|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ETISALAT EGYPT SAE |
|
|
|
|
Formerly Known as: |
ETISALAT MISR SAE |
|
|
|
|
Registered Office : |
S4, 5th Compound, 90th Street Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
May, 2007 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Providers of information and communication technological services. |
|
|
|
|
No. of Employees : |
2,300 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
Company Name :
ETISALAT EGYPT SAE
Also Known As :
ETISALAT MISR SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
May 2007
Issued Capital :
£E 14,000,000,000
Paid up Capital :
£E 14,000,000,000
Total Workforce :
2,300
Activities :
Providers of information and communication technological services.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ETISALAT EGYPT SAE
ETISALAT
MISR SAE
Registered &
Physical Address
Location : S4, 5th
Compound
Street : 90th
Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 35381000
/ 35346333
Facsimile : (20-2)
35381008
Mobile : (20-11)
1234333 / 1234777
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Cairo.
Name Position
Gamal Anwar El Sadat Chairman
Alaa El Din Mohamed Fahmy Vice
Chairman
Saleh El Abdouly Director
Mohamed Hussein Omran Director
Hussein Abd El Aziz Hussein Director
Dr Omar Mohamed Ben Salman Director
Said Mubarak El Hegry Director
Gamal Seif El Garawan Director
Ahmed Mohamed Wagih Kadry Director
Ali Abu Hagali Finance
Manager
Haitham Abd El Razek Engineering
Manager
Hazem Metwally Sales
Manager
Sabry Yahya IT
Manager
Mohamed Hafez Administration
Manager
Khaled El Khouly Marketing
Manager
Mohamed Walaa Public
Relations Manager
Magdy Ibrahim Project
Manager
Date of Establishment : May 2007
Legal Form : Egyptian Joint
Stock Company
Issued Capital : £E 14,000,000,000
Paid up Capital : £E 14,000,000,000
Name of
Shareholder (s) Percentage
Emirates Telecommunications Corp 66.0%
Etisalat Building, Level 16
Sheikh Rashid Bin Saeed Al Maktoum Street
PO Box: 3838 & 300
Abu Dhabi
United Arab Emirates
Tel: (971-2) 6283333 / 6333111
Fax: (971-2) 6317000 / 6324499
Egyptian National Post Authority 20.0%
Cairo
Das Holdings 5.0%
United Arab Emirates
Dubai International Finance Center 5.0%
United Arab Emirates
Technological Investment 1.5%
Saudi Arabia
Tabouda Investment 1.5%
Egypt
Mawared Financing 1.0%
United Arab Emirates
Activities: Engaged as providers of information and communication technological
services, including mobile phone and 3.5G networks and internet service
providers.
Today, Etisalat Misr’s 2G and 3G robust and high quality network covers
and serves 96% of the population in Egypt. Moreover, Etisalat Misr is the first
and the only operator in Egypt that has an exclusive international gateway and
its customers enjoy competitive international rates to all destinations around
the globe. In order to complete Etisalat Misr’s product portfolio, two
well-established ISPs (Internet Service Providers) were acquired and provide
broadband services to customers while at home and while on the move.
Operating Trend: Steady
Subject has a workforce of approximately 2,300 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
5,250,000,000 £E
5,805,000,000
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
No complaints regarding subject’s payments have been reported.
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.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.