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Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
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Name : |
VODAFONE EGYPT TELECOMMUNICATIONS COMPANY SAE |
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Registered Office : |
Vodafone Egypt Building, Plot No. 3/15C Cairo Alexandria Desert Road
Giza Sixth of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
120898 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Providers of mobile telecommunication services. |
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No. of Employees : |
3,000 |
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 (31.03.2011) |
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 : VODAFONE EGYPT TELECOMMUNICATIONS COMPANY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 26th May 1998
Commercial Registration Number : 120898
Issued Capital : £E 1,200,000,000
Paid up Capital : £E 1,200,000,000
Total Workforce : 3,000
Activities : Providers of mobile telecommunication services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
VODAFONE EGYPT TELECOMMUNICATIONS COMPANY SAE
Building : Vodafone
Egypt Building, Plot No. 3/15C
Street : Cairo
Alexandria Desert Road
Area : Giza
Town : Sixth of
October City
Country : Egypt
Telephone : (20-2) 25291000
/ 25292000 / 25292005 / 25292006 / 25292004
Facsimile : (20-2)
25292636 / 25292049 / 25292200
Mobile : (20-100)
1002226
Subject operates from a suite of offices that are owned and located in
the Central Business Area of Sixth of October City.
Branch Office (s)
Location Description
· Dallah Tower, 9th
Floor Rented
office premises
7A
Corniche El Nile Street
Maadi
Cairo
Tel:
(20-2) 25292115 / 25293200 / 25292315
Fax:
(20-2) 25292100 / 25292001 / 25292005
Name Position
· Ian Gray Chairman
· Michael J Bianchi Director
· Tim Harrabin Director
· Robbie Barr Director
· Akil Beshir Director
· Ali Salama Director
· Sanaa Soliman Director
· Mohamed El Nawawy Director
· Paul Donovan Director
· Raafat Abd El Baki Director
· Hatem Mohamed
Galal Dowidar Chief
Executive Officer
· Wael Fawzi
Gadallah Commercial
Manager
· Emad El Azhary Marketing
Manager
· Marwa El Ayouti Chief
Financial Officer
· Dalia El Gezery Human
Resources Manager
· Mai Shabaan Office
Manager
Date of
Establishment : 26th
May 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 120898
Issued Capital : £E 1,200,000,000
Paid up Capital : £E 1,200,000,000
· Telecom Egypt 44.7%
Cairo
· Vodafone Europe
Holding BV 34.8%
United Kingdom
· Vodafone
International Holdings BV 20.1%
· Members of the
general public & private investors 0.4%
· Vodafone Egypt Technology
El Wehda El
Edareya, Plot 1/14A
El Mehwar
El Markazy
Giza
Sixth of
October City
Tel:
(20-2) 25292000
Activities: Engaged in the provision of mobile telecommunication services.
Vodafone Egypt has invested over LE 3 billion in the construction of its existing network. The Company
has grown rapidly to its current customer base of over 2.5 million subscribers. This success has been built
on the collaboration between the Company's majority shareholder, Vodafone Group, representing the
world's largest mobile community, Egyptian partners Alkan, Banque du Caire and MSI International who
operates in several African markets. However, Vodafone retains all management responsibilities.
Subject has introduced several new services to the Egyptian mobile telecommunications market. These
pioneering services include pre-paid lines, Short-Message-Service ("SMS"), Dual SIM, Wireless Fax and
E-mail, and IVR (interactive voice response).
Vodafone Egypt network covers 98% of the populated areas and in March 2003 Vodafone Egypt was the
first major telecom operator in Egypt to launch a GPRS network.
Vodafone Egypt has grown over the years to become the leading mobile operator in Egypt, not only in
revenue share but also to become the number 1 mobile operator in Egypt with the largest customer base.
Vodafone proudly serves more than 36.3 million customers (December 2011) offering the most advanced
technology for its customers, the best working environment for its 6,500 employees and the strongest
corporate
responsibility initiatives for the community.
Vodafone Egypt reputation and the value of its brand are built on Vodafone’s global commitment to
responsible, ethical and honest behaviour within the communities in which it operates. Since its inception,
corporate responsibility was an integral part of Vodafone Egypt’s operation in Egypt. To further expand the
impact of Vodafone’s corporate responsibility initiatives, Vodafone Egypt Foundation was established in
2003, as a corporate foundation donor, supporting NGOs and civil society organizations to implement
developmental project in the areas of health and education for children, community development, the
usage of mobile
technology for development and access to communications.
Import Countries: Sweden, China, United States of America, Canada
and United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 3,000 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
10,120,635,890 £E
11,365,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
·
Egyptian British Bank SAE
Zamalek Abou El
Feda Building
Abou El Feda
Street
Zamalek
PO Box: 126D
Cairo
Tel: (20-2)
33404849 / 33408938
Fax: (20-2)
33414010
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 : |
PRL |
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 |
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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.