MIRA INFORM REPORT

 

 

Report Date :

07.08.2007

 

IDENTIFICATION DETAILS

 

Name :

EL SEWEDY CABLES

 

 

Registered Office :

14 Bahgdad Street, El Korba, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

2005

 

 

Com. Reg. No.:

14584

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the design, construction, management, operation, and maintenance of all kinds of electricity generating stations and network distribution.

 

 

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 :

US$ 350,000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : EL SEWEDY CABLES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2005

Commercial Registration Number            : 14584

Issued Capital                                        : ŁE 1,200,000,000

Paid up Capital                                      : ŁE 1,200,000,000

Total Workforce                                     : 5000

Line of Business                                    : Manufacture and export of power and electric cables, as well as the

                                                              design and maintenance of electricity generating stations and network

                                                              distribution.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

EL SEWEDY CABLES

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 14 Bahgdad Street

Area                 : El Korba, Heliopolis

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 4194654 / 4148366 / 2909430

Facsimile          : (20-2) 2917078 / 4170173 / 4194654

 

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Suburban Business Area of Cairo.

 

 

KEY PRINCIPALS

 

·       Sadek Ahmed Sadek El Sewedy                                Chairman

 

·       Ahmed Ahmed El Sewedy                                         Managing Director

 

·       Mohamed El Sewedy                                     Director

 

·       Hassan Abd El Salam                                               Director

 

·       Amr Labib                                                                 Director

 

·       Samir Salem                                                             Finance Manager

 

·       Ayman Salah                                                            Sales Manager

 

·       Tarek Moulina                                                           Business Development Director

 

·       Helmy Ismael                                                            Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2005

 

Legal Form                  : Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock Company)

 

Commercial Reg. No.  : 14584

 

Issued Capital              : ŁE 1,200,000,000

 

Paid up Capital            : ŁE 1,200,000,000

 

 

Name of Shareholder (s)         Percentage

 

·       Sadek Ahmed Sadek El Sewedy                                                        75%

 

·       Members of the El Sewedy family                                                       25%

 

Note to the Legal Form  

 

The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than ŁE 500,000 if shares are offered to the public and ŁE 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.

 

 

AFFILIATED COMPANIES

 

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

 

·       Egytech Cables Company (El Sewedy)

     14 Baghdad Street

     El Korba, Heliopolis

     Cairo

     Tel: (20-2) 4148366 / 4143364

     Fax: (20-2) 4148373 / 4148367

 

·       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 design, construction, management, operation, and maintenance of all kinds of electricity generating stations and network distribution.

 

Engaged in the manufacture of electrical cables, towers, transformers and terminals.

 

Import Countries : India and Europe

 

Export Countries : Syria, Libya, Algeria, United Kingdom, and Spain.

 

Subject has a workforce of approximately 5,000 employees.

 

FINANCIAL HIGHLIGHTS

 

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

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 3029069 / 3029070

Fax: (20-2) 3029068

 

·       HSBC Egypt

109 El Thawra Street

Heliopolis

Cairo

Tel: (20-2) 24142157

 

·       National Societe Generale Bank

102 Osman Ibn Affan Street

Heliopolis

Cairo

Tel: (20-2) 26445413

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 100,000:

 

Established in 2005, 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 well as the design and maintenance of electricity generating stations and network distribution.

 

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.

 

Maximum suggested credit figure: US$ 350,000

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

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