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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ENGINEERING ESTABLISHMENT FOR ELECTRICAL INDUSTRIES SAE (EGYTRAFO) |
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Registered Office : |
7 El Shaheed Ibrahim Salim Street, Koliet El Banat, Ard El Golf,
Heliopolis, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
2007 |
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Com. Reg. No.: |
53480 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of electrical transformers and batteries |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 |
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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 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 :
ENGINEERING ESTABLISHMENT FOR ELECTRICAL INDUSTRIES SAE (EGYTRAFO)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
2007
Commercial Registration Number :
53480
Tax Card Number :
266-846-297
Issued Capital :
£E 5,500,000
Paid up Capital :
£E 5,500,000
Total Workforce :
120
Activities :
Manufacturers of electrical transformers and batteries
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ENGINEERING ESTABLISHMENT FOR ELECTRICAL INDUSTRIES SAE (EGYTRAFO)
Registered &
Physical Address
Street : 7 El Shaheed
Ibrahim Salim Street
Area : Koliet El
Banat, Ard El Golf, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 24174922
/ 24174921
Facsimile : (20-2)
24151197
Email : marketing@egytrafo.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
4th Industrial Zone Factory
premises
Area 33/4B
Badr City
Helwan
Tel: (20-2) 28640154
Fax: (20-2) 28641408
Name Position
Atef Abd El Moneim Abd El Kader Chairman
Mahmoud Haboub General
Manager
Hosny Abu El Enien Assistant
General Manager
Abd El Wahab Mohamed Finance
Manager
Magdy Attia Sales
Manager
Mohamed Salama Factory
Manager
Maher Ali El Nabawy Purchasing
Manager
Date of Establishment : 2007
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 53480
Tax Card No. : 266-846-297
Issued Capital : £E 5,500,000
Paid up Capital : £E 5,500,000
Name of
Shareholder (s)
Atef Abd El Moneim Abd El Kader
Mahmoud Abd El Hamid Mohamed Ali
Hala Abd El Wahab Mohamed Gamal El Din
Mohamed Ahmed Hassan Dawoud
Ahmed Mohamed Ahmed Hassan Dawoud
Activities: Engaged in the manufacture
of electrical transformers up to 5,000 KFA and alkaline nickel cadmium
batteries up to 8,000 ampere.
Import Countries: Germany,
Turkey, Sweden, Czech Republic and India.
Brand Names: EGYTRAFO
Operating Trend: Steady
Subject has a workforce of 120 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
51,700,000 £E
55,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Egyptian Saudi Finance Bank
60 Mohy El Din Abu El Ezz Street
Giza
Cairo
Tel: (20-2) 27481222
Fax: (20-2) 27611436
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.
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.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
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 |
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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 |
|
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NB |
New Business |
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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.