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Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
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Name : |
EGYTECH CABLES COMPANY SAE (EL SEWEDY) |
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Registered Office : |
5th District Settlement, 1st District, Plot No 27 PO Box 311 Cairo 11853 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1996 |
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Com. Reg. No.: |
869 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of power and electric cables |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 30, 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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company Name :
EGYTECH CABLES COMPANY SAE (EL SEWEDY)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1996
Commercial Registration Number : 869
Tax Card Number :
207-448-965
Issued Capital :
£E 410,000,000
Paid up Capital :
£E 410,000,000
Total Workforce :
1,500
Activities :
Manufacture and export of power and electric cables
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit :
US$ 1,500,000
Person Interviewed :
Yasser El Ghandour, Finance Manager
EGYTECH CABLES COMPANY SAE (EL SEWEDY)
Location : 5th District Settlement, 1st District, Plot No 27
PO Box : 311
Town : Cairo 11853
Country : Egypt
Telephone : (20-2) 27599700
/ 27599733
Facsimile : (20-2)
27599755
Email : info@elsewedy.com
/ a.homosani@elsewedy.com / acc@elsewedy.com
Subject was previously located at the following address: 16 Baghdad
Street, El Korba, Heliopolis, PO Box 388, Cairo 11757
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
· 3rd
Industrial Zone Owned
factory premises
Sharkeya
Tenth of
Ramadan City
Tel:
(20-15) 411350/1/2/3/4/5
Fax:
(20-15) 411362 / 411366
Name Position
· 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
· Ashraf Ahmed Abd
El Hamid General
Manager
· Yasser El Ghandour Finance
Manager
· Dalia El Moghazi Purchasing
Manager
· Gamal Masrour Human
Resources Manager
· Ahmed Hassouna Marketing
Manager
· Ahmed El Homosani Public
Relations Manager
Date of
Establishment : 1996
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 869
Tax Card No. : 207-448-965
Issued Capital : £E 410,000,000
Paid up Capital : £E 410,000,000
· El Sewedy Cables
Company 99.98%
· Ahmed Sadek El
Sewedy ]
]
· Ahmed Ahmed Sadek
El Sewedy ] 0.02%
]
· Mohamed Ahmed
Sadek El Sewedy ]
Subject is a member of the El Sewedy group of companies
which consists of the following concerns:
· Sewedy Est
4 El Dabtia Street
Attaba
Cairo
Tel: (20-2)
33911633
· 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
Activities: Engaged in the manufacture and export of power and electric cables for
high, medium and low voltages, as well as posts, transformers and circuit
breakers.
Production Capacity: 14,400
tonnes of copper cables per annum
8,400 tonnes of aluminium cables per annum
Import Countries: India and Europe
Export Countries: Saudi Arabia, Kenya, Sudan, United Arab Emirates,
Qatar, Kuwait, Bahrain and Yemen
Operating Trend: Steady
Subject has a workforce of approximately 1,500 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E
3,735,361,491 £E
3,921,618,116
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
·
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box: 1825
Cairo
Tel: (20-2) 33416150
Fax: (20-2) 33420265
No complaints regarding subject’s payments have been reported.
Credit amount 350,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Established in 1996, subject is a member of the well known El Sewedy
group of companies and is involved in the manufacture and export of power and
electric cables.
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.49.79 |
|
|
1 |
Rs.78.79 |
|
Euro |
1 |
Rs.65.74 |
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 |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.