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Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MISR SONS DEVELOPMENT |
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Registered Office : |
Yehia Zakaria Street,
Industrial Zone, Lot 5, Heliopolis, P O Box 1620, Cairo 11361 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1991 |
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Com. Reg. No.: |
260411, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
· Engaged as general building contractors and real estate development. ·
Subject
works on projects ranging from heavy military industries to light
food-processing facilities, water purification & waste water treatment
projects, hotels, resorts, housing & admin buildings, energy projects,
energy generating stations, telecommunication networks, electromechanical
& electronic works & finishing works for buildings. |
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|
|
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No of Employees : |
7,000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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 SONS DEVELOPMENT
Also Known As : HASSAN ALLAM CONSTRUCTION
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1991
Commercial Registration Number : 260411, Cairo
Tax Card Number : 100-400-138
Issued Capital : £E 38,100,000
Paid up Capital : £E 38,100,000
Total Workforce : 7,000
Activities : General building contractors and real estate development.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Saad, Financial Manager
MISR SONS DEVELOPMENT
HASSAN ALLAM CONSTRUCTION
Registered &
Physical Address
Street : Yehia Zakaria Street
Area : Industrial Zone, Lot 5,
Heliopolis
PO Box : 1620
Town : Cairo 11361
Country : Egypt
Telephone : (20-2) 22660690 / 22666921 / 22666917
/ 22666918 / 26785917
Facsimile : (20-2) 22666920 / 22680198
Mobile : (20-100) 3061206
Email : msdallam@allamsons.com / mohamedsaad@allamsons.com
Premises
Subject operates
from a large suite of offices and a warehouse that are rented and located in
the Industrial Area of Cairo.
Branch Office (s)
Location Description
·
15 Saad
Zaghloul Square Office
premises
Ramleh
Alexandria
Tel: (20-3) 4868377 / 4866728 / 4844705 /
4844706
Fax: (20-3) 4868377
·
15
Hassam Allam Street Office
premises
El Sabaa Emarat City
Heliopolis
Cairo
·
Abd El
Rahman Ben El Hareth Office
premises
Bowady
Jeddah
Saudi Arabia
Tel: (966-2) 6645812
Fax: (966-2) 6645769
Name Position
·
Alawi
Hassan Allam Chairman
·
Kamal
Eddine Hassan Allam Managing
Director
·
Salah
Hassan Allam Director
·
Essam
Hassan Allam Director
·
Majdi
Hassan Allam Director
·
Medhat
Hassan Allam Director
·
Samir
Hassan Allam Director
·
Amr
Essam Hassan Allam Chief
Executive Officer
·
Mohamed Saad Financial
Manager
·
Essam
Abd El Kader Accounts
Manager
·
Ahmed
Shawky Project
Manager
·
Iman
Yehia IT
Manager
·
Assem
Shawky Investor
Relations Manager
·
Hossam
Allam Investment
& Development Manager
·
Mohamed
Badr Purchasing
Manager
·
Mohamed
Gamal Human
Resources Manager
·
Ahmed
El Kafoury Business
Development Manager
Date of Establishment : 1991
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 260411,
Cairo
Tax
Card No. : 100-400-138
Issued Capital : £E 38,100,000
Paid up Capital : £E 38,100,000
Name of Shareholder
(s) Percentage
·
Hassan Allam Holding 76.92%
Yehia Zakaria Street
Industrial Zone, Heliopolis
Cairo
Tel: (20-2) 22666917 / 22666920
Fax: (20-2) 22666917
·
Alawi
Hassan Allam ]
]
·
Kamal
Eddine Hassan Allam ]
]
·
Majdi
Hassan Allam ]
]
·
Essam
Hassan Allam ]
] 23.08%
·
Samir
Hassan Allam ]
]
·
Medhat
Hassan Allam ]
]
·
Salah
Hassan Allam ]
]
·
Heirs
of Fahmy Hassan Allam ]
·
Little
Venice Resort
Egypt
·
Ascom
for Financial Leasing
Egypt
·
Hassan
Allam Sons
Saudi Arabia
·
Hassan
Allam Sons
Algeria
·
Hassan
Allam Sons
Libya
·
Palm
Hills Developments
Egypt
Activities: Engaged as general building contractors and
real estate development.
Subject works on
projects ranging from heavy military industries to light food-processing
facilities, water purification & waste water treatment projects, hotels,
resorts, housing & admin buildings, energy projects, energy generating
stations, telecommunication networks, electromechanical & electronic works
& finishing works for buildings.
Import
Countries: Germany, United
States of America, Italy and Turkey.
Operating Trend: Steady
Subject has a
workforce of approximately 7,000 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 Revenue £E 1,397,819,866 £E 1,173,328,522
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr. Mohamed Saad, Financial
Manager
·
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.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.