|
Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HIGH DAM
ELECTRICAL & INDUSTRIAL PROJECT CO (HIDELECO) |
|
|
|
|
Registered Office : |
El Gabal El
Akhadar Building, 10 El Nasr Road, Nasr City, P O Box 1205, Cairo |
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Country : |
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|
|
|
|
Financials (as on) : |
30.06.2012 |
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|
|
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Date of Incorporation : |
July, 1971 |
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|
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Com. Reg. No.: |
147571, |
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|
|
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Legal Form : |
Public Limited
Company |
|
|
|
|
Line of Business : |
Construction of
electrical and industrial projects |
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|
|
|
No. of Employees : |
1,500 |
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 |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
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 backtracked on economic
reforms, drastically increasing 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 were among the hardest hit sectors of the
Egyptian economy, and economic growth is likely to remain slow during the next
several years. The government drew down foreign exchange reserves by more than
50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign
financial assistance - as a result of unsuccessful negotiations with the
International Monetary Fund over a multi-billion dollar loan agreement which
have dragged on more than 20 months - could precipitate fiscal and balance of
payments crises in 2013.
Source
: CIA
Company Name : HIGH DAM ELECTRICAL & INDUSTRIAL PROJECT CO
(HIDELECO)
Country of Origin : Egypt
Legal Form :
Public Limited Company
Registration Date : July 1971
Commercial
Registration Number : 147571,
Cairo
Exporters
Registration Number : 32008
Issued Capital : £E
10,000,000
Paid up Capital : £E
10,000,000
Total Workforce : 1,500
Activities :
Construction of electrical and industrial projects
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
HIGH DAM ELECTRICAL
& INDUSTRIAL PROJECT CO (HIDELECO)
Building : El Gabal El Akhadar Building
Street : 10 El Nasr Road
Area : Nasr City
PO Box : 1205
Town : Cairo
Country : Egypt
Telephone : (20-2) 23420698 / 23423248
Facsimile : (20-2) 23428129
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
·
4th
Industrial Zone, Plot 46 Warehouse
premises
6th of October City
Tel: (20-2) 38343364
Fax: (20-2) 38343364
Name Position
·
Ossama
El Sayed Batah Chairman
·
Ezzat
Abd El Mola Director
·
Samir
Abd El Fattah Director
·
Ahmed
Mohamed Ahmed Hijazi Director
·
Mursi
Elsayed Morsi Thomas Director
·
Medhat
Kandil Finance
Manager
·
Kamal
Hussein Administration
Manager
Date of Establishment : July 1971
Legal Form :
Public Limited Company
Commercial Reg. No. : 147571, Cairo
Exporter’s
Reg. No. : 32008
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
·
Holding
for Construction & Urbanization 100%
Cairo
Activities: Engaged in the construction of electrical
and industrial projects, specialising in power stations and
networks. Subject is ISO
9001:2000 accredited.
Subject’s activities include:
1-Execution
of Electric power stations projects up to the capacity of 600 M.W.
These projects include:
* Civil, foundations,
mechanical, electrical works and control panels.
2-Execution
of Overhead Transmission Lines up to 500 K.V.
These projects include:
* Site preparation, survey,
civil, erection of towers, conductors, final inspection of the line, final
tests and connection of the line to the substation portals and electric power
transmission works.
3-Execution
of 220/66/11,66/11 kV. Substations
These projects include:
* Site, excavation,
foundations, plain and reinforced concrete, steel structure, building, erection
of all equipment, testing and commissioning works.
4-Execution
of 66 kV. Cable laying projects
These projects include:
* Fixing warning signs,
survey, excavation, cable laying, junctions and terminals, testing and
commissioning works.
5-Execution
of Electrical Energy Distribution projects.
These projects include:
* 22, 11& 0.4 kV. Overhead Transmission
Lines, medium Voltage Distributors, medium and Lower Voltage Distribution
Networks.
