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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AL EZZ DEKHEILA STEEL COMPANY SAE – ALEXANDRIA
(EZDK ALEX) |
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Formerly Known as : |
Alexandria National Iron & Steel Co SAE
(ANSDK) |
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Registered Office : |
Nefertari Building, No. 12, Agami Road, Betash, El Dekhiela, PO Box: 21537,
Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
July, 1982 |
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Com. Reg. No.: |
104918, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the production and export of steel. |
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No. of Employees : |
3,410
(Approximately) |
RATING & COMMENTS
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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 |
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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 |
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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 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 : AL EZZ DEKHEILA STEEL COMPANY SAE
– ALEXANDRIA (EZDK ALEX)
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
July 1982
Commercial Registration Number :
104918, Alexandria
Tax Card Number :
100-133-789
Issued Capital :
£E 1,336,441,300
Paid up Capital :
£E 1,336,441,300
Total Workforce :
3,410
Activities :
Production and export of steel.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AL EZZ DEKHEILA STEEL COMPANY SAE – ALEXANDRIA (EZDK
ALEX)
Registered &
Physical Address
Building : Nefertari
Building, No. 12
Street : Agami Road
Area : Betash, El
Dekhiela
PO Box : 21537
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3082300
/ 3082220 / 3082663
Facsimile : (20-3) 3082667
/ 3088623
Email : ansdk@alexnet.com.eg
Premises
Subject operates from a large suite of offices and a steel mill that are
owned and located in the Industrial Area of Alexandria.
Branch Office (s)
Location Description
21 Orabi Street Rented
office premises
Mohandessin, Giza
Cairo
Tel: (20-2) 33453371
Fax: (20-2) 33459602
10 Shehab Street Rented
office premises
Mohandessin, Giza
Cairo
Tel: (20-2) 37622144 / 37622155 / 37622166
Fax: (20-2) 37620022 / 37688188
8 Amr Street Rented
office premises
Mohandessin, Giza
Cairo
Tel: (20-2) 33030493
1st Industrial Zone Rented
factory premises
10th of Ramadan City
Sharkeya
Tel: (20-15) 410460
Fax: (20-15) 410731
Name Position
Farouk Zaki Ibrahim Chairman
Alaa Abu El Kheir Managing
Director
Mohamed Raed Mahmoud Nour El Din El Bablawy Director
Paul Phillip Chekaiban Director
Gamal Omar Naguib Director
Mamdouh Fakher El Din Hussein El Roubi Director
Saher Ibrahim El Far Director
Gamil Fouad Iskandr Director
Fayez Ali Zein El Abdin Saleh Director
Safwat Mohamed Sayed Hamad Director
El Sayed Talal Tawfik Director
Ali Mahmoud Ali Nasar Director
Ahmed Shawky Farid El Hank Director
Mansour Atteia Kilada Antone Director
Khaled El Ghazaly Mohamed Harb Director
Mahmoud Sabry Abd El Wahab El Garf Director
Moustafa Kamel Brekaei Finance
Manager
Samir Noaman Sales
Manager
Farouk Ibrahim Production
Manager
Nabil El Khattib Purchasing
Manager
Naser Barakat Human
Resources Manager
Ayman Nour El Din Accounts
Manager
Date of Establishment : July 1982
(Production began in May 1986)
History : Subject was
originally established in 1982 under the name of “Alexandria National Iron
& Steel Co SAE (ANSDK)”. It changed to its current style on 24th
May 2006.
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 104918,
Alexandria
Tax Card No. : 100-133-789
Issued Capital : £E 1,336,441,300
Paid up Capital : £E 1,336,441,300
Name of
Shareholder (s) Percentage
Ezz Steel Rebars 54.59%
National Investment Bank 10.76%
Social Insurance Fund of Public Sector 9.63%
Misr Insurance 7.93%
Ahly Capital Holding 5.77%
Egyptian General Petroleum Corporation (EGPC) 4.79%
Industrial & Mining Projects 2.05%
Local businessmen and private investors 4.48%
Activities: Engaged in the
production and export of steel.
Subject is ISO 9002 & ISO 14001
accredited.
Production Capacity: 4,000,000 tonnes
per year.
Import Countries: Europe,
Canada, Sweden, United States of America and Asia.
Export Countries: Saudi Arabia, Yemen, the United States
of America, Canada, Spain, Sudan, Bahrain, Libya, Canada, Nigeria, Turkey,
France, Cyprus, Mauritius, Morocco, Bulgaria, Tunisia, Algeria and China.
Brand Names: EZDK
and EZZ STEEL.
Operating Trend: Steady
Subject has a workforce of approximately 3,410 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
11,639,005,731 £E 14,041,689,050
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Banque Misr
El Hanoville Street
Agami
Alexandria
Tel: (20-3) 4302697
National Bank of Egypt
21, Tosson Street
Alexandria
Tel: (20-3) 4824802 / 4825715
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
Egyptian American Bank
14 Salah Salem Street
PO Box: 1737
Alexandria
Tel: (20-3) 4835008
Banque du Caire SAE
19 Adly Street
Cairo
Tel: (20-2) 33926915
Fax: (20-2) 33951713
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.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
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 |
|
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 |
|
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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.