MIRA INFORM REPORT

 

 

Report Date :

20.08.2014

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL CABLES CO SAE

 

 

Registered Office :

10 El Shahid Abdul Hadi Sadiq Street, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1982

 

 

Com. Reg. No.:

70545, Sharkeya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture and export of thermal wires, high frequency cables, motor rolled wires, low pressure cables, cable immersed in water, telephone cables, control cables, flexible cables, PVC compound and rubber insulated cables.

 

 

No of Employees :

470

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 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

 

SUMMARY

 

Company Name                         : INTERNATIONAL CABLES CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Start Date                                             : 1982

Registration Date                                   : 1993

Commercial Registration Number            : 70545, Sharkeya

Issued Capital                                        : £E 20,228,600

Paid up Capital                                      : £E 20,228,600

Total Workforce                                     : 470

Activities                                               : Manufacture and export of cables.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Mohamed Mahmoud, Purchasing Manager

 

COMPANY NAME

 

INTERNATIONAL CABLES CO SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 10 El Shahid Abdul Hadi Sadiq Street

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22906371 / 22907257 / 22907258

Facsimile          : (20-2) 22904900

Email                : icc@datun.com.eg / icc@intlcables.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.

 

Please note that subject’s previous address was, El Shams Building, 102B El Merghani Street, Heliopolis, Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       17 Pyramids Street                                                                           Office premises

Heliopolis

Cairo

 

·       Industrial Zone A2, Plot 8/6                                                                Owned factory premises covering an

Sharkeya                                                                                          area of 48,000 square metres

     Tenth of Ramadan City

     Tel: (20-15) 413016 / 413017

     Fax: (20-15) 413018

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ghassan Ahmed Bolbol                                                                     Chairman

 

·       Mohamed Mahmoud                                                                          Purchasing Manager

 

·       Tarek Gomaa                                                                                    Sales Manager

 

·       Mohamed Hussain                                                                            Factory Manager

 

·       Ahmed Rizq                                                                                      Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1982, however it was registered in 1993

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 70545, Sharkeya

 

Issued Capital              : £E 20,228,600

 

Paid up Capital            : £E 20,228,600

 

Name of Shareholder (s)                                           Percentage

 

·       Ghassan Ahmed Bolbol                                             70%

 

·       Nexans                                                                    30%

8 Rue du Général Foy

75008 Paris

France
Tel: (33-1) 73238400

Fax: (33-1) 73238484

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of thermal wires, high frequency cables, motor rolled wires, low pressure cables, cable immersed in water, telephone cables, control cables, flexible cables, PVC compound and rubber insulated cables.

 

Subject’s clients include North Cairo Electricity Distribution Company, Canal Electricity Distribution Company, North Delta Electricity Distribution Company, South Delta Electricity Distribution Company, Middle Egypt Electricity Distribution Company, Upper Egypt Electricity Distribution Company, Alexandria Electricity Distribution Company, Telecom Egypt Electricity Distribution Company, Bahira Electricity Distribution Company and Egypt Electricity Transmission Company.

 

Production Capacity: 4,000 tonnes per year.

 

Import Countries: United Kingdom, Germany, South Korea and India.

 

International Suppliers:

 

·       Polymed                   United Arab Emirates

·       Energia Plastic         Saudi Arabia

 

Export Countries : Libya, United Arab Emirates, Italy, Cyprus, Africa, France, United Kingdom and Mexico.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 470 employees.

 

 

FINANCIAL DATA

 

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 364,500,000                         £E 370,000,000

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              September 2007

Credit amount                                        100,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

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.60.73

UK Pound

1

Rs.101.48

Euro

1

Rs.81.04

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SMN

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.