6-Execution
of City and village illumination projects and Rural Electrification
These projects include:
* Execution of electric power
transmission for cities and villages by medium voltages overhead lines,
transformers and internal networks.
* Conducting electric power
connections for rural electrification projects, as irrigation pumps
electrification, rural industries electrification, and agricultural development
which include transmission lines and transformers.
7-Execution
of Industrial Construction projects
These projects include:
* Mechanical and Electrical
Constructions for Factories, University Hospitals, Pipe Networks, Storage
Tanks, Central Air-Conditioning, Elevators, Industrial Gas Lines, Alarm
Systems, Fire Fighting Networks, Illumination, Internal Broadcasting &
Calling Units and Television Closed System Circuits, Steel Structure,
Industrial Plants Equipment, Boards, Operation & Control Units, Measurement
& Remote-Control Units, Sensors of all types, and their required Networks
Cables Works.
* Maintenance and integrated
overhaul works for power generation units of steam boilers, water purification
stations, and sewerage.
* Execution of Communications Projects.
8-Transportation
Works
The Company owns tremendous
varieties of transportation equipment namely cranes, dampers, trailers, trucks
and is entitled for loading, transportation and unloading of heavy equipment up
to 300 tons and 180 meters length using heavy trucks and trailers with truck
mounted cranes up to 150 tons.
9-Manufacturing
of Lattice Towers, Electric Boards and Trailers
These projects include:
* Steel structure and equipment
required for industrial constructions.
* Lattice towers and their
supplements, and lighting columns.
* Low voltage boards, distribution
boxes and electrical watt-hour meters.
* Power factors improvement boards.
* Electrical cables ladders.
* Water and cables truck trailers.
Import
Countries: Europe, GCC
countries and the United States of America.
Clients:
|
·
VA TECH Escher Wyss GmbH Germany |
|
·
MAN B&W Diesel Germany |
|
·
EVT ENERGIE- UND Germany |
|
·
Techno Commerz Germany |
|
·
Siemens Germany |
|
·
Sulzer Pumps GmbH Germany |
|
·
VOITH Germany |
|
·
Lahmeyer International Germany |
|
·
Public Electricity Corporation Yemen |
|
·
Fichtner Consultancy Germany |
|
·
Al-Ahram Trading Company (Ltd.) Yemen |
|
·
Wartsila Finland |
|
·
Burmeister & Wain Scandinavian Contractor
Denmark |
|
·
ABB USA |
|
·
Alstom Power Inc. USA |
|
·
Cegelec France |
|
·
Cobra Spain |
|
·
Enel Power France |
|
·
Agiba Petroleum Company Egypt |
|
·
Egyptian Tank Plant Factory 200 Egypt |
|
·
Arab Contractors Egypt |
|
·
Egyptian Electricity Authority (EEA) Egypt |
|
·
Egyptian Electricity Transmission Company (EETC)
Egypt |
|
·
Egyptian Electricity Holding Company Egypt |
|
·
El-Nasr Co. for Basic Chemicals Manufacturing
Egypt |
Operating Trend: Steady
Subject has a
workforce of approximately 1,500 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E 000’s)
Balance Sheet 30/06/08 30/06/09 30/06/10 30/06/11 30/06/12
|
Long Term Assets |
|
|
|
|
|
|
Net Fixed Assets |
15275 |
14313 |
15039 |
16503 |
15007 |
|
Under Execution Projects |
636 |
833 |
2188 |
529 |
445 |
|
Long Term Investments |
747 |
549 |
549 |
549 |
549 |
