (20-2) 38313965

Cpte No. 32400301128

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Commercial International Bank (CIB)

Plot No. 1/1, Giza

6th of October City

Tel: (20-2) 38330620

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

                                  

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.72

UK Pound

1

Rs.82.71

Euro

1

Rs.68.90

 

 

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.