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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ACROW MISR FOR
METALLIC SCAFFOLDINGS & FORMWORKS SAE |
|
|
|
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Registered Office : |
57 El Falaky Street, Bab El Louk, Abdin, Cairo |
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Country : |
Egypt |
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Year of Establishment : |
1977 |
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Com. Reg. No.: |
185878, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the production of metal scaffoldings and metal
formworks, as well as offering installation, engineering and design services. |
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No of Employees : |
950 (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 |
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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 :
ACROW MISR FOR METALLIC SCAFFOLDINGS &
FORMWORKS
SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1977
Commercial Registration Number : 185878, Cairo
Tax Card Number : 100-047-912
Authorised Capital : £E 100,000,000
Issued Capital : £E 42,187,500
Paid up Capital : £E 42,187,500
Total Workforce : 950
Activities : Production and installation of metal scaffoldings and formworks.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ACROW MISR FOR METALLIC SCAFFOLDINGS & FORMWORKS SAE
Registered &
Physical Address
Street : 57 El Falaky Street
Area : Bab El
Louk, Abdin
Town : Cairo
Country : Egypt
Telephone : (20-2) 23931509
/ 23930631 / 23933224 / 23938181
Facsimile : (20-2) 23930181
Email : info@acrowmisr.com / investor.relations@acrow.com / sales@acrowmisr.com /
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Cairo.
Branch Office
(s)
Location Description
·
Helwan Road Owned
factory premises
Wady Houf, Helwan
Cairo
Tel:
(20-2) 23695700 / 23690739
Fax:
(20-2) 23695260
·
Free Port Building Rented
sales office
Port Said
Tel:
(20-66) 3232542
·
El Gamarek Building Rented
sales office
27 Dr Mahmoud Dawoud Street
Smouha
Alexandria
Tel:
(20-3) 4200489
Name Position
·
Ossama Kamal Mohamed El Garf Chairman
·
Arafat Mohamed Maged Sakr Director
·
El Shafaie Abd El Hay Soliman Director
·
Mohamed Rashad Sayed Okasha Director
·
Moustafa Shuman Director
·
Yehia Abd El Moneim Director
·
Mohamed El Hadidi General
Manager
·
Tarek Sobhy Seoudi Finance
Manager
·
Mohamed Ali El Faramawy Commercial
Manager
·
Reda Shaaban Production
Manager
·
Ehab El Sherif Human
Resources Manager
·
Adel
Darwish Administration
Manager
·
Mohamed
El Sherif Sales
Manager
Date of Establishment : 1977
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 185878,
Cairo
Tax Card No. : 100-047-912
Authorised Capital : £E
100,000,000
Issued Capital : £E
42,187,500
Paid up Capital : £E 42,187,500
Name of Shareholder
(s) Percentage
·
Acrow Limited 33.3%
London
United
Kingdom
· Industrial Engineering Co for Construction
& Development 33.3%
·
Arab
Contractors Investment 16.7%
·
Naser
Steel Pipes & Fittings 16.7%
Activities: Engaged in the production of
metal scaffoldings and metal formworks, as well as offering installation,
engineering and design services.
Import
Countries: United Kingdom,
Germany, China and India.
Export Countries: Kuwait, Qatar, Saudi Arabia, UAE,
Libya and Niger.
Subject has a
workforce of approximately 950 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.
·
Misr
International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
·
Suez
Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 25769296
Fax: (20-2) 25322064
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
No complaints
regarding subject’s payments have been reported.
Acrow Misr for Metallic
Scaffoldings & Formworks was established in 1977 and has since become one
of the largest designers and manufacturers of metal scaffoldings and metal
formworks.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.75 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
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.