MIRA INFORM REPORT

 

 

Report Date :           

15.12.2011

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN CO FOR MANUFACTURING ELECTRICAL INSULATORS SAE

 

 

Registered Office :

Elmoghawra 9, Sharkeya, P O Box 1645, 10th of Ramadan City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1994

 

 

Com. Reg. No.:

218

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of porcelain electrical insulators

 

 

No. of Employees :

420 persons

 

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$ 600,000

 

 

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.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : EGYPTIAN CO FOR MANUFACTURING ELECTRICAL INSULATORS

SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1994

Commercial Registration Number            : 218

Issued Capital                                        : £E 72,500,000

Paid up Capital                                      : £E 72,500,000

Total Workforce                                     : 420

Activities                                               : Manufacturers of porcelain electrical insulators.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 600,000

 

COMPANY NAME

 

EGYPTIAN CO FOR MANUFACTURING ELECTRICAL INSULATORS SAE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Elmoghawra 9

Area                 : Sharkeya

PO Box             : 1645

Town                 : 10th of Ramadan City

Country             : Egypt

Telephone         : (20-15) 411253 / 412150 / 411252 / 412560

Facsimile          : (20-15) 411255

 

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of 10th of Ramadan City.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       A1 Industrial Zone, Plot 1/4 Megwara No.9                                          Factory premises

Sharkeya

10th of Ramadan City

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ahmed Ahmed El Sewedy                                                                 Chairman                                 

 

·       Mohamed Abu Omar                                                                         Managing Director

 

·       Mohamed Abd El Rehim                                                                    Finance Manager

 

·       Mohamed Amr                                                                                  Sales Manager

 

·       Hesham El Washahy                                                                         Production Manager

 

·       Khaled Goda                                                                         Export Manager

 

·       Mohamed Abu El Noor                                                                       Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1994

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 218

 

Issued Capital              : £E 72,500,000

 

Paid up Capital            : £E 72,500,000

 

Name of Shareholder (s)                                           Percentage

 

·       El Sewedy Cables                                                     44.70%

 

·       El Sewedy Electric                                                    30.14%

 

·       National for Construction &  Development                    12.00%

 

·       Egyptian German Electric products                               8.18%

 

·       Egyptian Electricity Authority                                       2.48%

 

·       The Rural Electrication Authority                                   2.48%

 

·       City Investment Bank                                       0.01%

 

·       National Bank Egypt Group NBE                                  0.01%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of porcelain electrical insulators.

 

     Subject is ISO 9001:2000 accredited.

 

Production Capacity: 4,000 tons per year.

 

Import Countries: China, India, United Kingdom and Germany.

 

International Suppliers:

 

·       ECMEI         Germany

·       Soram          Germany

 

Export Countries: Sudan and Iraq.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 420 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 38,234,263                           £E 45,056,215

 

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)

City Centre, Plot No. 8

Tenth of Ramadan City

Tel: (20-15) 367294

Fax: (20-15) 367915

 

·       National Bank of Egypt

Sharkeya Branch

Tenth of Ramadan City

Tel: (20-15) 360833 / 360744 / 344144

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.58

UK Pound

1

Rs.82.97

Euro

1

Rs.69.89

 

 

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

----

NB

New Business

----

 

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.