MIRA INFORM REPORT

 

 

Report Date :

10.03.2012

 

IDENTIFICATION DETAILS

 

Name :

CONCORD FOR ENGINEERING & CONTRACTING SAE

 

 

Registered Office :

71A Street No. 9, 5th & 7th Floors Maadi Cairo

 

 

Country :

Egypt

 

 

Year of Establishment :

1989

 

 

Com. Reg. No.:

24495

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

General building contractors and engineering consultants.

 

 

No. of Employees :

250

 

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$ 200,000

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                                     : CONCORD FOR ENGINEERING & CONTRACTING SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1989

Commercial Registration Number            : 24495

Tax Card Number                                   : 259-843-830

Issued Capital                                        : £E 50,000,000

Paid up Capital                                      : £E 50,000,000

Total Workforce                                     : 250

Activities                                               : General building contractors and engineering consultants.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Mohamed Atef Ahmed Lotfy, Finance Manager

 

COMPANY NAME

 

CONCORD FOR ENGINEERING & CONTRACTING SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 71A Street No. 9, 5th & 7th Floors

Area                 : Maadi

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 23801513 / 23801921 / 23596451 / 27530485

Facsimile          : (20-2) 23801513

Email                : info@concord-ec.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ahmed Salah El Din El Abd                                                               Chairman

 

·       Ahmed Abd El Rahman Soliman                                                         Managing Director

 

·       Tamer Ibrahim Ahmed                                                                        Director

 

·       Gamal El Din Ismail Meshrefa                                                            Director

 

·       Mohamed Atef Ahmed Lotfy                                                               Finance Manager

 

·       Mohamed El Deeb                                                                             Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1989

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 24495

 

Tax Card No.               : 259-843-830

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)                                    

 

·       Ahmed Salah El Din El Abd                                                              

 

·       Ahmed Abd El Rahman Soliman                                                        

 

·       Tamer Ibrahim Ahmed

 

·       Gamal El Din Ismail Meshrefa

 

 

AFFILIATED COMPANIES

 

·       Concord Real Estate Development Co

Cairo

 

 

OPERATIONS

 

Activities: Engaged as general building contractors and engineering consultants, involved in sewage and drainage tunnels.

 

Subject has a workforce of approximately 250 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

 

·       Citibank

PO Box: 188

Cairo

Tel: (20-2) 33551877 / 33551874

Fax: (20-2) 33558056

 

 

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.50.02

UK Pound

1

Rs.79.01

Euro

1

Rs.66.18

 

 

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.