MIRA INFORM REPORT

 

 

Report Date :           

19.12.2011

 

IDENTIFICATION DETAILS

 

Name :

EGYPT FOR TRADING AND ENGINEERING CO SAE (ETE)

 

 

Registered Office :

25/31 Hamouda Mahmoud Street, Nasr City, 8th Zone, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1995

 

 

Com. Reg. No.:

18077, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Providers of IT solutions and products

 

 

No. of Employees :

84 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$ 300,000

 

 

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                                     : EGYPT FOR TRADING AND ENGINEERING CO SAE (ETE)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1995

Commercial Registration Number            : 18077, Cairo

Tax Card Number                                   : 330-418-790

Issued Capital                                        : £E 10,000,000

Paid up Capital                                      : £E 10,000,000

Total Workforce                                     : 84

Activities                                               : Providers of IT solutions and products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 300,000

 

COMPANY NAME

 

EGYPT FOR TRADING AND ENGINEERING CO SAE (ETE)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 25/31 Hamouda Mahmoud Street

Area                 : Nasr City, 8th Zone

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 26701370 / 26701372 / 26705477 / 26701374

Facsimile          : (20-2) 26701374 / 26701345

Email                : sales@ete-it.com / ete@worldnet.com.eg

 

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

 

·       Souk El Asr                                                                                      Showroom premises

50 El Khalifa El Maamoun Street

Cairo

Tel: (20-2) 24506073

 

·       3 Gameat El Dewal El Arabia Street                                                   Showroom premises

Mohandessin

Cairo

Tel: (20-2) 23033690

 

·       3 Sphinx Square                                                                               Showroom premises                  

Sphinx Computer Mall

Mohandessin

Giza

 

·       Sudan Street                                                                                    Showroom premises      

El Sudan Computer Mall

Mohandessin

Giza

 

·       IT Mall                                                                                              Showroom premises      

M

Nasr City

Cairo

 

·       31 Gamal Diwidar Street                                                                    Showroom premises      

Makram Ebeid

Nasr City

Cairo

 

·       Tatbekyin Complex                                                                            Factory premises

Industrial Zone

Badr City

Helwan

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Mohamed Abd El Aziz El Sayed                                                         Chairman

·       Khaled Nasr El Din Hamed                                                                 Vice Chairman

·       Ossama Ayoub                                                                                 Finance Manager

·       Ahmed Hamza El Nabarawy                                                               Accounting Manager

·       Wael Hussein Reda                                                                           Sales Manager

·       Mamdouh Mohamed Ramadan                                                           Maintenance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1995

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 18077, Cairo

 

Tax Card No.               : 330-418-790

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                        Percentage

 

·       Mohamed Abd El Aziz El Sayed                                 20%

 

·       Khaled Nasr El Din Hamed                                         20%

 

·       Wael Hussein Reda                                                   20%

 

·       Engy Mohamed Abd El Aziz El Sayed                        20%

 

·       Dina Mohamed Abd El Aziz El Sayed                         20%

 

 

AFFILIATED COMPANIES

 

·       Digital Age

Jebel Ali Free Zone

Dubai

United Arab Emirates

Tel: (971-4) 8832336 / 8832337

 

·       Al Arabi Pharma Group

31 Hamouda Mohamoud Street

Nasr City, 8th Zone

Cairo

Egypt

Tel: (20-2) 6701370

Fax: (20-2) 6701345

 

·       Egypt for Technology & Engineering SAE

31 Hamouda Mohamoud Street

Nasr City, 8th Zone

Cairo

Egypt

Tel: (20-2) 26701370

Fax: (20-2) 26701345

 

 

OPERATIONS

 

Activities: Engaged in the provision of IT solutions and products, including PC and PC components, medical

                 systems, system display and projectors, laptops and servers.

 

Import Countries: Taiwan, Thailand, Japan, China, United States of America, United Arab Emirates and the

                              Netherlands.

 

Agencies Held:

 

·       Draper

·       Global Technology

·       Sony BPE

·       Foxconn

·       Galaxy

·       Hitachi

 

Export Countries: Libya, Sudan, Syria, United Arab Emirates.

 

Brand Names: ETE ENVISION, EPSON, HP and SONY

 

Operating Trend: Steady

Subject has a workforce of 84 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 46,380,000                           £E 48,039,196

 

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

 

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

 

 

BANKERS

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

·       National Bank of Egypt

24, Sherif Street

     Cairo

     Tel: (20-2) 23924175

     Fax: (20-2) 23924143

 

·       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.

 

 

 

GENERAL COMMENTS

 

Egypt For Trading And Engineering Co SAE (ETE) has been in business since 1995 and enjoys a good reputation for the quality of its products and services. The business stocks a number of well known brands such as “Epson” “HP” and “Sony”.

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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.