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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
ELECTRO CABLE
EGYPT CO FOR MANUFACTURING SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
10645, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of
medium voltage cables. |
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No. of Employees : |
300 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : ELECTRO CABLE EGYPT CO
FOR MANUFACTURING SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2001
Commercial
Registration Number : 10645,
Cairo
Issued Capital : £E
100,000,000
Paid up Capital : £E
100,000,000
Total Workforce : 300
Activities :
Manufacturers of medium voltage cables.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Yousef,
Accountant
ELECTRO CABLE EGYPT
CO FOR MANUFACTURING SAE
Location : 48/50 Abd El-Khalek Tharwat
Street, 3rd Floor
Town : Cairo
Country : Egypt
Telephone : (20-2) 23905020 / 23905018
Facsimile : (20-2) 23905018
Mobile : (20-122)
3124784
Email : elcablat@elcablat.com / amro_badr@elcablat.com
Subject operates
from a large suite of offices that are rented that are located in the Central Business
Area of Cairo.
Branch Office
(s)
Location Description
·
New Ben
Suef Industrial City Factory
premises
Beni Suef
Tel: (20-82) 9241815
Fax: (20-82) 9204752
Name Position
·
Esmat
Ali Awad El Sayyad Chairman
·
Emad
Ali Awad El Sayyad Vice
Chairman
·
Alaa
Ali Awad El Sayyad Managing
Director
·
Ali
Awad El Sayyad Director
·
Amer
Bader Finance
Manager
·
Wael
Sobhi Commercial
Manager
·
Abdullatif
Attiya Production
Manager
·
Ahmed Yousef Accountant
Date of Establishment : 2001
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 10645, Cairo
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
·
Esmat
Ali Awad El Sayyad ]
]
·
Emad
Ali Awad El Sayyad ]
] 80.0%
·
Alaa
Ali Awad El Sayyad ]
]
·
Ali
Awad El Sayyad ]
·
Egyptian
Cable Company 18.4%
Cairo
·
Local
businessmen and private investors 1.6%
·
Trade
El Sayyad Engineering Co (TRADCO EL SAYYAD)
Cairo
Activities: Engaged in the manufacture of medium
voltage cables.
Import
Countries: Romania, Saudi Arabia,
Bahrain, Tunisia, Kuwait, Cyprus, Kenya, Syria and the United Arab
Emirates.
International Suppliers:
·
Plascom Saudi Arabia
·
Polymed United Arab Emirates
·
Daewoo
Chemical United Arab Emirates
Operating Trend: Steady
Subject has a
workforce of approximately 300 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 300,416,130 £E 391,896,989
Net Profit £E 1,283,789 -
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ahmed Yousef, Accountant.
·
National Societe Generale Bank
5
Champollion Street
Cairo
Tel:
(20-2) 27707777
Fax:
(20-2) 27702664
·
Banque
Audi SAE
Alexandria Desert Road, Km 22
Cairo
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.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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|
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|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
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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.