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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYTECH CABLES COMPANY SAE (EL SEWEDY) |
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Registered Office : |
5th District Settlement, 1st District, Plot No 27, El Qahira El Gedida, Helwan, PO Box : 311, Cairo 11853 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
869, Sharkeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of power and electric cables for
high, medium and low voltages, as well as posts, transformers and circuit
breakers. |
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No. of Employees : |
1,050 |
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 : |
Regular |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 growth. Poor living conditions
combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and
economic growth remains slow amid political uncertainty, government
transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down
foreign exchange reserves and depended on foreign assistance, particularly from
Gulf countries, to finance imports and energy products and prevent further
devaluation of the Egyptian pound, fearing higher inflation from a weaker
currency.
|
Source
: CIA |
Company Name :
EGYTECH CABLES COMPANY SAE (EL SEWEDY)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1996
Commercial Registration Number :
869, Sharkeya
Tax Card Number :
207-448-965
Issued Capital :
£E 410,000,000
Paid up Capital :
£E 410,000,000
Total Workforce :
1,050
Activities :
Manufacturers of power and electric cables.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EGYTECH CABLES
COMPANY SAE (EL SEWEDY)
Registered &
Physical Address
Location : 5th District Settlement, 1st District, Plot No 27,
El Qahira El Gedida, Helwan
PO Box : 311
Town : Cairo 11853
Country : Egypt
Telephone : (20-2) 27599700
/ 27599733 / 27599701 / 27599702 / 27599732
Facsimile : (20-2)
27599755 / 27599702
Email : info@elsewedy.com
/ a.homosani@elsewedy.com / acc@elsewedy.com
Premises
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
13 El Obour Building Office
premises
Salah Salem
Nasr City
Cairo
3rd Industrial Zone Factory
premises
Sharkeya
Tenth of Ramadan City
Tel: (20-15) 411350/1/2/3/4/5
Fax: (20-15) 411362 / 411366 / 410400
Name Position
Sadek Ahmed Sadek El Sewedy Chairman
Ahmed Ahmed Sadek El Sewedy Managing
Director
Ahmed Sadek El Sewedy Director
Mohamed Ahmed Sadek El Sewedy Director
Ashraf Ahmed Abd El Hamid Mustafa Director
Amr Mohamed Ahmed Labib Director
Taysser Hassan Finance
Manager
Mohamed Rehan Accounts
Manager
Ossama Mahrous Purchasing
Manager
Gamal Masrour Human
Resources Manager
Ahmed Hassouna Marketing
Manager
Ahmed El Homosani Public
Relations Manager
Mohamed Hammad Budgeting
Manager
Moustafa Tawakol Technical
Manager
Said Zaki Operations
Manager
Dalia El Moghazi International Purchasing Manager
Date of Establishment : 1996
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 869, Sharkeya
Tax Card No. : 207-448-965
Issued Capital : £E 410,000,000
Paid up Capital : £E 410,000,000
Name of
Shareholder (s) Percentage
El Sewedy Electric 99.98%
Sadek Ahmed Sadek El Sewedy ]
]
Ahmed Ahmed Sadek El Sewedy ]
] 0.02%
Mohamed Ahmed Sadek El Sewedy ]
]
Local businessmen and private investors ]
Subject is a member of the El Sewedy group of companies which consists
of the following concerns:
Sewedy Est
4 El Dabtia Street
Attaba
Cairo
Tel: (20-2) 33911633
United Industries Company El Sewedy
16 El Khartoum Street, 4th Floor
Heliopolis
Cairo
Tel: (20-2) 24144380 / 24144381
Fax: (20-2) 22905844 / 24144382
Arab Cement Company SAE
14 Baghdad Street
Korba, Heliopolis
Cairo
Tel: (20-2) 24182701
El Sewedy Engineering & Distribution Co (Sedco)
El Obour Buildings, No. 5
12 Salah Salem Street
Nasr City
PO Box: 136
Cairo
Tel: (20-2) 22614796 / 22623776
Fax: (20-2) 22639155
El Sewedy for Plastic Industry (Sedplast)
13 El Obour Building
Salah Salem Street
Nasr City
Cairo
Tel: (20-2) 22623411
Fax: (20-2) 22623411
El Sewedy Electrical Equipment & Cables
14 Saray El Azbakia Street
PO Box: 1604
Cairo
Tel: (20-2) 25912310 / 25911299 / 25911545
Fax: (20-2) 25910583
Email: elsewedy@link.com.eg
Egy Lux
21 Cleopatra Street
Heliopolis
Cairo
Tel: (20-2) 24195104
Fax: (20-2) 24195107
Arab Company for Iron Industries
Heliopolis
Cairo
El Sewedy Electrical Supplies (Zaki El Sewedy & Co)
Alfy Street
El Azbakiya
Cairo
Tel: (20-2) 25741088 / 25918905 / 25741197 / 25890316
Fax: (20-2) 25771959
Activities: Engaged in the manufacture
of power and electric cables for high, medium and low voltages, as well as
posts, transformers and circuit breakers.
Production Capacity: 14,400
tonnes of copper cables per annum
8,400 tonnes of aluminium cables per annum
Import Countries: India,
Russia and South Korea
Export Countries: Saudi Arabia, Kenya, Sudan, United Arab Emirates,
Qatar, Kuwait, Bahrain, India, Spain, Algeria, United Kingdom and Yemen
Operating Trend: Steady
Subject has a workforce of approximately 1,050 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E
3,296,339,208 £E
3,480,465,740
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
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box: 1825
Cairo
Tel: (20-2) 33416150
Fax: (20-2) 33420265
No complaints regarding subject’s payments have been reported.
Date of transaction May
2006
Credit amount 350,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Established in 1996, subject is a member of the well known El Sewedy group
of companies and is involved in the manufacture and export of power and
electric cables.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
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|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.