MIRA INFORM REPORT

 

 

Report Date :           

09.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

TRANSPORT AND ENGINEERING SAE

 

 

Registered Office :

Street No. 38, Smouha, P O Box 668, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1949

 

 

Com. Reg. No.:

38857, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of tyres and inner tubes for motor vehicles

 

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$ 2,000,000

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                                     : TRANSPORT AND ENGINEERING SAE

Doing Business As                                : TRENCO NISR TYRES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1949

Commercial Registration Number            : 38857, Alexandria

Import Licence Number                           : 65

Issued Capital                                        : £E 100,000,000

Paid up Capital                                      : £E 100,000,000

Total Workforce                                     : 1,650

Activities                                               : Manufacture and export of tyres and inner tubes for motor vehicles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

 

COMPANY NAME

 

TRANSPORT AND ENGINEERING SAE

 

 

DOING BUSINESS AS

 

TRENCO NISR TYRES

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Street No. 38

Area                 : Smouha

PO Box             : 668

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4274277 / 4270428 / 4284678 / 4254302

Facsimile          : (20-3) 4214538 /  / 4214539

Mobile               : (20-12) 3195451

Email                : general@trenco-tire.com.eg

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       8 Champollion Street                                                                         Sales Office

Cairo

     Tel: (20-2) 25751455 / 25751417 / 25751226

     Fax: (20-2) 25753649

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Taher Mahmoud Salama                                                                    Chairman

 

·       Raphael Zaki                                                                         Vice Chairman

 

·       Atef El Tayezte                                                                                 Director

 

·       Salah Amer El Sayed Ahmed                                                             Director

 

·       Ghazy Abd El Naby                                                                           Director

 

·       Salama Mahrous                                                                               Director

 

·       Ahmed Moustafa Mohamed                                                                Finance Manager

 

·       Fayez Kamel                                                                                    Sales Manager

 

·       Khaled Obey                                                                         Public Relations Manager

 

·       Nabil Dawoud                                                                                    Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1949

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 38857, Alexandria

 

Import Licence No.      : 65

 

Issued Capital              : £E 100,000,000

 

Paid up Capital            : £E 100,000,000

 

Name of Shareholder (s)                                          Percentage

 

·       Chemical Industries Holding Co                                  100%

Cairo

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of tyres and inner tubes for motor vehicles.

 

                 Subject is ISO 9001 accredited.

 

Production Capacity: 500,000 tyres per year.

 

Import Countries: Europe, India, Japan, Malaysia, Thailand, Indonesia and Vietnam.

 

Export Countries : Kuwait, Syria, Saudi Arabia, United Arab Emirates, Jordan, Yemen, Morocco, Tunisia, Singapore,

                  Greece, and Canada.

 

Brand Names: TRENCO NISR and RAMSES

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,650 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 177,840,000                         £E 173,659,000

 

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

 

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

 

 

BANKERS

 

·       Misr International Bank (MIBANK)

Glym Branch

539 Bis, Horreya Road

Alexandria

Tel: (20-3) 5876572 / 5876279

Fax: (20-3) 5879601

 

·       Egyptian American Bank

14 Salah Salem Street

PO Box: 1737

Alexandria

Tel: (20-3) 4835008

 

·       Banque Misr

El Hanoville Street

Agami

Alexandria

Tel: (20-3) 4302697

 

·       Misr Iran Development Bank

12 Nouh Effendi Street

Alexandria

Tel: (20-3) 4843274

Fax: (20-3) 4845282

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2006

Credit amount                                        100,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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.45.03

UK Pound

1

Rs.72.98

Euro

1

Rs.62.94

 

 

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

 

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.