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Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ALLWEILER FARID PUMPS CO |
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Registered Office : |
3 Aghakhan Towers, 1373 Corniche El Nil Middle Tower Shubra PO Box 30
Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
219164 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of pumps |
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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 : |
Satisfactory |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
Source
: CIA
Company Name : ALLWEILER FARID PUMPS CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1982
Commercial Registration Number : 219164
Industry Registration Number : 132420
Issued Capital : £E 27,000,000
Paid up Capital : £E 27,000,000
Total Workforce : 300
Activities : Manufacturers of pumps
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ALLWEILER FARID PUMPS CO
Building : 3 Aghakhan
Towers, 1373 Corniche El Nil Middle Tower
Area : Shubra
PO Box : 30
Town : Cairo
Country : Egypt
Telephone : (20-2) 24301817
/ 22022099 / 22023335
Facsimile : (20-2)
24301535 / 24328729
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
· 2B Industrial
Zone, Plot No. 5 Factory
10th Of
Ramadan, 11241
Sharkeya
Tel: (20-15) 360425
/ 361631
Fax: (20-15)
360638
· 16 Moustafa Naguib
Street Sales
office
Alexandria
Tel: (20-3)
5480695 / 5480605
Fax: (20-3)
5480695 / 5480605
· El Omda Tower Sales
office
2 Madaress Street
Tanta
Gharbeya
Tel: (20-40)
3351552
Fax: (20-40)
3340029
· 7 Street No. 23 Sales
office
El Sheikh Zayed
Ismailia
Tel: (20-64)
3225299
Fax: (20-64)
3225299
· Building No. 4 Sales
office
Sadat Road
Khaled Ibn El
Walid District
Aswan
Tel: (20-97)
224350
Fax: (20-97)
224350
Name Position
· Hassan Farid
Hassanein Chairman
· Hossam Farid
Hassanein Vice
Chairman
· Eng. Salah Mohamed
Badawy Director
· Salma Farid
Hassanein Director
· Moustafa Nassar Director
· Hussein Farid
Hassanein Director
· Wahid Abd El Ghaffar Director
· Abu Bakr Ramadan Finance
Manager
· Atef Mashhour Production
Manager
· Attia Galal El
Rouby Administration
Manager
· Hassan Mohamed
Hanafy Sales
Manager
Date of
Establishment : 1982
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 219164
Industry Reg. No. : 132420
Issued Capital : £E 27,000,000
Paid up Capital : £E 27,000,000
· Hassan Farid
Hassanein 72%
· Allweiler AG 28%
Germany
Activities: Engaged in the manufacture of 185 different pumps for irrigation,
industrial application, petrol pumps,
foodstuff and pharmaceuticals, fire fighting,
refrigeration, air conditioning, sanitary, drainage, sewage,
dyeing and textiles.
Subject is ISO 9001 and 18001 accredited.
Agencies Held:
· Colfax Group
Export Countries: Germany, Singapore, Syria, Saudi Arabia, Kuwait,
Oman, Jordan, Yemen, Morocco, Libya, Nigeria, Ethiopia, United
Arab Emirates, Iraq, Kenya, Sudan and France.
Brand Names: ALLWEILER, IMO, HAWTTIN, WARREN, ZENITH, SULZER
and SERO
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
34,565,000 £E
42,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Al Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2)
33379363
Fax: (20-2)
33772959
·
National Bank of Egypt
Abdel Hai Khalil Street
El Mahala El Kobra
Gharbeya
Tel: (20-40) 2230565 / 2245127
Fax: (20-40)
2234065
·
Union National Bank
29 El Batrawy
Street
Nasr City
Cairo
Tel: (20-2)
24019631
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.