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Report No. : |
327397 |
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Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
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Name : |
UNITED COMPANY
FOR FOUNDRIES SAE |
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Registered Office : |
A1, 3rd Industrial Zone, Plot 2/4 Sharkeya 356 10th of Ramadan City |
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Country : |
Egypt |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
5601, Sharkeya |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Engaged in the
manufacture of castings and foundry products. |
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No. of Employee : |
900 |
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 – 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 |
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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 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 : UNITED
COMPANY FOR FOUNDRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian
Joint Stock Company
Registration Date : 1989
Commercial
Registration Number : 5601, Sharkeya
Industrial
Registration Number : 21779
Issued Capital : £E
290,000,000
Paid up Capital : £E
290,000,000
Total Workforce : 900
Activities :
Manufacture of castings and foundry products
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nabil Hussein
Abd El Halim, Marketing Manager
UNITED COMPANY FOR
FOUNDRIES SAE
Location : A1, 3rd
Industrial Zone, Plot 2/4
Area : Sharkeya
PO Box : 356
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 410504
/ 410505 / 410507 / 410508
Facsimile : (20-15) 410510
Mobile : (20-122) 3858170 / (20-100)
1013545
Email : asecpdd@soficom.com.eg / sales@asec-united.com
/ marketing-nabil@asec-united.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of the 10th of Ramadan City.
Branch Office
(s)
Location Description
·
3 Swiss
Company Street Sales
Office
Maadi
Cairo
Tel: (20-2) 25191232 /
25191237 / 25166456
Name Position
·
Salwa
Abdel Fattah Managing
Director
·
Ahmed Haikal Director
·
Lobna
El Desouky Director
·
Hesham
Gabr Director
·
Rezk
Hassan Director
·
Abd El Razek Mohamed Mashaly Finance
Manager
·
Mohamed Sherif Sales
Manager
·
Nohair Mohamed Shafik Export
Manager
·
Mohamed Kamal Samy Factory
Manager
·
Nabil
Hussein Abd El Halim Marketing
Manager
·
Fathi
Sayed Office
Manager
Date of Establishment : 1989
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 5601, Sharkeya
Industrial Reg. No. : 21779
Authorised
Capital : £E 500,000,000
Issued Capital : £E 290,000,000
Paid up Capital : £E 290,000,000
·
Al Qalaah for Financial Investment 49.29%
·
Holding
International Co 33.17%
·
Mansour
& Maghrabi 1.17%
·
Local businessmen
and private investors 16.37%
·
Amreya
Metal SAE
·
Alexandria
Automotive Casting
Activities: Engaged in the manufacture of castings and
foundry products.
Subject is ISO 9001, 9002 and 14001 accredited.
Production Capacity: 52,000 tons per year
Import
Countries: India, Oman,
China, Syria and Tunisia.
International Suppliers:
·
Oman Ferochrome Co LLC (INDSIL) Oman
·
Atifoman Ferrchrome India
·
Balasor Alloy India
Export
Countries: China, Spain and
GCC countries
Operating Trend: Steady
Subject has a
workforce of approximately 900 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/13: Year Ending
31/12/12:
Total Sales £E 147,375,000 £E 150,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Nabil Hussein Abd El Halim, Marketing Manager
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
National
Societe Generale Bank SAE
5 Champollion Street
Cairo
Tel: (20-2) 27707777
Fax: (20-2) 27707799
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
|
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 |
|
<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.