MIRA INFORM REPORT

 

 

Report Date :           

10.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

EL SEWEDY CABLES CO SAE

 

 

Registered Office :

14 Baghdad Street, El Korba, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

01.09.2005

 

 

Com. Reg. No.:

14584

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of power and electric cables, as well as the design  and maintenance of electricity generating stations and network distribution

 

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$ 1,500,000

Status :

Good

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 – 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                                     : EL SEWEDY CABLES CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1st September 2005

Commercial Registration Number            : 14584

Tax Card Number                                   : 613-540-859

Issued Capital                                        : £E 1,322,000,000

Paid up Capital                                      : £E 1,322,000,000

Total Workforce                                     : 2,500

Activities                                               : Manufacture and export of power and electric cables, as well as the

design  and maintenance of electricity generating stations and network distribution.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

COMPANY NAME

 

EL SEWEDY CABLES CO SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 14 Baghdad Street

Area                 : El Korba, Heliopolis

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 24194654 / 24148366 / 22909430

Facsimile          : (20-2) 22917078 / 24170173 / 24194654

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Suburban Business Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sadek 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

 

·       Hesham El Khezendar                                                                       Director

 

·       Yaser El Gamaly                                                                               Director

 

·       Hazem El Haddad                                                                             Finance Manager

 

·       Amr Sadek                                                                                       Human Resources Manager

 

·       Ayman Saleh                                                                                    Export Manager

 

·       Hassan Abd El Salam                                                                       Production Manager

 

·       Amr El Bagoury                                                                                Marketing Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st September 2005

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 14584

 

Tax Card No.               : 613-540-859

 

Issued Capital              : £E 1,322,000,000

 

Paid up Capital            : £E 1,322,000,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Sadek Ahmed Sadek El Sewedy                                            23.6%

 

·       Ahmed Ahmed Sadek El Sewedy                                           23.6%

 

·       Mohamed Ahmed Sadek El Sewedy                                       17.5%

 

·       Local businessmen and private investors                                 35.3%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the El Sewedy group of companies which consists of the following concerns:

 

·       Egytech Cables Company (El Sewedy)

     14 Baghdad Street

     El Korba, Heliopolis

     Cairo

     Tel: (20-2) 24148366 / 24143364

     Fax: (20-2) 24148373 / 24148367

 

·       Sewedy Est

4 El Dabtia Street

Attaba

Cairo

Tel : (20-2) 33911633

 

·       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) 24144380 / 24144381

     Fax: (20-2) 22905844 / 24144382

 

·       Arab Cement Company SAE

14 Baghdad Street

Korba, Heliopolis

Cairo

Tel : (20-2) 24182701

 

·       El Sewedy Engineering & Distribution Co (Sedco)

El Obour Buildings, No. 5

12 Salah Salem Street

Nasr City

PO Box : 136

Cairo

Tel : (20-2) 22614796 / 22623776

Fax : (20-2) 22639155

 

·       El Sewedy for Plastic Industry (Sedplast)

13 El Obour Building

     Salah Salem Street

     Nasr City

     Cairo

     Tel : (20-2) 22623411

     Fax : (20-2) 22623411

 

·       El Sewedy Electrical Equipment & Cables

14 Saray El Azbakia Street

PO Box : 1604

Cairo

Tel : (20-2) 25912310 / 25911299 / 25911545

Fax : (20-2) 25910583

Email : elsewedy@link.com.eg

 

·       Egy Lux

21 Cleopatra Street

Heliopolis

Cairo

Tel : (20-2) 24195104

Fax : (20-2) 24195107

 

·       Arab Company for Iron Industries

Heliopolis

Cairo

 

·       El Sewedy Electrical Supplies (Zaki El Sewedy & Co)

Alfy Street

       El Azbakiya

       Cairo

       Tel : (20-2) 25741088 / 25918905 / 25741197 / 25890316

       Fax : (20-2) 25771959

 

·       Egyptian Company for Advanced Industries

 

·       United Metals Co

 

·       Sedplast Co

 

·       Elasty Mould

 

·       United Wires Co

 

·       Red Sea Co for Copper

 

·       Pyramids Industrial Urban Development

 

·       El Sewedy Sedco for Petroleum Services

 

·       Iskra Emco Energy Measurement

 

·       Iskra Emco Slovenia

 

·       Power System Projects Company

 

·       Desert Wind Company

 

·       Wind Blades Company

 

 

OPERATIONS

 

Activities: Engaged in the design, construction, management, operation, and maintenance of all kinds of electricity generating stations and network distribution.

 

Engaged in the manufacture of electrical cables, towers, transformers and terminals.

 

Import Countries: India and Europe

 

Export Countries: Syria, Libya, Algeria, United Kingdom and Spain

 

Operating Trend: Steady

 

Subject has a workforce of approximately 2,500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

Consolidated Balance Sheet                                                               31/12/09            31/12/08

 

Consolidated Statement of Income

 

 

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

 

 

BANKERS

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 3029069 / 3029070

Fax: (20-2) 3029068

 

·       HSBC Egypt

109 El Thawra Street

Heliopolis

Cairo

Tel: (20-2) 24142157

 

·       National Societe Generale Bank

102 Osman Ibn Affan Street

Heliopolis

Cairo

Tel: (20-2) 26445413

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.02

UK Pound

1

Rs.72.70

Euro

1

Rs.62.54

 

 

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.