MIRA INFORM REPORT

 

 

Report Date :

06.04.2011

 

 

Name :	INTERNATIONAL CABLES CO SAE
Registered Office :	El Shams Building, 102B El Merghani Street, Heliopolis, Cairo
Country :	Egypt
Financials (as on) :	31.12.2010
Year of Establishment :	1982
Com. Reg. No.:	70545, Sharkeya
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Manufacture and export of cables

 

 

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$ 700,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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.

 

 

 

Country Name	Previous Rating                    (30.09.2010)	Current Rating (31.12.2010)
Egypt	a2	a2

 

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

 

SUMMARY

 

Company Name                                     : INTERNATIONAL CABLES CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Start Date                                             : 1982

Registration Date                                   : 1993

Commercial Registration Number            : 70545, Sharkeya

Issued Capital                                        : £E 116,000,000

Paid up Capital                                      : £E 116,000,000

Total Workforce                                     : 520

Activities                                               : Manufacture and export of cables.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

 

COMPANY NAME

 

INTERNATIONAL CABLES CO SAE

 

 

company ADDRESS

 

Registered & Physical Address

Building             : El Shams Building

Street               : 102B El Merghani Street

Area                 : Heliopolis

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22906371 / 22907257 / 22907258

Facsimile          : (20-2) 22904900

Email                : icc@datun.com.eg / icc@intlcables.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

 

·       Industrial Zone A2, Plot 8/6                                                                Owned factory premises covering an

Sharkeya                                                                                          area of 48,000 square metres

     Tenth of Ramadan City

     Tel: (20-15) 413016 / 413017

     Fax: (20-15) 413018

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Mamdouh Khalaf                                                                Chairman

 

·       Ghassan Bolbol                                                                                Director

 

·       Mohamed Mamdouh Khalaf                                                                General Manager

 

·       Mohamed El Werary                                                                          Finance Manager

 

·       Samir Abd El Maksoud                                                                      Accounts Manager

 

·       John Claude Mailhot                                                                          Export Manager

 

·       Medhat Mamdouh Khalaf                                                                   Factory Manager

 

·       Baher Arafa                                                                                      Purchasing Manager

 

·       Tarek Gomaa                                                                                    Sales Manager

 

·       Antoine Caspar                                                                                 Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1982, however it was registered in 1993.

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 70545, Sharkeya

 

Issued Capital              : £E 116,000,000

 

Paid up Capital            : £E 116,000,000

 

Name of Shareholder (s)

 

·       Mohamed Mamdouh Khalaf

 

·       Lebanon Cables Company

Beirut

     Lebanon

     Tel: (961-1) 350040

     Fax: (961-1) 350042

 

·       Nexans

8 rue du Général Foy
75008 Paris
Tel: (33-1) 73238400
Fax: (33-1) 73238484

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of thermal wires, high frequency cables, motor rolled wires, low  pressure cables, cable immersed in water, telephone cables, control cables, flexible cables, PVC compound and rubber insulated cables.

 

Subject’s clients include North Cairo Electricity Distribution Company, Canal Electricity Distribution Company, North Delta Electricity Distribution Company, South Delta Electricity Distribution Company, Middle Egypt Electricity Distribution Company, Upper Egypt Electricity Distribution Company, Alexandria Electricity Distribution Company, Telecom Egypt Electricity Distribution Company, Bahira Electricity Distribution Company and Egypt Electricity Transmission Company

 

Production Capacity: 4,000 tonnes per year.

 

Import Countries : United Kingdom, Germany, South Korea and India.

 

Export Countries : Libya, United Arab Emirates, Italy, Cyprus, France, United Kingdom and Mexico.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 520 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 275,000,000                         £E 281,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       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

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              September 2007

Credit amount                                        100,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk and the above credit figure is within subject’s financial means.

 

 

 

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.45
UK Pound	1	Rs.71.59
Euro	1	Rs.63.01

 

 

 

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.