MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1997 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the production and
export of steel billets |
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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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1997
Authorised Capital : £E 600,000,000
Issued Capital : £E 136,461,600
Paid up Capital : £E 136,461,600
Total Workforce : 400
Line of Business : Production and export of steel billets.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ADDRESS
Registered & Physical Address
Location :
Area : Ataka
PO Box : 35
Town :
Country :
Telephone : (20-62) 3230803 / 3230805 / 3230807 / 3231806 / 3231808 / 3230800
Facsimile : (20-62) 3230804 / 3230816
Email : info@suezsteel.com
Premises
Subject operates from a large suite of offices and production facilities that are owned and located in the Industrial Area of Suez.
Branch Office (s)
Location Description
112, 26th July Street Rented sales office
Zamalek
Tel: (20-2) 7350959 / 7353202 /
7360715
Fax: (20-2) 7368928
KEY PRINCIPALS
Mohamed Khattab Chairman
Nagui Rakha Finance Manager
Mohamed Omara Administration Manager
Galal El Deeb Factory Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1997
Legal Form : Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock
Company)
Authorised Capital :
£E 600,000,000
Issued Capital : £E 136,461,600
Paid up Capital : £E 136,461,600
Name of Shareholder
(s)
National Bank of
24,
Tel : (20-2) 3924175
Fax : (20-2) 3924143
Banque du Caire SAE
22 Adly Street
PO Box : 1495
Tel : (20-2) 3904554
Fax : (20-2) 3908992
Ahly Investment & Development
Misr Insurance
Private investors and businessmen
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.
LINE OF BUSINESS
Operations :
Engaged in the production and export of steel
billets.
Production Capacity : 6
million tonnes per annum
Import Countries :
Europe and
Export Countries :
Subject has a workforce of approximately 400 employees.
FINANCIAL HIGHLIGHTS
Companies registered in
BANKERS
National Bank of
24,
Tel : (20-2) 3924175
Fax : (20-2) 3924143
Banque du Caire SAE
22 Adly Street
PO Box : 1495
Tel : (20-2) 3904554
Fax : (20-2) 3908992
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction January 2006
Credit amount 69,000
Amount overdue 0
Payment terms 90 days
Payment Method Letters of Credit
Paying record No Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000
Suez Steel was established in 1997 and has grown into a leading concern in the Egyptian steel industry. The company is partly owned by a number of well known Egyptian financial institutions.
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 and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 1,000,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)