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MIRA INFORM REPORT

 

 

Report Date :            

08.04.2011

 

IDENTIFICATION DETAILS

 

Name :

ELECTRO CABLE EGYPT SAE

 

 

Registered Office :

6th of October Road (Ismailia Canal Road), Km 4.6, Mostorod Industrial Zone, Shubra El Kheima, Kaliubeya, P O Box 208, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1954

 

 

Com. Reg. No.:

1650, Shubra El Kheima

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of 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$ 2,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

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                                    : ELECTRO CABLE EGYPT SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1954

Commercial Registration Number           : 1650, Shubra El Kheima

Industrial Registration Number                : 0076080

Import Registration Number                   : 0001486

Issued Capital                                       : £E 496,388,000

Paid up Capital                                     : £E 496,388,000

Total Workforce                                     : 1,700

Activities                                               : Manufacturers of electric cables.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Recommended Credit Limit                    : US$ 2,500,000

 

 

 

COMPANY NAME

 

ELECTRO CABLE EGYPT SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 6th of October Road (Ismailia Canal Road), Km 4.6

Area                 : Mostorod Industrial Zone, Shubra El Kheima, Kaliubeya

PO Box                        : 208

Town                : Cairo

Country : Egypt

Telephone         : (20-2) 42205085 / 42205848 / 42205822 / 42202147 / 42207310 / 44756219

Facsimile          : (20-2) 22202103

Email                : ece1@soficom.com.eg

 

Premises

 

Subject operates from a large suite of offices, factory and warehousing facilities covering an area of 370,000 square metres that are owned and located in the Industrial Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       40 Talaat Harb Street                                                                        Rented office premises

Cairo

     Tel: (20-2) 25745641 / 25755774

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ahmed Mohamed Abdallah Al Husseiny                                             Chairman

 

·       Essmat Awad El Sayad                                                                    Director

 

·       Mohamed Mohamed Hassanein                                                         Director

 

·       Wedad Mohamed El Garby                                                               Director

 

·       Ali Abdallah Ali                                                                                 Director

 

·       Abd El Hady Swillam                                                                                    Director

 

·       Abd El Wadoud Abd El Kader                                                           Director

 

·       Abd El Rahman Abd El Ghany                                                          Director

 

·       Mohamed Sultan Rahoma                                                                 Director

 

·       Mahmoud Abd El Sattar El Sayed                                                     Director

 

·       Abd El Latif Attia                                                                              Production Manager

 

·       Mohamed Kamal                                                                              Sales Manager

 

·       Shebl El Sayed Sayed Ahmed                                                          Accounts Manager

 

·       Adel Meghawry                                                                                 Public Relations Manager

 

·       Ragaie El Shaer                                                                                Planning Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1954

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 1650, Shubra El Kheima

 

Industrial Reg. No.       : 0076080

 

Import Reg. No.            : 0001486

 

Authorised Capital       : £E 850,000,000

 

Issued Capital              : £E 496,388,000

 

Paid up Capital            : £E 496,388,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Egyptian businessmen and private investors                          82.29%

 

·       Misr Insurance                                                                      10.40%

 

·       Pension Funds                                                                       4.57%

 

·       Employee Shareholders Association                                       2.64%

 

·       El Sayyad Group                                                                    0.10%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of all kinds of electric cables (such as ground, telephone, high and low voltage cables and air joints) and varnish insulated copper wires.

 

Subject is ISO 9001 and 9002 certified.

 

Import Countries: India, United Kingdom and Japan

 

Export Countries: United Arab Emirates, Saudi Arabia, Yemen, Tunisia, Algeria, Sudan, Syria, Kenya, Zimbabwe, Romania, Cyprus and Malta

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,700 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 439,000,000                         £E 441,600,000

 

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

 

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

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Bank of Alexandria

     Cairo

     Tel: (20-2) 24824056 / 24836073

     Fax: (20-2) 24837468

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 35703043

Fax: (20-2) 35703172 / 35072691

 

·       Misr Iran Development Bank

PO Box: 219

Cairo

Tel: (20-2) 35757311

Fax: (20-2) 35701185

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               October 2004

Credit amount                                       150,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Subject is the largest diversified cables company in Egypt. It produces both power cables and telecommunication cables for local markets and for export as well. Approximately two thirds of revenues are derived from power cables sales to the Electricity Sector and it supplies more than 50% of the requirements of the Egyptian Electricity Authority

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.71.97

Euro

1

Rs.63.23

 

 

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

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.