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Report Date : |
08.02.2013 |
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) : |
31.12.2012 |
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Date of Incorporation : |
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 : |
1,050 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source : CIA |
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 :
1,050
Activities :
Manufacture and export of power and electric cables
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EGYTECH CABLES COMPANY SAE (EL SEWEDY)
Registered &
Physical Address
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
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
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
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
Ahmed Ahmed Sadek El Sewedy Chief
Executive Officer
Ashraf Ahmed Abd El Hamid General
Manager
Taysser Hassan Finance
Manager
Ossama Mahrous 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
Name of
Shareholder (s) Percentage
El Sewedy Cables Company 99.98%
Sadek 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, Russia and South Korea
Export Countries: Saudi Arabia, Kenya, Sudan, United Arab Emirates,
Qatar, Kuwait, Bahrain and Yemen
Operating Trend: Steady
Subject has a workforce of approximately 1,050 employees.
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
3,921,618,116 £E
3,296,339,208
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.
Date of transaction May
2006
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.
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.53.14 |
|
|
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.71.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.