MIRA INFORM REPORT

 

 

Report Date :

08.02.2013

 

IDENTIFICATION DETAILS

 

Name :

GIZA CABLES EL SEWEDY

 

 

Registered Office :

El Safady Building, 2nd Floor, 72 El Nozha Street, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1985

 

 

Com. Reg. No.:

63660

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of aluminum and copper electrical cables, wires and conductors.

 

 

No. of Employees :

650

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – 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

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 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

 

 

 

 

SUMMARY

 

Company Name                                     : GIZA CABLES EL SEWEDY

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1985

Commercial Registration Number                        : 63660, Giza

Industrial Registration Number                 : 131870

Tax Card Number                                   : 100-072-135

Issued Capital                                        : £E 157,675,900

Paid up Capital                                      : £E 157,675,900

Total Workforce                                     : 650

Activities                                               : Manufacture and export of aluminum and copper electrical cables, wires and conductors.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

GIZA CABLES EL SEWEDY

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : El Safady Building, 2nd Floor

Street               : 72 El Nozha Street

Area                 : Heliopolis

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22690991 / 24152371 / 24152372

Facsimile          : (20-2) 22690992 / 24152470

Mobile               : (20-122) 3999591

Email                : matta@gizaelsewedy.com

 

Premises

 

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

 

Please note that subject’s previous address was, 1 El Fayoum Street, El Korba, Heliopolis, Cairo.

 

Branch Office (s)

 

            Location                                                                                              Description

 

Cairo - Alexandria Desert Road, Km. 28                                                   Owned factory premises

Abu Rawash Industrial Zone

Cairo

Tel: (20-2) 35390021 / 35390023 / 35391885

Fax: (20-2) 35390021 / 35390023

 

6 Ibn Malek Street                                                                                  Rented office premises

Giza

Cairo

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Hesham Helal Sadek El Sewedy                                                             Chairman

 

Samy El Meleigy                                                                                   Vice Chairman

 

Sayed Mohsen                                                                          Director

 

Ahmed Eissa                                                                             Director

 

El Sayed El Sayed El Gowhary                                                               Director

 

Mohamed Ali Soliman                                                                            Director

 

Abd El Naser Hussein                                                                            General Manager

 

Medhat El Maghrabi                                                                               Finance Manager

 

Aymen Abd El Alim                                                                                Production Manager

 

Khaled Roushdy                                                                                    Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 63660, Giza

 

Industrial Reg. No.       : 131870

 

Tax Card No.               : 100-072-135

 

Authorised Capital       : £E 200,000,000

 

Issued Capital              : £E 157,675,900

 

Paid up Capital            : £E 157,675,900

 

Name of Shareholder (s)                                                                   Percentage

 

Hesham Helal Sadek El Sewedy                                                             46.42%

 

Saudi Egyptian for Investment & Finance                                     20.79%

Egypt

 

Investmar Investment                                                                                5.00%

Egypt

 

Egytech Cables & Communication Networks                                              5.00%

Egypt

 

International Metallurgy (Metaleca)                                                            5.00%

Egypt

 

Electrotec Engineering & Distribution                                                         5.00%

Egypt

 

Wataneya Cables & Electric Industries                                                    5.00%

Egypt

 

Nimos Engineering & Agricultural Development                                         4.64%

Egypt

 

Private investors                                                                           3.15%

 

 

AFFILIATED COMPANIES

 

Energya Power Cables El Sewedy

1 El Fayoum Street

El Korba, Heliopolis

Cairo

Tel: (20-2) 24195064 / 24195065 / 24195067

Fax: (20-2) 24195066

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of aluminum and copper electrical cables, wires and conductors.

 

Import Countries: Sweden, Germany and Austria.

 

Export Countries: Jordan, Yemen, Sudan, Saudi Arabia, Mauritania and Ethiopia.

 

Brand Names: GIZA CABLES

 

Operating Trend: Steady

 

Subject has a workforce of approximately 650 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 752,192,778                         £E 898,459,210

 

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

 

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

 

 

BANKERS

 

Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 33606580 / 33606467

Fax: (20-2) 33420265 / 33606512

 

Barclays Bank Egypt

12, Midan El Sheikh Youssef Street

Garden City

PO Box: 110, Maglis El Shaab

Cairo

Tel: (20-2) 33542195 / 33549415 / 33549422

Fax: (20-2) 33552746

 

Suez Canal Bank

14 Wadi El Nile Street

Nahda Square

Maadi

PO Box: 249

Cairo

Tel: (20-2) 33582681

Fax: (20-2) 33582274

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

UK Pound

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

----

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.