MIRA INFORM REPORT
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Report No. : |
332067 |
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Report Date : |
15.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL FAHD STEEL FOR IMPORT |
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Registered Office : |
6 Medan Seedy Saeid Street El Sabteya, Bolak, Ramses Cairo 11221 |
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Country : |
Egypt |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
327365, Cairo |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import and distribution of stainless steel (sheets, rolls, pillars, hollow bars, scaffolding, angles, pipes, accessories, welding wires, cutting stones, abrasive tools and nails). |
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No. of Employee : |
15 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Egypt |
B2 |
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.
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Source
: CIA |
SUMMARY
Company Name : AL FAHD
STEEL FOR IMPORT
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 1999
Commercial
Registration Number : 327365,
Cairo
Tax Card Number : 241-603-684
Invested Capital :
£E 60,000
Total Workforce : 15
Activities :
Distributors of stainless steel.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Waleed Awad,
Financial Controller
COMPANY
NAME
AL FAHD STEEL FOR IMPORT
ADDRESS
Registered & Physical Address
Street : 6
Medan Seedy Saeid Street
Area : El
Sabteya, Bolak, Ramses
Town : Cairo 11221
Country : Egypt
Telephone : (20-2) 25749470
/ 25765055 / 25750027
Facsimile : (20-2) 25754322
Mobile : (20-100) 1641144 / (20-102) 8569699
Email : info@alfahdsteel.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Cairo.
KEY
PRINCIPALS
Name Position
·
Ahmed Khalaf Abd El Bary Hassan Proprietor
& General Manager
·
Fahd Khalf Abd El
Bary Hassan Sales
Manager
·
Waleed
Awad Financial
Controller
·
Fouad
Ali Administration
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1999
Legal Form :
Sole Proprietorship
Commercial
Reg. No. : 327365, Cairo
Tax
Card No. : 241-603-684
Invested Capital
: £E 60,000
Mr Ahmed Khalaf Abd El Bary Hassan is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import
and distribution of stainless steel (sheets, rolls, pillars, hollow bars,
scaffolding,
angles, pipes,
accessories, welding wires, cutting stones, abrasive tools and nails).
Import
Countries: Italy, Germany,
India and Taiwan.
International Suppliers:
·
Thyssenk Rupp Germany
·
Jindal Steel India
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales £E 9,680,000 £E 10,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Waleed Awad, Financial Controller
BANKERS
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
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|
1 |
Rs.98.20 |
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Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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 |
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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.