MIRA INFORM REPORT

 

 

Report Date :

01.03.2012

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIAL DEVELOPMENT WORKS SAE

 

 

Registered Office :

118 Saad Zaghloul Street El Zagazig

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.03.1996

 

 

Com. Reg. No.:

74643, Sharkeya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of flanges, valves and fittings.

 

 

No. of Employees :

325

 

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$ 250,000

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                                     : INDUSTRIAL DEVELOPMENT WORKS SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 23rd March 1996

Commercial Registration Number            : 74643, Sharkeya

Authorised Capital                                  : £E 20,000,000

Issued Capital                                        : £E   8,000,000

Paid up Capital                                      : £E   8,000,000

Total Workforce                                     : 325

Activities                                               : Manufacturers of flanges, valves and fittings.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

Person Interviewed                                 : Essam Abdulaziz, Finance Manager

 

COMPANY NAME

 

INDUSTRIAL DEVELOPMENT WORKS SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 118 Saad Zaghloul Street

 

Town                 : El Zagazig

Country             : Egypt

 

Telephone         : (20-55) 2303838

Facsimile          : (20-55) 2341138

Mobile               : (20-122) 0208088

Email                : khamis_idw@yahoo.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of El Zagazig.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mahmoud Yousri Mohamed Hassan Mohamed Khamis                        Managing Director

 

·       Abdulmonien Mohamed Hassan Mohamed Khamis                              Director

 

·       Essam Abdulaziz                                                                              Finance Manager

 

·       Ashraf Tawfiq                                                                                    Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23rd March 1996

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 74643, Sharkeya

 

Authorised Capital       : £E 20,000,000

 

Issued Capital              : £E   8,000,000

 

Paid up Capital            : £E   8,000,000

 

Name of Shareholder (s)

 

·       Mahmoud Yousri Mohamed Hassan Mohamed Khamis

 

·       Abdulmonien Mohamed Hassan Mohamed Khamis

 

·       Members of Mr Mahmoud Yousri Mohamed Hassan Mohamed Khamis’s family

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of flanges, valves and fittings.

 

Import Countries: Europe and the Far East

 

Brand Names: HORSE

 

Operating Trend: Steady

 

Subject has a workforce of approximately 325 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                £E 24,000,000                           £E 17,000,000

 

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

The above figures were provided by Mr Essam Abdulaziz, Finance Manager

 

 

BANKERS

 

·       Commercial International Bank

Abdel Aziz Abaza Street

El Zagazig

Tel: (20-55) 2386013

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.48.94

UK Pound

1

Rs.77.95

Euro

1

Rs.65.94

 

 

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

--

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.