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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ABB FOR FEEDING INDUSTRIES CO SAE |
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Registered Office : |
ABB Building, 7 Dr Mohamed Kamel Hussein Street, El Nozha El Gedida,
PO Box: 415 Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
70245 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of of plastic and metal moulds. |
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No. of Employees : |
140 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 backtracked on economic reforms, drastically increasing
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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
|
Source
: CIA |
Company Name :
ABB FOR FEEDING INDUSTRIES CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1994
Commercial Registration Number :
70245
Issued Capital :
£E 5,000,000
Paid up Capital :
£E 5,000,000
Total Workforce : 140
Activities :
Manufacturers of of plastic and metal moulds.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ramadan Mohamed Ali, Finance Manager
ABB FOR FEEDING INDUSTRIES CO SAE
Registered &
Physical Address
Building : ABB Building
Street : 7 Dr Mohamed
Kamel Hussein Street
Area : El Nozha El
Gedida
PO Box : 415
Town : Cairo
Country : Egypt
Telephone : (20-2) 26251439
/ 26222556 / 26251437
Facsimile : (20-2)
26251435 / 26222603 / 26222620
Mobile : (20-122)
7447847 / 3148153 / (20-100) 0018138
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Offices
Location Description
Industrial Zone B1 Factory
premises
10th of Ramadan City
Tel: (20-15) 368793 / 368794 / 368795 / 368790
Fax: (20-15) 376106
Name Position
Mohamed El Saway General
Manager
Mohamed Hussain Operations
Manager
Ramadan Mohamed Ali Finance
Manager
Date of Establishment : 1994
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 70245
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Name of
Shareholder (s) Percentage
ABB Holding 100%
7 Dr Mohamed Kamel Hussain Street
El Nozha El Gedida
Cairo
Tel: (20-2) 26251320
Activities: Engaged in the manufacture of plastic and metal moulds for the
electrical industry.
Subject is ISO 9001 and 9014 accredited.
Import Countries: Germany, Switzerland and Sweden.
Operating Trend: Steady
Subject has a workforce of 140 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
71,000,000 £E
72,350,000
Local sources consider subject’s financial condition to be Fair.
Commercial International Bank (CIB)
City Centre, Plot No. 8
10th of Ramadan City
Tel: (20-15) 367294
Fax: (20-15) 367915
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.