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Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN AMERICAN STEEL ROLLING CO SAE |
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Registered Office : |
6 Farid Semeika Street,
Heliopolis, P O Box 5212, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments: |
1998 |
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Com. Reg. No.: |
622, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of reinforced steel bars and rolls according
to American, Egyptian and European specifications. |
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No. of Employees : |
3,500
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 :
EGYPTIAN
AMERICAN STEEL ROLLING CO SAE
Doing Business As : BESHAY STEEL
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1998
Commercial Registration Number : 622, Cairo
Issued Capital : £E 713,000,000
Paid up Capital : £E 713,000,000
Total Workforce : 3,500
Activities : Manufacture of reinforced steel bars and rolls.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN AMERICAN STEEL ROLLING CO SAE
BESHAY STEEL
Registered &
Physical Address
Street : 6 Farid Semeika Street
Area : Heliopolis
PO Box : 5212
Town : Cairo
Country : Egypt
Telephone : (20-2) 26201595 / 26201592 / 26201593
Facsimile : (20-2) 26201592 / 26201593
Email : isrm@link.net
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
·
5th
Industrial Zone Owned
factory premises
Sadat City
Menoufeya
Tel: (20-48)
2610291
Name Position
·
Kamal Gabar Beshay Managing
Director
·
Gamil Gaber Beshay Director
·
Sami Gaber Beshay Director
·
Kamal
Adeeb Finance
Manager
·
Ossama
Koura Sales
Manager
·
Magdy Fahmy Marketing
Manager
·
Ahmed Abdel Hady Accounts
Manager
·
Maha Abo Saeda Purchasing
Manager
·
Younan Ghobrial Financial
Consultant
·
Ayman Botrous IT
Manager
·
Harry
Vinner Export
Manager
Date of Establishment : 1998
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 622, Cairo
Issued Capital : £E 713,000,000
Paid up Capital : £E 713,000,000
Name of Shareholder
(s) Percentage
·
Kamal Gabar Beshay 25%
·
Gamil Gaber Beshay 25%
·
Wahed
Gaber Beshay 25%
·
Sami Gaber Beshay 25%
Activities: Engaged in the manufacture of reinforced steel
bars and rolls according to American, Egyptian and
European specifications.
Production
Capacity: 1.6 million
tonnes per annum
Import
Countries: Turkey, Russia
and the United States of America
Export
Countries: United States of
America
Operating Trend: Steady
Subject has a
workforce of approximately 3,500 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E 173,800,000 £E 180,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Suez
Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 25769296
Fax: (20-2) 25322064
·
Arab
African International Bank
5 El Saraya El Kobira Square
PO Box: 60, Magles El Shaab
Cairo
Tel: (20-2) 33545094
Fax:
(20-2) 33558493
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.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.