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MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
EGYTECH CABLES
COMPANY (EL SEWEDY) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
630, Sharkeya |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
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. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EGYTECH CABLES COMPANY (EL SEWEDY)
Country of Origin :
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
PO Box : 388
Town :
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
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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:
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Sewedy Est
4 El Dabtia Street
Attaba
Cairo
Tel : (20-2) 3911633
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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
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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
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El Sewedy for Plastic Industry (Sedplast)
13 El Obour Building
Salah Salem Street
Nasr City
Cairo
Tel : (20-2)
2623411
Fax : (20-2)
2623411
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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
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Egy Lux
21 Cleopatra Street
Heliopolis
Cairo
Tel : (20-2) 4195104
Fax : (20-2) 4195107
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Arab Company for Iron Industries
Heliopolis
Cairo
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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 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 19,280,000 £E 20,690,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
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National
Bank of Egypt
24, Sherif Street
Cairo
Tel : (20-2) 3924175
Fax : (20-2) 3924143
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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.
Date of transaction May 2006
Credit amount 350,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
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.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)