MIRA INFORM REPORT

 

 

Report Date :

10th May 2006

 

IDENTIFICATION DETAILS

 

Name :

EGYTECH CABLES COMPANY (EL SEWEDY)

 

 

Registered Office :

14 Baghdad Street, El Korba, Heliopolis

Cairo 11757, Egypt

 

 

Date of Incorporation :

1998

 

 

Com. Reg. No.:

630, Sharkeya

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacture and export of power & electric cables

 

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

 

Maximum Credit Limit :

EUR 500,000

 

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

Company Name

EGYTECH CABLES COMPANY (EL SEWEDY)

Country of Origin

Egypt

Legal Form

Limited Liability Partnership

Registration Date

1998

Commercial Registration Number

630, Sharkeya

Authorised Capital

£E 100,000,000

Issued Capital

£E   60,000,000

Paid up Capital

£E   60,000,000

Total Workforce

60

Line of Business

Manufacture and export of power & electric cables

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

EGYTECH CABLES COMPANY (EL SEWEDY)

 

 

ADDRESS

 

Registered & Physical Address

 

Street                   : 14 Baghdad Street

Area            : El Korba, Heliopolis

Town           : Cairo 11757

Country      : Egypt

Telephone   : (20-2) 4148366 / 4143364 / 4148370 / 6904311 / 6904312 /

                     6904313  

Facsimile    : (20-2) 4148373 / 4148367 / 6170173

Email          : info@elsewedy.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

Location                                                               Description

                                                                        

3rd Industrial Zone                                                Owned factory premises

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 411350/1/2/3/4/5

Fax: (20-15) 411362 / 411366

 

 

KEY PRINCIPALS

 

 

Ahmed El Sewedy                                                Managing Partner

 

Hesham El Sewedy                                               Partner

 

Sadek El Sewedy                                                  Partner

 

Yasser Kamal                                                        General Manager

 

Hazem El Haddad                                                 Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1998

 

Legal Form                    : Sharikat Tadhamun Bill Asshum (Limited Liability

                                        Partnership)

 

Commercial Reg. No.    : 630, Sharkeya

 

Authorised Capital        : £E 100,000,000

 

Issued Capital               : £E   60,000,000

 

Paid up Capital             : £E   60,000,000

 

Name of Partner (s)

 

Ahmed El Sewedy

 

Hesham El Sewedy

 

Sadek El Sewedy

 

 

AFFILIATED COMPANIES

 

Subject is a member of the El Sewedy group of companies which consists of the following concerns:

 

Sewedy Est

4 El Dabtia Street

Attaba

Cairo

Tel : (20-2) 3911633

 

Arab Cables & Electrical Industries

1st Industrial Zone

Sharkeya

Tenth of Ramadan City

Tel : (20-15) 363861

 

United Industries Company El Sewedy

16 El Khartoum Street, 4th Floor

Heliopolis

Cairo

Tel: (20-2) 4144380 / 4144381

Fax: (20-2) 2905844 / 4144382

 

Arab Cement Company SAE

14 Baghdad Street

Korba, Heliopolis

Cairo

Tel : (20-2) 4182701

 

El Sewedy Engineering & Distribution Co (Sedco)

El Obour Buildings, No. 5

12 Salah Salem Street

Nasr City

PO Box : 136

Cairo

Tel : (20-2) 2614796 / 2623776

Fax : (20-2) 2639155

 

El Sewedy for Plastic Industry (Sedplast)

13 El Obour Building

Salah Salem Street

Nasr City

Cairo

Tel : (20-2) 2623411

Fax : (20-2) 2623411

 

El Sewedy Electrical Equipment & Cables

14 Saray El Azbakia Street

PO Box : 1604

Cairo

Tel : (20-2) 5912310 / 5911299 / 5911545

Fax : (20-2) 5910583

Email : elsewedy@link.com.eg

 

Egy Lux

21 Cleopatra Street

Heliopolis

Cairo

Tel : (20-2) 4195104

Fax : (20-2) 4195107

 

Arab Company for Iron Industries

Heliopolis

Cairo

 

El Sewedy Electrical Supplies (Zaki El Sewedy & Co)

Alfy Street

El Azbakiya

Cairo

Tel : (20-2) 5741088 / 5918905 / 5741197 / 5890316

Fax : (20-2) 5771959

 

 

LINE OF BUSINESS

 

Operations : Engaged in the manufacture and export of power and electric cables for high, medium and low voltages, as well as posts, transformers and circuit breakers.

 

Import Countries : India and Europe

 

Export Countries : Saudi Arabia, Kenya, Sudan, United Arab Emirates, and Yemen.

 

Operating Trend : Steady

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Egyptian Pounds (£E)

 

                                      Year Ending 31/12/04:           Year Ending 31/12/05:

 

Total Revenue                £E 17,900,000                         £E 19,280,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box : 2430

Cairo

Tel : (20-2) 5703043

Fax : (20-2) 5703172 / 5072691

 

National Bank of Egypt

24, Sherif Street

Cairo

Tel : (20-2) 3924175

Fax : (20-2) 3924143

 

Egyptian American Bank

4 & 6 Hassan Sabri

Zamalek

PO Box : 1825

Cairo

Tel : (20-2) 3416150

Fax : (20-2) 3420265

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of EUR 350,000

 

Established in 1998, subject is a member of the well known El Sewedy group of companies and is involved in the manufacture and export of power and electric cables.

 

As far as payment obligations are concerned, nothing detrimental has been heard regarding the manner in which they are conducted and as such the company is deemed a sound trade risk and the above credit figure is deemed admissible.

 

Maximum suggested credit figure: EUR 500,000

 

 

 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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions