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Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
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Name : |
EAST DELTA ELECTRICITY PRODUCTION COMPANY (EDEPC) |
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Registered Office : |
Shebeen El Kom Street El Sheikh Zayed District |
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Country : |
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Date of Incorporation : |
1980 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Subject is engaged in the production of electricity |
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No. of Employees |
7,600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 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.
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Source
: CIA |
Company Name : EAST DELTA ELECTRICITY PRODUCTION COMPANY (EDEPC)
Country of Origin : Egypt
Legal Form : Public Limited Company
Registration Date : 1980
Issued Capital : £E 532,830,000
Paid up Capital : £E 532,830,000
Total Workforce : 7,600
Activities : Production of electricity
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EAST DELTA ELECTRICITY PRODUCTION COMPANY (EDEPC)
Street : Shebeen El
Kom Street
Area : El Sheikh
Zayed District
Town : Ismailia
Country : Egypt
Telephone : (20-64) 3220997
/ 3221028 / 3220974 / 3201492 / 3204590
Facsimile : (20-64)
3225156
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Ismailia.
Name Position
· Ahmed Moustafa
Emam Minister
of Electricity and Energy
· Gaber Desouki
Moustafa Chairman
· Dr Mounir Abd El
Hakim Atwa Director
· Mohamed Helmy
Habib Director
· Medhat Ramadan Aly Director
· Hamdy Ibrahim Azab General Manager
Date of
Establishment : 1980
Legal Form : Public Limited
Company
Issued Capital : £E 532,830,000
Paid up Capital : £E 532,830,000
· Egyptian
Electricity Holding Company (EEHC) 100%
Cairo
· Upper Egypt
Electricity Distribution
· Egyptian Company
for Electricity Transmission
· Middle Egypt
Electricity Distribution Company
Activities: Engaged in the production of electricity for the following areas,
Sharkia, Damietta, Ismailia, Port Said,
Suez, South Sinai, North Sinai and Red Sea
Governorates. Subject produces 31,012 GWh of energy in
2013.
Subject has a workforce of approximately 7,600 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.
·
National Bank of Egypt
El Tahrir &
Khaled Ibn El Waled Streets
Ismailia
Tel: (20-64)
3325900
Fax: (20-64)
3320386
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.60.84 |
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|
1 |
Rs.98.72 |
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Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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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 |
-- |
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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.