MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
UNITED COMPANY
FOR FOUNDRIES SAE |
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Registered Office : |
A1,
3rd Industrial Zone, Plot 2/4, Sharkeya, P O Box 356, Tenth of Ramadan |
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Country : |
Egypt |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
65620 Sharkeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the
manufacture of cement and foundry products. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : UNITED COMPANY FOR FOUNDRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1989
Commercial Registration Number : 65620 Sharkeya
Issued Capital : £E 61,000,000
Paid up Capital : £E 61,000,000
Total Workforce : 900
Line of Business : Manufacturers of cement and foundry products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
UNITED COMPANY FOR
FOUNDRIES SAE
ADDRESS
Registered & Physical Address
Location : A1, 3rd
Industrial Zone, Plot 2/4
Area : Sharkeya
PO Box : 356
Town : Tenth of Ramadan
Country : Egypt
Telephone : (20-15) 410504
/ 410505 / 410507 / 410508
Facsimile : (20-15) 410510
Email : asecpdd@soficom.com.eg
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
3 Swiss
Company Street Sales
Office
Maadi
Cairo
Tel: (20-2) 5191232
KEY PRINCIPALS
·
Mohamed
Khaled El Sebaie Chairman
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Mohamed
Adel Abu Shady Director
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Abd
El Razek Mohamed Mashaly Finance
Manager
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Ashraf
Negm Sales
Manager
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Nohair
Mohamed Shafik Export
Manager
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Farag
El Tohamy Factory
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1989
Legal Form :
Societe Anonyme Egyptienne
- SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 65620 Sharkeya
Authorised
Capital : £E 100,000,000
Issued Capital : £E
61,000,000
Paid up Capital : £E 61,000,000
Name of Shareholder (s) Percentage
·
Asec
for Foundry & Thermal Treatment/Arbisco 53.80%
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Suez Cement Co 9.18%
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Egyptian Torra
Portland Cement Co 9.18%
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National
Cement 9.18%
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Amreya Cement 9.18%
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Asec Cement Co 18.66%
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 manufacture of cement and
foundry products.
Import Countries
: Europe and GCC countries.
Export Countries
: United
States of America, Algeria, and Syria.
Subject has a
workforce of approximately 900 employees.
FINANCIAL HIGHLIGHTS
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
·
National Bank
of Egypt
24 Sherif Street
Cairo
Tel : (20-2) 3924175
Fax : (20-2) 3924143
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National
Societe Generale Bank SAE
5 Champollion Street
Cairo
Tel: (20-2) 27707777
Fax: (20-2) 27707799
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Established in
2000, subject is involved in the manufacture of cement and foundry products.
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.
Maximum suggested
credit figure: US$ 250,000
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. |
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%)