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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN SWEDISH WELDING ELECTRODES (ESWECO) |
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Registered Office : |
Alexandria - Cairo Desert Road, Km. 23, Mergham 3, Amreya, PO Box 1915 & 27, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
111681 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of various kinds of welding wires. |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Egypt |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Egypt - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
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Source : CIA |
Company Name : EGYPTIAN SWEDISH WELDING
ELECTRODES (ESWECO)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1984
Commercial Registration Number : 111681, Alexandria
Issued Capital :
£E 47,850,290
Paid up Capital :
£E 47,850,290
Total Workforce :
300
Activities :
Manufacturers of various kinds of welding wires.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN SWEDISH WELDING ELECTRODES (ESWECO)
Registered &
Physical Address
Street : Alexandria -
Cairo Desert Road, Km. 23
Area : Mergham 3,
Amreya
PO Box : 1915 & 27
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4701187
/ 4701016
Facsimile : (20-3) 4702048
/ 4700031
Email : hdkoalex@intouch.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Suburban Business Area of Alexandria.
Branch Office (s)
Location Description
1 Guirguis El Tawil Rented
office premises
Mansheya
Alexandria
Tel: (20-3) 4700030 / 4840341 / 4871981 / 4865810
Fax: (20-3) 4700034 / 4840341
Name Position
Yasser Ibrahim Ismail Mohamed Chairman
Adel Seddik Chief
Executive Officer
Ahmed Mohamed Abdallah Managing
Director
Tamer Ibrahim Ismail Mohamed Director
Ahmed Shalabi Toubar Director
Tarek Gaber Accounts
Manager
Mohamed Gomaa Aboud Investor
Relations Manager
Moustafa Yaccout Finance
Manager
Mokhles Amin Production
Manager
Ashraf Awad Operations
General Manager
Ahmed Said Export
Manager
Date of Establishment : 1984
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 111681,
Alexandria
Issued Capital : £E 47,850,290
Paid up Capital : £E 47,850,290
Name of
Shareholder (s) Percentage
Yasser Ibrahim Ismail Mohamed 76.38%
Tamer Ibrahim Ismail Mohamed 22.56%
Laila Abd El Qader Hassan 0.50%
Hebatallah Ibrahim Ismail Mohamed 0.41%
Nasr Mohamed Mansour 0.15%
Activities: Engaged in the manufacture
and export of various kinds of welding wires, standard and coated, as well as air
compressors and welding powders.
Subject
is ISO 9002 accredited
Production Capacity: 10,000
tonnes per annum
Import Countries: Europe,
China and India.
Export Countries: Saudi Arabia, Jordan, United Arab
Emirates, Kuwait, Libya, Algeria, Morocco, Kenya, Sudan, Tunisia, Syria, Malta,
and France.
Brand Names: ESWECO
Operating Trend: Steady
Subject has a workforce of approximately 300 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
45,943,931 £E
52,515,742
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
National Bank of Abu Dhabi
28 Salah Salem Street
Alexandria
Tel: (20-3) 4829175
Fax: (20-3) 4847114
Al Watany Bank of Egypt
601 Horreya Road
Alexandria
Tel: (20-3) 5745621
Fax: (20-3) 5703282
No complaints regarding subject’s payments have been reported.
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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.