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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE ARABE INTERNATIONALE DE BANQUE |
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Registered Office : |
84/ |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.03.1976 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the provision of commercial, investment and Islamic banking
services |
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No. of Employees |
1,200 |
RATING & COMMENTS
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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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
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 : SOCIETE ARABE INTERNATIONALE DE BANQUE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 21st March 1976
Issued Capital : US$ 150,000,000
Paid up Capital : US$ 150,000,000
Total Workforce : 1,200
Activities : Providers of commercial, investment and Islamic banking services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SOCIETE ARABE INTERNATIONALE DE BANQUE
Location : 84/86 Al
Azhar Street
PO Box : 1563
Town : Cairo 11511
Country : Egypt
Telephone : (20-2) 25919297
/ 25923011
Facsimile : (20-2)
33350538
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
· 1113
Corniche El Nil Street Bank
El Tahrir
Cairo
Tel:
(20-2) 5743448
· 60
Mohamed Hassan Helmi Bank
Mohandessin
Cairo
Tel:
(20-2) 3029647
· 95A
Merghani Street Bank
Heliopolis
Cairo
Tel:
(20-2) 2902069
· 77B
Nasr Road Bank
Nasr City
Cairo
Tel: (20-2) 2605914
· 2 El
Horreya Avenue Bank
Alexandria
Tel: (20-3)
4876775
· 23
July & Salah El Din Street Bank
Port Said
Tel: (20-66) 3242362
Name Position
· Mohamed Naguib
Ibrahim Chairman
· Hassan
Ibrahim Abdel Meguid Vice
Chairman
· Hamad Salem
Kardous Al Amary Director
· Adel Salah El Din
Ezzat Director
· Ahmed Bahaa El Din
Youssef Director
· Dr Adel Ahmed
Moussa Director
· Nagwa Ibrahim
Mansour Director
· Saeed Saad Gabr Director
· Mohamed Mohsen
Salah El Din Director
· Mohamed Mahmoud
Ali El Khatib Director
· Mohamed Ibrahim
Abdel Gawad Director
· Alaa Mohamed Amin Marketing
Manager
· Khaled Gad IT
Manager
· Ashraf Negm Treasury Manager
· Khaled Abdel
Moneim Setouhy Legal
Manager
· Hamdy Ghazy Finance
Manager
Date of
Establishment : 21st
March 1976
Legal Form : Egyptian Joint
Stock Company
Issued Capital : US$ 150,000,000
Paid up Capital : US$ 150,000,000
· Arab International
Bank 46.08%
· The Arab
Contractors Investment Company 17.29%
· Misr Insurance
Company 11.29%
· Misr Life
Insurance Company 9.75%
· Compagnie Arabe de
Financement Internationale 4.90%
· Public
Subscription 10.69%
Activities: Engaged in the provision of commercial, investment and Islamic banking
services.
Operating Trend: Steady
Subject has a workforce of approximately 1,200 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Balance Sheet 31/12/12 31/12/11
ASSETS
Cash and due from Central Bank of Egypt 97,239,655
112,961,818
Due from banks 91,556,696
134,108,060
Treasury bills 609,710,661
169,647,050
Trading investments -
391,892
Loans and Facilities for customers 656,138,866 658,464,516
Financial Investments:
Available for sale investments 974,526,754
734,737,241
Held to maturity investments 81,621,075
153,291,261
Investments in subsidiaries companies 161,576
209,584
Intangible assets 286,446
498,928
Other assets 45,753,137
27,107,868
Fixed assets 15,049,158
12,826,008
Total Assets 2,572,044,024
2,004,244,226
Liabilities and Shareholders’ Equity
LIABILITIES
Due to banks 153,140,125
36,351,403
Customers deposits 2,028,900,715
1,608,038,292
Other loans 9,193,966
6,631,408
Other liabilities 140,399,466
125,522,770
Other provisions 8,683,986
7,490,418
Deferred tax liability 185,843
245,323
Total Liabilities 2,340,504,101
1,784,279,614
SHAREHOLDERS EQUITY
Paid-up capital 150,000,000
150,000,000
Reserves 50,873,229
45,980,807
Retained earnings 30,666,694
23,983,805
Total Shareholders’ Equity 231,539,923
219,964,612
Total Liabilities
and Shareholders' Equity 2,572,044,024
2,004,244,226
Income Statement
Loans Interest and similar income 202,725,051
151,596,022
Deposits interest and similar expenses (136,795,582)
(98,863,098)
Net interest income 65,929,469 52,732,924
Fees and commission income 16,266,340
14,785,083
Fees and commission expenses (324,839)
(262,279)
Net Fees and
Commission Income 15,941,501
14,522,804
Dividends income 1,185,548
1,432,429
Net Trading Income 4,383,313
2,868,919
Gain (loss) from Financial Investments 4,108,387
(472,384)
Impairment (expenses) recovery from
credit losses (3,083,820)
(2,084,380)
Administrative expenses (44,273,160)
(40,017,049)
Other operating revenue (expenses) (218,227)
(388,857)
Income (expenses) from Investments in
associate companies (9,730)
(63,813)
Net profit before income taxes 43,963,281
28,530,593
Income taxes (expenses) (15,811,400)
(7,664,386)
Net profit for the
year after taxes 28,151,881 20,866,207
Local sources consider subject’s financial condition to be Good.
Please note that financial figures for the year ending 31st
December 2013 were not yet available.
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.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.