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Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MISR STEEL FOR METAL FORMING AND MANUFACTURING SAE |
|
|
|
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Registered Office : |
Parcel 20,
Pyramids Industrial Park, Ismailia - Cairo Road, Cairo |
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Country : |
Egypt |
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Year of Establishment : |
2012 (Production began in April 2014) |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the
manufacturing and processing of cold rolled steel. |
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No of Employees : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 growth. Poor
living conditions combined with limited job opportunities for the average
Egyptian contribute 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, pushing up unemployment levels,
and economic growth remains slow amid political uncertainty, government
transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down
foreign exchange reserves and depended on foreign assistance, particularly from
Gulf countries, to finance imports and energy products and prevent further
devaluation of the Egyptian pound, fearing higher inflation from a weaker
currency.
|
Source : CIA |
Company Name : MISR STEEL FOR METAL FORMING AND MANUFACTURING SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2012
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 45
Activities : Manufacture and processing of cold rolled steel.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
MISR STEEL FOR
METAL FORMING AND MANUFACTURING SAE
Registered &
Physical Address
Location : Parcel 20, Pyramids Industrial Park
Street : Ismailia - Cairo Road
Town : Cairo
Country : Egypt
Mobile : (20-122) 7329782
Email : samer@misrsteel.com.eg
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Cairo.
Name Position
·
Samer
Bader Managing
Director
·
Ameen
Moukhtar Director
Date of Establishment : 2012
(Production began in April 2014)
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of
Shareholder (s)
·
Samer
Bader
·
Ameen
Moukhtar
Activities: Engaged in the manufacture and processing
of cold rolled steel.
Import Countries: Europe and the Far East.
Subject has a
workforce of 45 employees.
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.
·
Banque
du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
No complaints
regarding subject’s payments have been reported.
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.60.50 |
|
|
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
MNL |
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.