MIRA INFORM REPORT

 

 

Report Date :

02.03.2013

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN GERMAN CO FOR CONSTRUCTION INDUSTRIES SAE

 

 

Registered Office :

Light Industrial Zone, Plot No. 2, Beni Suef

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1991

 

 

Com. Reg. No.:

36487, Beni Suef

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of sewage and under networks requisites

 

 

No. of Employees :

800

 

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

 

 

 

SUMMARY

 

Company Name                                     : EGYPTIAN GERMAN CO FOR CONSTRUCTION INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1991

Commercial Registration Number            : 36487, Beni Suef

Issued Capital                                        : £E 10,000,000

Paid up Capital                                      : £E 10,000,000

Total Workforce                                     : 800

Activities                                               : Manufacturers of sewage and under networks requisites.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

EGYPTIAN GERMAN CO FOR CONSTRUCTION INDUSTRIES SAE

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Light Industrial Zone, Plot No. 2

Town                 : Beni Suef

Country             : Egypt

Telephone         : (20-82) 2246205 / 2242309

Facsimile          : (20-82) 2241970

Mobile               : (20-19) 8880882

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Beni Suef.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       53 El Manial Street, 8th Floor                                                             Office premises

Manial

Cairo

Tel: (20-2) 23611168

Fax: (20-2) 23611168 / 23611169

 

·       43 Tanta Street                                                                                 Rented sales office

     Agouza, Mohandessin, Giza

     Cairo

     Tel: (20-2) 33040231 / 33040232 / 33022291

     Fax: (20-2) 33040056

 

·       5 El Falouga Street                                                                           Rented sales office

     Agouza, Mohandessin, Giza

     Cairo

     Tel: (20-2) 33452748

     Fax: (20-2) 33452749

 

·       3 El Nady Street                                                                               Rented sales office

Tanta

       Gharbeya

       Tel: (20-40) 3419511

 

·       4th Industrial Zone                                                                              Factory premises

Plot No. 1/9

6th of October City

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Omar Abbass Safie El Din                                                                 Chairman

·       Yasser Refaat                                                                                   General Manager

·       Hossam Moheb                                                                                 Finance Manager

·       Ahmed Soliman                                                                                Sales Manager

·       Tarek Mohamed Abd El Moneim                                                         Factory Manager

·       Naglaa El Zeiny                                                                                 Purchasing Manager

·       Randa Fawzy                                                                                    Office Manager

·       Hesham El Tarapolsy                                                                        Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1991

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 36487, Beni Suef

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                  Percentage

·       Omar Abbass Safie El Din                                 68.0%

·       Neamat Safie El Din                                          14.0%

·       Mohamed Safie El Din                                         7.0%

·       Fadel Mohamed El Sayed Ahmed                         4.0%

·       Banninger                                                           2.0%

·       Nabil Mghraby                                                     2.0%

·       Ahmed Soliman                                                  1.0%

·       Nabil Samih Hassan                                            1.0%

·       Kessel                                                               1.0%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of sewage and under networks requisites such as pipes, tubes, fittings, valves and plastic pipes.

 

Import Countries: Germany, Italy and Hungary.

 

Agencies Held:

 

·         Kessel Gmbh

·         Banninger

 

Operating Trend: Steady

 

Subject has a workforce of approximately 800 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 322,000,000                         £E 326,500,000

 

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

 

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

 

 

BANKERS

 

·       Faisal Islamic Bank of Egypt

1113 Corniche El Nil Street

Cairo

Tel: (20-2) 22753165

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

·       National Societe General Bank

5 Champollion Street

Cairo

Tel: (20-2) 27707777

Fax: (20-2) 27702664

 

 

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.54.82

UK Pound

1

Rs.82.72

Euro

1

Rs.71.27

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.