|
Long term loans and debit balances |
0 |
0 |
0 |
0 |
0 |
|
Total long term assets (1) |
16658 |
15695 |
17776 |
17581 |
16001 |
|
Floating Assets |
|
|
|
|
|
|
Stock |
44220 |
46066 |
60292 |
72212 |
83312 |
|
Customers , Hold in papers and Debit accounts |
314847 |
308942 |
319284 |
348154 |
358758 |
|
Investments & securities |
0 |
0 |
0 |
0 |
0 |
|
Cash in banks & funds |
38188 |
27953 |
42049 |
78397 |
65080 |
|
Total floating assets |
397255 |
382961 |
421625 |
498763 |
507150 |
|
Floating Obligations |
|
|
|
|
|
|
Allocations |
3945 |
4331 |
5278 |
5728 |
6167 |
|
Credit banks |
46258 |
32382 |
3449 |
3123 |
2849 |
|
Suppliers, payment bills and credit accounts |
333312 |
330113 |
381744 |
456757 |
461742 |
|
Total floating obligations |
383515 |
366826 |
390471 |
465608 |
470758 |
|
Net Working Capital (2) |
13741 |
16135 |
31154 |
33155 |
36391 |
|
Total investments (1+2) to be financed as
the following: |
30398 |
31830 |
48930 |
50736 |
52392 |
|
Property Rights: |
|
|
|
|
|
|
Paid up capital+Reserves , Profit / Losses |
30398 |
31830 |
48930 |
50736 |
52392 |
|
Total Property Rights (3) |
30398 |
31830 |
48930 |
50736 |
52392 |
|
Long term Obligations |
|
|
|
|
|
|
Long term loans |
0 |
0 |
0 |
0 |
0 |
|
Total long term obligations (4) |
0 |
0 |
0 |
0 |
0 |
|
Total investment financing (3+4) |
30398 |
31830 |
48930 |
50736 |
52392 |
Income Statement
|
Current activity revenue |
130101 |
123252 |
125136 |
139383 |
127157 |
|
to be deducted there of: |
|
|
|
|
|
|
Production Cost |
112477 |
108871 |
107868 |
125142 |
116773 |
|
Marketing Cost |
0 |
0 |
0 |
0 |
0 |
|
Activity Revenues |
17624 |
14381 |
17268 |
14241 |
10384 |
|
donations and subventions to be added there to |
0 |
0 |
0 |
0 |
0 |
|
Net profits |
17624 |
14381 |
17268 |
14241 |
10384 |
|
To be added to:- |
|
|
|
|
|
|
Investment revenues |
102 |
152 |
333 |
403 |
461 |
|
Other revenues and profits |
5035 |
6485 |
1851 |
1316 |
1492 |
|
To be deducted there of |
|
|
|
|
|
|
Administrative expenses & other expenses |
12453 |
12100 |
9406 |
8745 |
10305 |
|
Burdens and losses |
2220 |
5838 |
4621 |
3474 |
3300 |
|
Activity net profits before financing
expenses and credit interests |
8088 |
3080 |
5425 |
3741 |
(1268) |
|
( - ) Financial expenses |
7606 |
5003 |
2243 |
1781 |
(470) |
|
( + ) Credit interests |
1247 |
950 |
447 |
2615 |
4324 |
|
Activity Net Profits |
1729 |
(973) |
3629 |
4575 |
2586 |
|
To be added (deducted) there of: |
|
|
|
|
|
|
Profits
(losses) exchange rate differences |
935 |
598 |
88 |
2318 |
(479) |
|
(Previous years revenues expenses) |
(1125) |
(893) |
(1393) |
(4386) |
665 |
|
Capital profits (losses) |
0 |
3209 |
1001 |
0 |
0 |
|
(Irregular revenues & profits losses) |
51 |
235 |
50 |
0 |
91 |
|
Net profits before Income Tax |
1590 |
2176 |
3375 |
2507 |
2863 |
|
Minus |
|
|
|
|
|
|
To be deducted
there of: Income tax |
364 |
748 |
1271 |
701 |
1207 |
|
Net profits |
1226 |
1428 |
2104 |
1806 |
1656 |
Local sources
consider subject’s financial condition to be Good.
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints
regarding subject’s payments have been reported.
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.62.57 |
|
|
1 |
Rs.100.63 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.