|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASEC FOR MANUFACTURING AND INDUSTRIAL
PROJECTS SAE (ARESCO) |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Year of Incorporation : |
1984 |
|
|
|
|
Com. Reg. No.: |
2770 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the
Manufacturing Furnaces, Mills, Steel and Pipes |
|
|
|
|
No. of Employees |
4,850 (Approximately) |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 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 : ASEC FOR MANUFACTURING AND INDUSTRIAL PROJECTS SAE
(ARESCO)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1984
Commercial Registration Number : 2770
Issued Capital : £E 200,000,000
Paid up Capital : £E 200,000,000
Total Workforce : 4,850
Activities : Manufacturers of furnaces, mills, steel and pipes.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ASEC FOR MANUFACTURING AND INDUSTRIAL
PROJECTS SAE (ARESCO)
Registered & Physical
Address
Street : Mahatet El Kahraba Street
Area : El Tebeen, Helwan
Town : Cairo
Country : Egypt
Telephone : (20-2) 25005009 / 25005017 / 25005019 / 25005023
Facsimile : (20-2) 25019510 /
25015778
Email : info@aresco.com.eg
/ aresco@aresco.com.eg
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Cairo.
Name Position
·
Kamal
Ahmed Moustafa Chairman
·
Paul F
Donohue Managing
Director
·
Abd El Karim Kamal Director
·
Tariq
Salah Director
·
Hesham Anber Sales
Manager
·
Mohamed
Galal Finance
Manager
Date of Establishment : 1984
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 2770
Issued Capital : £E 200,000,000
Paid up Capital : £E 200,000,000
Name of Shareholder
(s) Percentage
·
National Development & Trade 99%
Egypt
·
Egyptian
businessmen & private investors 1%
·
Asec
Holding
Cairo
Tel: (20-2) 27547758
Fax: (20-2) 27548407
·
Asec
Automation
Cairo
Tel: (20-2) 27042601
Fax: (20-2) 27032948
·
Asec
Asenpro
Cairo
Tel: (20-2) 25163990
Fax: (20-2) 25163989
·
Esaco
Manufacturing, Engineering and Contracting SAE
Alexandria
Tel: (20-3) 4870082
Fax: (20-3) 4840186
·
Asec
Cement
Cairo
Tel: (20-2) 23783516
Fax: (20-2) 27546659
Activities: Engaged in the manufacture of furnaces,
mills, steel and pipes.
Production
Capacity: Steel structure -
24,000 tons per year
Plate work – 11,000 tons per year
Piping – 1,000 tons per year
In July 2010, subject
announced that it has signed a US$130m contract to construct a new cement plant
for the Building Materials Industry Company (BMIC) in the Upper Egyptian
governorate of Assiut. It will be providing all the civil, electrical and
mechanical works for the 1.5 million tons per annum cement plant, which is
projected to be complete in 22 months. The company will also carry out all the
steel fabrication as well as testing and commissioning for BMIC on a turnkey
lump.
Import
Countries: Italy and
Germany
Subject has a
workforce of approximately 4,850 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.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
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.60.14 |
|
UK Pound |
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.