MIRA INFORM REPORT

 

 

Report Date :           

13.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ABB ELECTRICAL INDUSTRIES (ABB ARAB) SAE

 

 

Registered Office :

7 Mohamed Kamel Hassanein Street New Nozha, Heliopolis PO Box 5040 Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

2006

 

 

Com. Reg. No.:

4273

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturing, assembly and installation of control systems and automatic surveillance for production lines boards and machine operating stations, as well as circuit breakers, dis-connectors and high voltage sub-stations.

 

 

No. of Employees :

120

 

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$ 500,000

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 30, 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                                     : ABB ELECTRICAL INDUSTRIES (ABB ARAB) SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2006

Commercial Registration Number            : 4273

Tax Card Number                                   : 200-185-918

Authorised Capital                                  : £E 100,000,000

Issued Capital                                        : £E   35,000,000

Paid up Capital                                      : £E   35,000,000

Total Workforce                                     : 120

Activities                                               : Manufacturing, assembly and installation of control systems and automatic surveillance for production lines boards and machine operating stations, as well as circuit breakers, dis-connectors and high voltage sub-stations.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : Ahmed Ali, Purchasing Manager

COMPANY NAME

 

ABB ELECTRICAL INDUSTRIES (ABB ARAB) SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 7 Mohamed Kamel Hassanein Street

Area                 : New Nozha, Heliopolis

 

PO Box             : 5040

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 26251525 / 26222556 / 26251320

Facsimile          : (20-2) 26222594 / 26222568 / 26222569 / 26222625

Email                : mustafa.el-said@eg.abb.com / bassim.youssef@eg.abb.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       B1 Industrial Zone                                                                             Rented factory premises

Sharkeya

     10th of Ramadan City

     Tel: (20-15) 366972 / 368560 / 368561

     Fax: (20-15) 361636 / 368562

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Bassim Sami Youssef                                                                       Chairman

 

·       Medhat Fayek                                                                                   Managing Director

 

·       Alaa Mohamed Wagih                                                                       Director

 

·       Medhat Fayek Sedhom                                                                      Director

 

·       Ayman Mohamed Zaki                                                                       Director

 

·       Hesham El Deeb                                                                               Director

 

·       Mohamed Shousha                                                                           Director

 

·       Mohamed Zeid                                                                                  Director

 

·       Ahmed Hamad                                                                                  Finance Manager

 

·       Ahmed Ali                                                                                        Purchasing Manager

 

·       Osama Dhashan                                                                               Marketing Manager

 

·       Dr Atef Awad                                                                                    Quality Manager

 

·       Mohamed Ragab                                                                               Administration Manager

 

·       Gilan Elwi                                                                                         Office Manager

 

·       Khalid Mohamed                                                                               Acting Operations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2006

 

History                         : Subject was originally established in 1992 under the name of “ABB High Voltage SAE”.

  However in 2006 “ABB High Voltage SAE” and “ABB Automation” merged into a single

  entity, which was registered under the style of “ABB Power Systems & Automation

  Technology SAE”. In 2011 subject merged with ABB Electrical Industries (ABB Arab) SAE

  and changed its name to ABB Electrical Industries (ABB Arab) SAE.

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 4273

 

Tax Card No.               : 200-185-918

 

Authorised Capital       : £E 100,000,000

 

Issued Capital              : £E   35,000,000

 

Paid up Capital            : £E   35,000,000

 

Name of Shareholder (s)                                     Percentage

 

·       Asea Brown Boveri (EGABB)                                          99.94%

 

·       ABB ARAB (EGARC)                                                      0.05%

 

·       ABB Trubo Charger (EGTCH)                               0.01%

 

 

OPERATIONS

 

Activities: Engaged in the manufacturing, assembly and installation of control systems and automatic surveillance for production lines boards and machine operating stations, as well as circuit breakers, dis-connectors and  high voltage sub-stations.

 

Import Countries: Italy, Austria and Germany.

 

Brand Names: ABB

 

Subject has a workforce of 120 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 128,400,000                         £E 132,000,000

 

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

 

The above financial figures were confirmed by Ahmed Ali, Purchasing Manager.

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Commercial International Bank (CIB)

24 El Merghani Street

Heliopolis

Cairo

Tel: (20-2) 24552628 / 22585141

Fax: (20-2) 22584847

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

We have re-investigated and spoke to the Acting Operations Manager, Mr Khalid Mohamed who claimed that the subject merged with ABB Electrical Industries (ABB Arab) SAE a couple of months ago. The new name for the subject is ABB Electrical Industries (ABB Arab) SAE. Mr Khalid Mohamed also confirmed that the board of directors remains unchanged.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.64

UK Pound

1

Rs.78.35

Euro

1

Rs.65.79

 

 

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.