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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
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Name : |
EL EZZ FLAT STEEL
COMPANY SAE |
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Registered Office : |
10 Shehab Street, Mohandessin, Giza, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.06.1998 |
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Com. Reg. No.: |
33296 |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Operators of a flat steel
product plant. |
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No. of Employees : |
1,270 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Usually correct |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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 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 : EL EZZ
FLAT STEEL COMPANY SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 25th
July 1998
Commercial
Registration Number : 33296
Tax Card Number : 205-045-502
Issued Capital : US$
600,000,000
Paid up Capital : US$
600,000,000
Total Workforce : 1,270
Activities :
Operators of a flat steel product plant.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EL EZZ FLAT STEEL
COMPANY SAE
Street : 10 Shehab Street
Area : Mohandessin, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 37622144 / 37622100
/ 37622166 / 37622177
Facsimile : (20-2) 37622188
Email : ir@ezzgroup.com
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
·
Special
Economic Free Zone Owned
factory premises
Ein Sokhna
Suez
Tel: (20-62) 3250361 / 3250363
Fax: (20-62) 3250362
·
8 Amr Street Rented
sales office
Mohandessin, Giza
Cairo
Tel:
(20-2) 33029952 / 33030493 / 33367277
Fax:
(20-2) 33058872
Name Position
·
Paul Chekaiban Chairman
·
Alaa
Abu El Kheir Director
·
Mamdouh
El Roby Director
·
Baher
Mehrez Director
·
Ahmed
Nabil General
Manager
·
Azza El Shenawy Finance
Manager
·
Ashraf
Ibrahim Accounts
Manager
·
Kamel
Galal Investor
Relation Manager
Date of Establishment : 25th
July 1998
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 33296
Tax Card No. :
205-045-502
Issued Capital : US$ 600,000,000
Paid up Capital : US$ 600,000,000
·
Al Ezz Dekheila Steel 55.00%
Alexandria
·
Al Ezz Steel Rebars 33.82%
·
Banque
Misr 5.25%
·
National
Bank of Egypt 4.08%
·
National
Investment Bank 1.85%
Subject is a member of the El Ezz Group of companies, which has
diversified operations covering such sectors as shipping, steel production and
processing, building and construction materials. The group employs some 2,200
people and has a group turnover of approximately $ 470 million with total
investment in plants, equipment and fixed assets exceeding US$ 600 million. The
El Ezz Group of companies includes the following concerns:
·
Al Ezz
Steel Rebars Co SAE
15 Shehab Street
Mohandessin,
Giza
Cairo
Tel:
(20-2) 37622144
/ 37622166 / 37622177
Fax:
(20-2) 37622188
·
Al Ezz
Porcelain Company Sae (Gemma)
8 El Sad El Aaly Street
Fini Square
Dokki, Giza
Cairo
Tel: (20-2) 33600150 / 33365325 / 33365791
Fax: (20-2) 33365337 / 33600155
·
El Ezz
Shipping Lines Ltd
8 El Sad El Aaly Street
Dokki
Cairo
Tel: (20-2) 33600150
Fax: (20-2) 33300155
·
El Ezz
Foreign Trade
8 El Sad El Aaly Street
Fini Square
Dokki, Giza
Cairo
Tel: (20-2) 33600150
Fax: (20-2) 33300155
·
El Ezz
Reinforced Steel Industries
8 El Sad El Aaly Street
Dokki
Cairo
Tel: (20-2) 33600150
Fax: (20-2) 33300155
·
El Ezz
Heavy Industries SAE (EHI)
8 El Sad El Aaly Street
Dokki, Giza
Cairo
Tel: (20-2) 33365346 / 33600150 / 33369232
Fax: (20-2) 33600155
Activities: Subject operates a flat steel and iron
product plant.
The plant began commercial production in October 2002 and has an innovative design of one continuous
process from steel melt to rolled flat sheets, ultimately yielding a capacity 1.2 million tonnes per annum.
The plant was built by Danieli & Co of Italy and includes a thin slab caster, allowing it to produce very thin
gauges of steel sheets, going down to a minimum thickness of just 0.8 mm.
The company provides flat steel to Egypt’s growing automotive and consumer goods industries with a large
portion, approximately 60%, being exported to international customers.
Production
Capacity: 1,200,000 tonnes per annum of flat steel
Import
Countries: Algeria, Libya,
Ukraine, United Kingdom and the United States of America
Export
Countries: Europe, India,
China, Sri Lanka and Bangladesh
Operating Trend: Steady
Subject has a
workforce of approximately 1,270 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales US$ 703,000,000 US$ 710,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints regarding
subject’s payments have been reported.
Credit amount 100,000 100,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.09 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.