MIRA INFORM REPORT

 

 

Report Date :           

03.03.2012

 

IDENTIFICATION DETAILS

 

Name :

HORSE ENGINEERING WORKS SAE

 

 

Registered Office :

51 Mohi El Din Abou Al Ezz Street, Mohandessin, Giza, Cairo

 

 

Country :

Egypt

 

 

Year of Establishment :

1989

 

 

Com. Reg. No.:

28722, Giza

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Construction of water treatment stations, sea water desalination, filtration networks and chemical sterilization

 

 

No. of Employees :

3000

 

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$ 800,000

 

 

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 – 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                                     : HORSE ENGINEERING WORKS SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1989

Commercial Registration Number                        : 28722, Giza

Tax Card Number                                   : 706-004-507

Industry Registration Number                  : 293980

Issued Capital                                        : £E 20,000,000

Paid up Capital                                      : £E 20,000,000

Total Workforce                                     : 3,000

Activities                                               : Construction of water treatment stations, sea water desalination,

filtration networks and chemical sterilization.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 800,000

 

COMPANY NAME

 

HORSE ENGINEERING WORKS SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 51 Mohi El Din Abou Al Ezz Street

Area                 : Mohandessin, Giza

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 37622170 / 37622171 / 37621906

Facsimile          : (20-2) 37621905 / 37621906

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       148 El Guiesh Street                                                                         Warehouse premises

Down Town

Alexandria

PO Box: 117

Tel: (20-3) 5223050

Fax: (20-3) 5223114

 

·       19 Saad Zaghloul Square                                                                   Warehouse premises

Alexandria

 

·       Industrial Zone                                                                                  Maintenance premises

New Brog El Arab City

Borg El Arab

Alexandria

Tel: (20-3) 4591476 / 4593604

 

·       El Ras Al Souda Castinia                                                                   Maintenance premises

Montazah

Alexandria

Tel: (20-3) 5338561

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Halabi Abd El Hay Moubarak Abu Zayed                                             Chairman

 

·       Naser El Hagy                                                                                  Vice Chairman

 

·       Magda El Ghonieim                                                                           General Manager

 

·       Ali Abdallah                                                                                      Financial Manager

 

·       Wael Mohamed Khalil                                                                        Purchasing Manager

 

·       Mahmoud Abu Deif                                                                            Administration Manager

 

·       Ahmed Said                                                                                      Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1989

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 28722, Giza

 

Tax Card No.               : 706-004-507

 

Industry Reg. No.         : 293980

 

Issued Capital              : £E 20,000,000

 

Paid up Capital            : £E 20,000,000

 

Name of Shareholder (s)

·       Adel Saad El Din Attia

·       Ahmed Adel

·       Hani Ali Okiel

·       Huda Adel

·       Ibrahim Badr

·       Magda El Ghonieim

·       Saad Adel Attia

·       Sameh Saad Mahmoud

·       Suzan Abd El Rihem

 

 

OPERATIONS

 

Activities: Engaged in the construction of water treatment stations, sea water desalination, filtration networks and

     chemical sterilization.

 

                 Subject is ISO 14001:9001 accredited.

 

Import Countries: United Arab Emirates, Spain, France, Italy, China, Brazil, Germany and Finland.

 

Subject has a workforce of approximately 3,000 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

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Arab African Bank

5, El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 33545094

     Fax: (20-2) 33558493

 

·       Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

     Mohandessin

     Cairo 11111

     Tel: (20-2) 33619005 / 33385877

     Fax: (20-2) 33385940 / 33385938

 

·       Bank of Alexandria

6, Salah Salem Street

Alexandria

Tel: (20-3) 4824056

 

 

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.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

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.