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Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN SPONGE IRON & STEEL COMPANY SAE (ESISCO) |
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Registered Office : |
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Country : |
Egypt |
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Date of Incorporation : |
2007 |
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Com. Reg. No.: |
7521 |
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Legal Form : |
Egyptian Joint Stock Company Closed |
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Line of Business : |
Subject is engaged in the production of sponge and reinforced iron and
steel. |
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No of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 :
EGYPTIAN SPONGE IRON & STEEL COMPANY SAE (ESISCO)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company Closed
Registration Date :
2007
Commercial Registration Number :
7521, Cairo
Issued Capital :
£E 2,500,000,000
Paid up Capital :
£E 2,500,000,000
Total Workforce :
200
Activities :
Production of sponge and reinforced iron and steel
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Hanna Fahim, Finance Manager
EGYPTIAN SPONGE IRON & STEEL COMPANY SAE (ESISCO)
Registered &
Physical Address
Street : 6 Farid
Semeka Street
Area : El Alf
Maskan Square, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 21800891 / 21800198 / 21800186 /
21800153
Facsimile : (20-2) 21800891
Mobile :
(20-100) 1798393 / 1621511
Email :
hanna.fahim@beshaysteel.com
/ sherif.danial@beshaysteel.com
Premises
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
Industrial Zone Rented
factory premises
Sadat City
Menoufeya
Tel: (20-100) 1626691
Name Position
Kamal Gaber Beshay Chairman
Gamil Gaber Beshay Managing
Director
Wahid Gaber Beshay Director
Samy Gaber Beshay Director
Rafiq Beshav General
Manager
Hanna Fahim Finance
Manager
Dawlat Ahmed Office
Manager
Sherif Danial Human
Resources
Kamal El Deeb Accounts
Manager
Date of Establishment : 2007, however
production is due to commence in October 2014
Legal Form :
Egyptian
Joint Stock Company Closed
Commercial Reg.
No. : 7521, Cairo
Issued Capital : £E 2,500,000,000
Paid up Capital :
£E
2,500,000,000
Name of
Shareholder (s) Percentage
Kamal Gaber Beshay 25%
Gamil Gaber Beshay 25%
Wahid Gaber Beshay 25%
Samy Gaber Beshay 25%
International Steel Rolling Mills
Cairo
Egyptian American Steel Rolling Mills
Cairo
Activities: Engaged in the production of sponge and reinforced iron and steel.
Production due to commence October 2014
Production Capacity: 1,760,000 tonnes per annum
Import Countries: Europe and Asia
Subject has a workforce of approximately 200 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.
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.
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.60.67 |
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|
1 |
Rs.100.81 |
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Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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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-- |
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.