|
Report No. : |
333887 |
|
Report Date : |
05.08.2015 |
|
|
|
|
Tel No.: |
38204721/4723 |
|
Fax No.: |
38204724 |
IDENTIFICATION DETAILS
|
Name : |
EL OLA FOR
TRADING STEEL AND CEMENT |
|
|
|
|
Registered Office : |
15 B El Shaheed
El Refaey Association Building, Floor 1, Saray El Koba Square, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Date of Incorporation : |
Subject's
operations date back to 1955, however it was registered on 25th
June 2003 |
|
|
|
|
Com. Reg. No.: |
9984, Cairo |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Import,
Manufacture and Distribution of Reinforced Steel, Iron and Related Products. |
|
|
|
|
No. of Employees : |
1,800 |
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 |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 pursued business climate reforms to attract foreign
investment and facilitate growth. Poor living conditions and limited job
opportunities for the average Egyptian contribute to public discontent, a major
factor leading to the January 2011 revolution that ousted Mubarak. The uncertain
political, security, and policy environment since 2011 caused economic growth
to slow significantly, hurting tourism, manufacturing, and other sectors and
pushing up unemployment. Weak growth and limited foreign exchange earnings have
made public finances unsustainable, leaving authorities dependent on expensive
borrowing for deficit finance and on Gulf allies to help cover the import bill.
Egypt's current Constitution passed in a referendum that took place in January
2014.
|
Source
: CIA |
Company Name : EL OLA FOR
TRADING STEEL AND CEMENT
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Start Date :
1955
Registration Date : 25th
June 2003
Commercial
Registration Number : 9984,
Cairo
Authorised Capital : £E 300,000,000
Issued Capital : £E
31,625,000
Paid up Capital : £E
31,625,000
Total Workforce :
1,800
Activities :
Manufacture and distribution of reinforced steel and iron
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
EL OLA FOR TRADING
STEEL AND CEMENT
Building : 15 B El Shaheed El
Refaey Association Building, Floor 1
Area : Saray El Koba Square
Town : Cairo
Country : Egypt
Telephone : (20-2) 24500071 / 24513265
Facsimile : (20-2) 24510308
Email : info@elolasteel.com / adelhanna@yahoo.ca
Please note that
subject’s previous address was Ring Road, End of Upper Abeis Bridge, Khorshid
Al Qebleyah, Qism El-Raml,
Alexandria.
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office
(s)
·
Km 23
Alex Matrouh Desert Road
North Coast
Alexandria
·
Km 30
Alex Cairo Desert Road
Amreya
Alexandria
·
10th
of Ramadan Road
El Tayara Square
Ezbet El Salam
Belbeis
El Sharkeya
·
Piece
252 2nd Service Spine
3rd Industrial Zone
6th of October City
Giza
·
Piece
103 2nd Service Spine
3rd Industrial Zone
6th of October City
Giza
Name Nationality Position
·
Hussein
Mohamed Mohamed Ali El Din Egyptian Chairman
·
Hamdy
Mohamed Mohamed Ali El Din Egyptian Managing Director
·
Samir
Shehata Hamido Egyptian Director
·
Samir
Mohamed Mohamed Ali El Din Egyptian Director
·
Mohamed
Hussein Mohamed Mohamed Ali El Din Egyptian Director
·
Mohamed
Samir Mohamed Ali El Din - Branch
Manager
·
Gamal
Ibrahim - Finance
Manager
·
Islam
Omran - Import
Manager
Date of Establishment : Subject's
operations date back to 1955, however it was registered on 25th June
2003
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 9984, Cairo
Authorised Capital : £E
300,000,000
Issued Capital : £E 31,625,000
Paid up Capital : £E 31,625,000
·
Hussein
Mohamed Mohamed Ali El Din
·
Hamdy
Mohamed Mohamed Ali El Din
·
Samir
Shehata Hamido
·
Samir
Mohamed Mohamed Ali El Din
·
Mohamed
Hussein Mohamed Mohamed Ali El Din
·
Al
Jazzera Construction
·
Egyptian
British Company for Automobile Manufacturing
Activities: Engaged in the import, manufacture and
distribution of reinforced steel, iron and related products.
Production Capacity: 20,000 tons per month
Import
Countries: Europe, Ukraine,
India, China, Russia, Turkey and Spain
Local Clients:
·
Al Ezz
Dekheila Steel Company
·
Ezz
Steel
·
Beshay
Steel
·
Cemex
Subject has a
workforce of approximately 1,800 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.
·
Alexandria
International Bank SAE
29 El Nabi Daniel Street
Alexandria
·
Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
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.63.93 |
|
|
1 |
Rs.99.82 |
|
Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NIT |
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.