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Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN GERMAN INDUSTRIAL CORPORATE SAE (EGIC) |
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Registered Office : |
53 Manial Street,
7th Floor, Cairo |
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Country : |
Egypt |
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Year of Establishment : |
1991 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of
water supply and drainage pipes, ducts, tubes, hoses, valves as well as related
accessories. |
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No of Employees : |
800
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 : EGYPTIAN GERMAN INDUSTRIAL CORPORATE SAE (EGIC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1991
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 800
Activities : Manufacturers of water supply and drainage pipes, ducts, tubes, hoses,
valves as well as related accessories.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EGYPTIAN GERMAN
INDUSTRIAL CORPORATE SAE (EGIC)
Registered &
Physical Address
Location : 53 Manial Street, 7th
Floor
Town : Cairo
Country : Egypt
Telephone : (20-2) 23611168
Facsimile : (20-2) 23611168
Mobile : (20-100) 1157721
Email : info@egic.com.eg / omars@elmasrya.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
·
Light
Industrial Zone, Plot No. 2 Factory
premises
Beni Suef
Tel: (20-82) 2246205
Fax: (20-82) 2241940
Name Position
·
Omar El Din Chairman
·
Ahmed Soliman Managing
Director
·
Sayed Sharawy Director
·
Mohamed Amer Director
·
Hesham El Tarapolsy Director
·
Naglaa El Zeiny Director
·
Randa Fawzy Director
Date of Establishment : 1991
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Shareholder
(s)
·
Omar El Din
·
Ahmed Soliman
·
Sayed Sharawy
·
Mohamed Amer
·
Hesham El Tarapolsy
·
Naglaa El Zeiny
·
Randa Fawzy
Activities: Engaged in the manufacture of water supply
and drainage pipes, ducts, tubes, hoses, valves as well as related accessories.
Brand Names: BANNINGER, KESSEL, SMART HOME, GRUNDOS and HENKEL
Subject has a
workforce of approximately 800 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
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
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.59.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
MNL |
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 |
|
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 |
-- |
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.