MIRA INFORM REPORT

 

 

Report Date :

05.09.2008

 

 

IDENTIFICATION DETAILS

 

Name :

EGYTECH CABLES COMPANY (EL SEWEDY)

 

 

Registered Office :

16 Baghdad Street, El Korba, Heliopolis, PO Box 388,  Cairo 11757

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2007

 

 

Year of Establishment  :

1996

 

 

Com. Reg. No.:

630, Sharkeya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and Export of power and electric cables

 

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

 

Maximum Credit Limit :

US$ 1,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                                     : EGYTECH CABLES COMPANY (EL SEWEDY)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1996

Commercial Registration Number            : 630, Sharkeya

Authorised Capital                                  : £E 180,000,000

Issued Capital                                        : £E 111,000,000

Paid up Capital                                      : £E 111,000,000

Total Workforce                         : 950

Activities                                               : Manufacture and export of power and electric cables

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

 

 

 

COMPANY NAME

 

EGYTECH CABLES COMPANY (EL SEWEDY)

 

 

ADDRESS

 

Registered & Physical Address

Street               : 16 Baghdad Street

Area                 : El Korba, Heliopolis

PO Box             : 388

Town                 : Cairo 11757

Country : Egypt

Telephone         : (20-2) 24148366 / 24143364 / 26904311 / 26904312 / 26904313

Facsimile          : (20-2) 24148373 / 24148367 / 26170173

Email                : info@elsewedy.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

 

·       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

 

     Name                                                                                               Position

 

·       Ahmed Sadek El Sewedy                                                                  Chairman

 

·       Ahmed Ahmed Sadek El Sewedy                                                       Managing Director

 

·       Mohamed Ahmed Sadek El Sewedy                                                   Director

 

·       Hassan Abd El Salam                                                                       Director

 

·       Amr Labib                                                                                         Director

 

·       Ashraf Ahmed Abd El Hamid                                                              General Manager

 

·       Hassan Swelam                                                                                Finance Manager

 

·       Dalia El Moghazi                                                                               Purchasing Manager

 

·       Gamal Masrour                                                                                 Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1996

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 630, Sharkeya

 

Authorised Capital       : £E 180,000,000

 

Issued Capital              : £E 111,000,000

 

Paid up Capital            : £E 111,000,000

 

Name of Shareholder (s)                                               Percentage

 

·       El Sewedy Cables Company                                         99.98%

 

·       Ahmed Sadek El Sewedy                                          ]

                                                                                    ]

·       Ahmed Ahmed Sadek El Sewedy                               ]    0.02%

                                                                                    ]

·       Mohamed Ahmed 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

 

 

OPERATIONS

 

Activities: 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.

 

Production Capacity:   14,400 tonnes of copper cables per annum

                                      8,400 tonnes of aluminium cables per annum

 

Import Countries: India and Europe

 

Export Countries: Saudi Arabia, Kenya, Sudan, United Arab Emirates, Qatar, Kuwait, Bahrain and Yemen

 

Operating Trend: Steady

 

Subject has a workforce of approximately 950 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                            Year Ending 31/12/07:

 

Total Sales                                            £E 2,317,430,000

 

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

 

 

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.

 

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 1996, 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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.26

UK Pound

1

Rs.79.19

Euro

1

Rs.64.42

 

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.

 

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