MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
United company for foundries SAE |
|
|
|
|
Registered Office : |
A1, 3rd
Industrial Zone, Plot 2/4, Sharkeya, P O Box: 356, Tenth of Ramadan |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Com. Reg. No.: |
5601, Sharkeya |
|
|
|
|
Legal Form : |
Egyptian Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacture of
castings and foundry products. |
|
|
|
|
No. of Employees : |
900 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 backtracked on economic reforms, drastically increasing
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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of
unsuccessful negotiations with the International Monetary Fund over a
multi-billion dollar loan agreement which have dragged on more than 20 months -
could precipitate fiscal and balance of payments crises in 2013.
Source
: CIA
Company Name : UNITED COMPANY FOR
FOUNDRIES SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1989
Commercial
Registration Number : 5601, Sharkeya
Industrial
Registration Number : 21779
Issued Capital : £E
290,000,000
Paid up Capital : £E
290,000,000
Total Workforce : 900
Activities :
Manufacture of castings and foundry products.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
UNITED COMPANY FOR
FOUNDRIES SAE
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
Subject operates
from a large suite of offices and a factory that are owned and located in the Industrial
Area of the Tenth of Ramadan city.
Branch Office
(s)
Location Description
·
3 Swiss
Company Street Sales
Office
Maadi
Cairo
Tel: (20-2) 25191232 /
25191237
Name Position
·
Mohamed Khaled El Sebaie Chairman
·
Salwa
Abdel Fattah Managing
Director
·
Ahmed Haikal Director
·
Lobna
El Desouky Director
·
Hesham
Gabr Director
·
Rezk
Hassan Director
·
Abd El Razek Mohamed Mashaly Finance
Manager
·
Mohamed Sherif Sales
Manager
·
Nohair Mohamed Shafik Export
Manager
·
Mohamed Kamal Samy Factory
Manager
·
Nabil
Hussein Abd El Halim Marketing
Manager
·
Fathi
Sayed Office
Manager
Date of Establishment : 1989
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 5601, Sharkeya
Industrial Reg. No. : 21779
Authorised
Capital : £E 500,000,000
Issued Capital : £E 290,000,000
Paid up Capital : £E 290,000,000
·
Citadel for Financial Investment 49.29%
·
Holding
International Co 33.17%
·
Mansour
& Maghrabi 1.17%
·
Local
businessmen and private investors 16.37%
·
Amreya
Metal SAE
·
Alexandria
Automotive Casting
Activities: Engaged
in the manufacture of castings and foundry products.
Subject is ISO
9001, 9002 and 14001 accredited.
Production Capacity: 52,000 tons per year
Import
Countries: India, China, Syria and Tunisia
Export
Countries: China, Spain and GCC countries
Operating Trend: Steady
Subject has a
workforce of approximately 900 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 172,654,314 £E 179,092,164
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
National
Societe Generale Bank SAE
5 Champollion Street
Cairo
Tel: (20-2) 27707777
Fax: (20-2) 27707799
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.04 |
|
|
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.