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Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
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Name : |
GREATER CAIRO FOUNDRIES CO SAE |
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Registered Office : |
Industrial Zone, Plot No. 28, Abbasseya, PO Box 1247, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
274356 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of casting products, ductile iron fittings,
flanged pipes, valves, couplings and adapters. Subject’s services include casting,
machining, testing, inspection labs, painting facilities, and engineering
services. |
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No of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
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Risk Category |
ECGC
Classification |
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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 :
GREATER CAIRO FOUNDRIES CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1984
Commercial Registration Number :
274356, Cairo
Industrial Registration Number :
4030
Issued Capital :
£E 90,000,000
Paid up Capital :
£E 90,000,000
Total Workforce :
200
Activities :
Manufacturers of casting products, ductile iron fittings, flanged pipes,
valves,
couplings and adapters.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Eslam Yehia, Finance Manager
GREATER CAIRO FOUNDRIES CO SAE
Registered &
Physical Address
Location : Industrial
Zone, Plot No. 28, Abbasseya
PO Box : 1247
Town : Cairo
Country : Egypt
Telephone : (20-2) 26857517
Facsimile : (20-2)
26857517
Mobile : (20-10)
5395231 / 5501550 / 5396591 / (20-122) 3434027 /
(20-100) 1829930
Email : sales@gcf.com.eg
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
Building 4W, Square 1226 Office
premises
Sheraton Residence
Heliopolis
Cairo
Tel: (20-2) 22692562 / 22683772 / 22684392 / 22672700
Fax: (20-2) 22672700 / 22683778 / 22684392
Anshas Desert Road Factory
premises
Belbeis
Sharkeya
Tel: (20-55) 2642031 / 2642030
Fax: (20-55) 2642030 / 2642031
Name Position
Bahy El Din El Sayed El Ashram Chairman
Sherif El Sayed El Ashram Director
Ahmed El Sayed El Ashram Director
Magdy Mohamed Gamal El Din Factory Manager
Michael Salaamah Export
Manager
Sanaa Noah Purchasing
Manager
Sabee Sayed Ahmed Administration Manager
Eslam Yehia Finance
Manager
Date of Establishment : 1984
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 274356, Cairo
Industrial Reg. No. : 4030
Issued Capital : £E 90,000,000
Paid up Capital : £E 90,000,000
Name of Shareholder (s)
Bahy El Din El Sayed El Ashram
Sherif El Sayed El Ashram
Ahmed El Sayed El Ashram
Local businessmen and private investors
Greater Cairo
Foundries FZCO
Jebel Ali Free Zone
Dubai
United Arab
Emirates
Tel: (971-4)
8872602
Activities: Engaged in the manufacture of casting products, ductile iron fittings,
flanged pipes, valves, couplings and adapters. Subject’s services include
casting, machining, testing, inspection labs, painting facilities, and
engineering services.
Production Capacity: 10,000 tons per year.
Import Countries: Europe, South Africa, India, China and the United
States of America.
Export Countries: Algeria, Yemen, Syria, Lebanon and Saudi Arabia.
Operating Trend: Steady
Subject has a workforce of approximately 200 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 Sales £E
143,600,000 £E
150,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Eslam Yehia, Finance Manager
Al Baraka Bank Egypt SAE
60 Mohie Elddin Abu El Ezz Street
Dokki
Cairo
Tel: (20-2) 37481222
Fax: (20-2) 37611436
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.61.68 |
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|
1 |
Rs.96.94 |
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Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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.