MIRA INFORM REPORT

 

 

Report Date :

09.12.2013

           

IDENTIFICATION DETAILS

 

Name :

ELECTROSTAR CO FOR ENGINEERING INDUSTRIES SAE

 

 

Registered Office :

3 Sabah Street Nasr El Din, Pyramids, Giza PO Box 2 Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1980

 

 

Com. Reg. No.:

104, 6th of October City

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of refrigerators (such as catering refrigerators and deep refrigerators), freezers and refrigeration spare parts and accessories, as well as other household appliances.

 

 

No. of Employees :

1,500

 

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

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EGYPT - ECONOMIC OVERVIEW

 

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013

Source : CIA

SUMMARY

 

Company Name                                     : ELECTROSTAR CO FOR ENGINEERING INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1980

Commercial Registration Number            : 104, 6th of October City

Tax Card Number                                   : 212-261-525

Issued Capital                                        : £E 60,004,900

Paid up Capital                                      : £E 60,004,900

Total Workforce                                     : 1,500

Activities                                               : Manufacturers of refrigerators and freezers.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

 

COMPANY NAME

 

ELECTROSTAR CO FOR ENGINEERING INDUSTRIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 3 Sabah Street

Area                 : Nasr El Din, Pyramids, Giza

PO Box             : 2

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 27807400 / 27808400 / 27809400 / 27810400 / 27811400

Facsimile          : (20-2) 25842600

Mobile               : (20-12) 2381774

Email                : handasia@electrostar-egypt.com

 

Premises

 

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

 

·       Plot No. 266/267                                                       Owned factory premises covering

Street No. 34                                                            an area of 100,000 square metres.

1st Industrial Zone

Sixth of October City

Tel: (20-2) 38330948 / 38330978 / 38320016

Fax: (20-2) 38331318 / 38330430

 

·       58 Guisr El Suez Street                                             Office premises

Tel: (20-2) 26207657 / 26207658

Fax: (20-2) 26208603 / 26207657

 

·       3 Abd El Alim El Khouly Street                                   Office & showroom premises

El Matariya

Cairo

Tel: (20-2) 22833572 / 22833585

 

·       1H El Nozha Street                                                   Office & showroom premises

Heliopolis

Cairo

 

·       46 Ali Basha Ibrahim Street                                        Office & showroom premises

     Sidi Beshr

     Alexandria

 

·       146 Khaled Ibn El Waleed Street                                Office & showroom premises

     Alexandria

 

·       6 Zaki Ragab Street                                                   Office & showroom premises

Smoha

     Alexandria

     Tel: (20-3) 4242739 / 5400170

 

·       24 Ebn Sinai Street                                                   Office & showroom premises

Mansourah

     Tel: (20-50) 363309

 

·       8 El Messaha Street                                                  Office & showroom premises

Assiout

     Tel: (20-88) 320767

 

·       103, 15th of May Street                                             Office & showroom premises

     Nagga Hammadi

Tel: (20-96) 582842

 

 

KEY PRINCIPALS

 

     Name                                                                       Position

 

·       Mohamed Ahmed Mohamed El Menoufy                     Managing Director

 

·       Gouda Ahmed Mohamed El Menoufy                          Director

 

·       Khaled Ahmed Mohamed El Menoufy                          Director

 

·       Dr. Maissara Ahmed Mohamed El Menoufy                 Director

 

·       Youssry Ahmed Mohamed El Menoufy                        Director

 

·       Farrouk Hosny                                                          General Manager

 

·       Omar El Laithy                                                          Finance Manager

 

·       Adel Fayek Bekhit                                                     Factory Manager

 

·       Sami Ibrahim                                                            Human Resources Manager

 

·       Hassan Salem                                                          Accounts Manager

 

·       Ismail Moustafa                                                         Public Relations Manager

 

·       Ahmed Fouad                                                           Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1980

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 104, Sixth of October City

 

Tax Card No.               : 212-261-525

 

Issued Capital              : £E 60,004,900

 

Paid up Capital            : £E 60,004,900

 

Name of Shareholder (s)                                    

 

·       Mohamed Ahmed Mohamed El Menoufy

 

·       Gouda Ahmed Mohamed El Menoufy

 

·       Khaled Ahmed Mohamed El Menoufy

 

·       Dr. Maissara Ahmed Mohamed El Menoufy

 

·       Youssry Ahmed Mohamed El Menoufy

 

·       Ms Nabila Ahmed Mohamed El Menoufy

 

·       Ahmed Maissara Ahmed Mohamed El Menoufy

 

·       Ahmed Khaled Ahmed Mohamed El Menoufy

 

·       Ahmed Youssry Ahmed Mohamed El-Menoufy

 

·       Ahmed Gouda Ahmed Mohamed El Menoufy

 

·       Ahmed Mohamed Ahmed Mohamed El Menoufy

 

·       Ayman Mohamed Ahmed Mohamed El Menoufy

 

·       Haytham Gouda Ahmed Mohamed El Menoufy

 

·       Eman Youssry Ahmed Mohamed El Menoufy

 

·       Raghda Khaled Ahmed Mohamed El Menoufy

 

·       Gihan Gouda Ahmed Mohamed El Menoufy

 

·       Yasmine Gouda Ahmed Mohamed El Menoufy

 

·       Karim Maissara Ahmed Mohamed El Menoufy

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of refrigerators (such as catering refrigerators and deep refrigerators),

     freezers and refrigeration spare parts and accessories, as well as other household appliances.

 

                  Subject was awarded the ISO 9001 certificate in 1997

 

Production Capacity: 180,000 refrigerators per annum

 

Import Countries: Italy, Sweden, Spain, South Korea, China, Brazil, Lebanon, Syria, Turkey, United States of

                               America and France.

 

International Suppliers:

 

·       Zanussi                    Italy

·       Scariouy                   Italy

·       Sabaf                       Italy

·       Defendi                     Italy

·       Electrolux                 Sweden

·       Samsung                  South Korea

 

Export Countries: Russia, Ukraine, Romania, Libya, Uganda, Angola, Kenya, Jordan, Iraq, Algeria, Tunisia, Yemen,

     Israel, Zimbabwe, Slovenia, Kazakhstan and Kuwait.

 

Brand Names: ELECTROSTAR

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

                                                                                                                                               

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Sales                                £E 193,553,000                         £E 219,502,124

 

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

 

·       Egyptian British Bank SAE

Zamalek Abou El Feda Building

Abou El Feda Street

Cairo

Tel: (20-2) 33404849 / 33408938

Fax: (20-2) 33414010

 

·       National Societe Generale Bank

53 Shoubra Street

Cairo

Tel: (20-2) 25771351

 

·       National Bank of Abu Dhabi

Nile Tower, 18th Floor

21 Giza Street

Cairo

Tel: (20-2) 33609724

 

 

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.61.67

UK Pound

1

Rs.100.65

Euro

1

Rs.84.25

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.