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Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDUSTRIAL
CONSTRUCTION & ENGINEERING CO (SIAC) |
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Registered Office : |
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Country : |
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Year of Establishment : |
1986 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
·
Engaged as industrial construction and engineering contractors Subject has executed a diverse and far-reaching portfolio of major
construction projects in different sectors of real estate, industrial
construction and infrastructure. |
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No of Employees : |
3,000 (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 |
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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 – 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 : INDUSTRIAL CONSTRUCTION & ENGINEERING CO (SIAC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1986
Issued Capital : £E 3,000,000
Paid up Capital : £E 3,000,000
Total Workforce : 3,000
Activities : Industrial construction and engineering contractors
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
INDUSTRIAL CONSTRUCTION & ENGINEERING CO
(SIAC)
Registered &
Physical Address
Street : 6 Hassan El Shereey Street
Area : Ard El Golf, Heliopolis
Town : Cairo 11341
Country :
Telephone : (20-2) 24182992 / 24182993 / 24182994
Facsimile : (20-2) 26785917 / 24182991
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Nehad
Ragab Chairman
·
Mostafa
Fahmy Vice
Chairman
Date of Establishment : 1986
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 3,000,000
Paid up Capital : £E 3,000,000
Name of Shareholder
(s)
·
Nehad
Ragab
·
Mostafa
Fahmy
·
SIAC
Holding
·
Polaris
Parks
·
Polaris
Zamil
·
Majarrah
·
Fit
Interiors
·
Wajhat
·
Pyramids
·
Polaris
International Parks
·
Edge
Industrial Construction
·
Integrated
Contracting
·
GSDC
·
Steel
Tec
·
Bauer
Egypt
·
P I
Parks
Activities: Engaged as industrial construction and
engineering contractors.
Subject has
executed a diverse and far-reaching portfolio of major construction projects in
different sectors of real estate, industrial construction and infrastructure.
Subject has a
workforce of approximately 3,000 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.
According to local
sources, subject meets its payment obligations in a timely manner and the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.