MIRA INFORM REPORT

 

 

Report No. :

310462

Report Date :

07.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ACROW MISR FOR METALLIC SCAFFOLDINGS & FORMWORKS SAE

 

 

Registered Office :

57 El Falaky Street, Bab El Louk, Abdin, Cairo

 

 

Country :

Egypt

 

 

Year of Establishments :

1977

 

 

Com. Reg. No.:

185878, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the production of metal scaffoldings and metal formworks, as well as offering installation, engineering and design services.

 

 

No of Employees :

950 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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)

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 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

 

 

SUMMARY

 

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 (Approximately)

Activities                                               : Production and installation of metal scaffoldings and formworks.

Financial Condition                                : Undetermined

Payments                                             : Regular

 

COMPANY NAME

 

ACROW MISR FOR METALLIC SCAFFOLDINGS & FORMWORKS SAE

 

 

company ADDRESS

 

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 /

                           development@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

 

 

KEY PRINCIPALS

 

     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

 

 

LEGAL FORM & OWNERS

 

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%

 

 

OPERATIONS

           

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.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       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

 

 

PAYMENT HISTORY

 

Regular

 

 

GENERAL COMMENTS

 

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 company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.94.71

Euro

1

Rs.68.60

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

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