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Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
OBOUR METALLURGICAL INDUSTRIES |
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Registered Office : |
Cairo - Ismailia Road, Obour City Industrial Zone, Plot No.5, 6, 8 & 9, Block
13035, Cairo 11771 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments: |
1997 |
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Com. Reg. No.: |
302939,
Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject operates a steel galvanizing mill, specialising in
the manufacturing, colouring and exporter of galvanized steel. |
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No. of Employees |
630 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 : OBOUR METALLURGICAL INDUSTRIES
Doing Business As : GALVA METAL
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1997
Commercial Registration Number : 302939,
Cairo
Tax Card
Number : 324-951-027
Issued Capital : £E 292,026,800
Paid up Capital : £E 292,026,800
Total Workforce : 630
Activities : Subject operates a steel galvanizing mill
Financial Condition : Good
Payments : Nothing detrimental uncovered
OBOUR METALLURGICAL INDUSTRIES
GALVA METAL
Registered &
Physical Address
Street : Cairo - Ismailia Road
Area : Obour
City Industrial Zone, Plot No.5, 6, 8 & 9, Block 13035
Town : Cairo 11771
Country : Egypt
Telephone : (20-2) 46100101/2/3/4
Facsimile : (20-2) 46100105/7/8
/ 46102626
Email : galvametal@galvametal.com.eg
Premises
Subject operates
from a large suite of offices and a galvanizing mill that are owned and located in the
Industrial Area of Cairo.
Name Position
·
Khalil Mohie El Din Khalil Kandil Chairman
·
Amr
Mohie El Din Khalil Kandil Vice
Chairman
·
Mohamed Ahmed Thabet Managing
Director
·
Dr
Mohamed Motwaa Finance
Manager
·
Dr Mahmoud Nour El Din Factory
Manager
·
Mohamed Ghonem Sales
Manager
·
Lotfy Deraz Administration
Manager
·
Fouad El Rashedy Export
Manager
·
Osama
Moustafa Rabaa Import
Manager
·
Ossama
Zakaria Accounts
Manager
·
Hussein
Zenhoum Production
Manager
·
Ahmed
Abd El Safei Purchasing
Manager
Date of Establishment : 1997
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 302939,
Cairo
Tax
Card No. : 324-951-027
Authorised Capital : £E 475,000,000
Issued Capital : £E 292,026,800
Paid up Capital : £E 292,026,800
Name of Shareholder
(s) Percentage
·
Flat Steel International 51.05%
·
ICM (Australia) 34.40%
·
Kama Metal Working & Casting 13.39%
·
Egyptian businessmen & private
investors 1.16%
·
36 El
Sabtia Street
Cairo
Tel: (20-2) 26100122
/ 26100123 / 25785255
Fax: (20-2) 26100105 / 26100108 / 26100107
Activities: Subject operates a steel galvanizing
mill, specialising in the manufacture, colouring and export of
galvanized steel.
Subject is ISO 9001 & ISO 14001
certified.
Production Capacity: 330,000 tonnes per annum
Import
Countries: Russia, South
Korea, South Africa, Saudi Arabia, Vietnam, China, India, Ukraine, Libya, Spain
and Italy
Export
Countries: Spain,
Germany, France, Lebanon, Syria, Jordan, Libya, Saudi Arabia, South Africa,
United States of America and Morocco
Subject has a
workforce of approximately 630 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 706,812,341 £E 740,858,920
Local sources consider
subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Egyptian
Gulf Bank
El Orman Plaza Building
8-10 Ahmed Nessim Street
PO Box: 56
Cairo
Tel: (20-2) 3606580 / 3606467
Fax: (20-2) 3420265 / 3606512
·
The
Nile Bank
35, Ramses Street
Abdel Moneim Riyad Square
Cairo
Tel: (20-2) 5743502 / 5741417
Fax: (20-2) 5756296
·
Societe
Arabe Internationale de Banque
PO Box: 124
Cairo
Tel: (20-2) 3499464 / 3603489
Fax: (20-2) 3603497 / 3603487
No complaints
regarding subject’s payments have been reported.
Obour Metallurgical
Industries was established in 1997 and enjoys a good reputation for the quality
of its products. The company is run in a professional manner and is engaged in
the manufacture, colouring and export of galvanized steel.
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.60.13 |
|
UK Pound |
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
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 |
|
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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 |
|
|
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 |
|
|
-- |
NB |
New Business |
-- |
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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.