MIRA INFORM REPORT

 

 

Report Date :

01.08.2012

 

IDENTIFICATION DETAILS

 

Name :

HELWAN IRON FOUNDRIES

 

 

Registered Office :

Ein Helwan, Cairo

 

 

Country :

Egypt

 

 

Year of Establishment :

1958

 

 

Com. Reg. No.:

0003700

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of iron and steel parts for brake drums and motor vehicles,  also steel tiles for the cement industry

 

 

No. of Employees :

2,000

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : HELWAN IRON FOUNDRIES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1958

Commercial Registration Number            : 0003700

Issued Capital                                        : £E 20,000,000

Paid up Capital                                      : £E 20,000,000

Total Workforce                                     : 2,000

Activities                                               : Manufacturers of iron and steel parts for brake drums and motor

vehicles,  also steel tiles for the cement industry.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAMe

 

HELWAN IRON FOUNDRIES

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Ein Helwan

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 25552264 / 25552265 / 25552257 / 25552259 / 25552267

Facsimile          : (20-2) 25552260 / 25552263

Email                : helwanf@yahoo.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       702 Port Said Street                                                                          Office premises

Cairo

Tel: (20-2) 24240037

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Tharwat Riyad Ahmed                                                                        Chairman

·       Ali Mohamed Ali                                                                                Finance Manager

·       Hussein Abd El Maqsoud                                                                   Accounts Manager

·       Mohamed Safwat Zaki                                                                       Sales Manager

·       Adel Hashish                                                                                    Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1958

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 0003700

 

Issued Capital              : £E 20,000,000

 

Paid up Capital            : £E 20,000,000

 

Name of Shareholder (s)                                                                  Percentage

 

·       National Organization for Military Production (NOMP)                           100%

Egypt

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of iron and steel parts for brake drums and motor vehicles, also steel tiles for cement industry.

 

Subject is ISO 9001:14001 accredited.

 

Import Countries: Europe and the Far East

 

Export Countries: Syria.

 

Subject has a workforce of approximately 2,000 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Egypt

Main Branch

El Sharq

Port Said

Tel: (20-66) 346814

 

·       Bank of Alexandria

49 Kasr El Nile Street

     Cairo

     Tel: (20-2) 24824056 / 24836073

       Fax: (20-2) 24837468

 

 

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.55.81

UK Pound

1

Rs.87.67

Euro

1

Rs.68.45

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.