MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SUEZ STEEL CO |
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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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SUEZ STEEL CO
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
SUEZ STEEL CO
ADDRESS
Registered & Physical Address
Location :
Area : Ataka
PO Box : 35
Town :
Country :
Telephone : (20-62) 23230803
/ 23230805 / 23230807 / 23231806 / 23231808
Facsimile : (20-62) 23230804
/ 23230816
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
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34
3rd Floor, Flat No. 7
Mohandessin
Tel: (20-2)
23744108
Fax: (20-2)
23744109
KEY PRINCIPALS
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Mohamed Khattab Chairman
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Nagui Rakha Finance
Manager
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Mohamed Omara Administration
Manager
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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
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Banque
du Caire SAE
22 Adly Street
PO Box : 1495
Tel : (20-2) 3904554
Fax : (20-2) 3908992
·
·
Ahly Investment & Development
·
Misr Insurance
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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) 23924175
Fax : (20-2) 23924143
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Banque
du Caire SAE
22 Adly Street
PO Box : 1495
Tel : (20-2) 23904554
Fax : (20-2) 23908992
·
BNP
Paribas
4A
Zamalek
Tel : (20-2) 27377791 / 27377792
Fax
: (20-2) 27377793
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 Co 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. |
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%)