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Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
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Name : |
VODAFONE EGYPT TELECOMMUNICATIONS COMPANY SAE |
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Registered Office : |
Vodafone Egypt Building No. 2, Plot No. 3/15C Km 28, Cairo Alexandria
Desert Road Giza Sixth of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.05.1998 |
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Com. Reg. No.: |
120898 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the provision of mobile telecommunication services |
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No. of Employees : |
3,000 |
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 |
|
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 GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed 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 is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency
|
Source
: CIA |
Company Name : VODAFONE EGYPT TELECOMMUNICATIONS COMPANY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 26th May 1998
Commercial Registration Number : 120898
Issued Capital : £E 1,200,000,000
Paid up Capital : £E 1,200,000,000
Total Workforce : 3,000
Activities : Providers of mobile telecommunication services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
VODAFONE EGYPT TELECOMMUNICATIONS COMPANY SAE
Building : Vodafone
Egypt Building No. 2, Plot No. 3/15C
Street : Km 28, Cairo
Alexandria Desert Road
Area : Giza
Town : Sixth of
October City
Country : Egypt
Telephone : (20-2) 25291000
/ 25292000 / 25292005 / 25292006 / 25292004
Facsimile : (20-2)
25292636 / 25292049 / 25292200
Mobile : (20-100)
1002226
Subject operates from a suite of offices that are owned and located in
the Central Business Area of Sixth of October City.
Branch Office (s)
Location Description
· Dallah Tower, 9th
Floor Rented
office premises
7A
Corniche El Nile Street
Maadi
Cairo
Tel:
(20-2) 25292115 / 25293200 / 25292315
Fax:
(20-2) 25292100 / 25292001 / 25292005
Name Position
· Ian Gray Chairman
· Michael J Bianchi Director
· Tim Harrabin Director
· Robbie Barr Director
· Akil Beshir Director
· Ali Salama Director
· Sanaa Soliman Director
· Mohamed El Nawawy Director
· Paul Donovan Director
· Raafat Abd El Baki Director
· Hatem Mohamed
Galal Dowidar Chief
Executive Officer
· Wael Fawzi
Gadallah Commercial
Manager
· Emad El Azhary Marketing
Manager
· Marwa El Ayouti Chief
Financial Officer
· Dalia El Gezery Human
Resources Manager
· Mai Shabaan Office
Manager
· John Saad Marketing
Manager
· Ashraf Helal Customer
Care Manager
Date of
Establishment : 26th
May 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 120898
Issued Capital : £E 1,200,000,000
Paid up Capital : £E 1,200,000,000
· Telecom Egypt 44.7%
Cairo
· Vodafone Europe
Holding BV 34.8%
United Kingdom
· Vodafone
International Holdings BV 20.1%
· Members of the
general public & private investors 0.4%
· Vodafone Egypt Technology
El Wehda El
Edareya, Plot 1/14A
El Mehwar
El Markazy
Giza
Sixth of
October City
Tel:
(20-2) 25292000
Activities: Engaged in the provision of mobile telecommunication services.
Vodafone
Egypt has invested over LE 3 billion in the construction of its existing
network. The Company
has
grown rapidly to its current customer base of over 2.5 million subscribers.
This success has been built
on the
collaboration between the Company's majority shareholder, Vodafone Group,
representing the
world's
largest mobile community, Egyptian partners Alkan, Banque du Caire and MSI
International who
operates
in several African markets. However, Vodafone retains all management
responsibilities.
Subject
has introduced several new services to the Egyptian mobile telecommunications
market. These
pioneering
services include pre-paid lines, Short-Message-Service ("SMS"), Dual
SIM, Wireless Fax and
E-mail,
and IVR (interactive voice response).
Vodafone
Egypt network covers 98% of the populated areas and in March 2003 Vodafone
Egypt was the
first major
telecom operator in Egypt to launch a GPRS network.
Vodafone Egypt has
grown over the years to become the leading mobile operator in Egypt, not only
in
revenue share but
also to become the number 1 mobile operator in Egypt with the largest customer base.
Vodafone proudly
serves more than 36.3 million customers (December 2011) offering the most
advanced
technology for its
customers, the best working environment for its 6,500 employees and the
strongest
corporate
responsibility initiatives for the community.
Vodafone Egypt
reputation and the value of its brand are built on Vodafone’s global commitment
to
responsible,
ethical and honest behaviour within the communities in which it operates. Since
its inception,
corporate
responsibility was an integral part of Vodafone Egypt’s operation in Egypt. To
further expand the
impact of
Vodafone’s corporate responsibility initiatives, Vodafone Egypt Foundation was
established in
2003, as a
corporate foundation donor, supporting NGOs and civil society organizations to
implement
developmental
project in the areas of health and education for children, community
development, the
usage of mobile
technology for development and access to communications.
Import Countries: Sweden, China, United States of America, Canada
and United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 3,000 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
11,365,000,000 £E
12,000,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
·
Egyptian British Bank SAE
Zamalek Abou El
Feda Building
Abou El Feda
Street
Zamalek
PO Box: 126D
Cairo
Tel: (20-2)
33404849 / 33408938
Fax: (20-2)
33414010
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.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.