MIRA INFORM REPORT

 

 

Report No. :

318971

Report Date :

30.04.2015

 

IDENTIFICATION DETAILS

 

Name :

EL SEWEDY ELECTRIC TRANSMISSION AND DISTRIBUTION

 

 

Formerly Known As :

EL SEWEDY ELECTRIC T & D

 

 

Registered Office :

Plot 27, 1st District, 5th Settlement, PO Box: 311, Cairo 11853

 

 

Country :

Egypt

 

 

Date of Incorporation :

21.10.2007

 

 

Com. Reg. No.:

1865, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the supply, installation and commissioning of overhead transmission lines and substations.

 

 

No. of Employee :

321

 

 

RATING & COMMENTS

 

MIRA’s Rating :

 

 

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

 

--

 

Status :

Moderate

 

 

Payment Behaviour :

No complaints

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Egypt

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : EL SEWEDY ELECTRIC TRANSMISSION AND DISTRIBUTION

Also Known As                                     : EL SEWEDY ELECTRIC T & D

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 21st October 2007

Commercial Registration Number           : 1865, Cairo

Tax Card Number                                  : 267-166-214

Issued Capital                                       : £E 500,000

Paid up Capital                                     : £E 500,000

Total Workforce                                     : 321

Activities                                               : Supply, installation and commissioning of overhead transmission lines and substations

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

EL SEWEDY ELECTRIC TRANSMISSION AND DISTRIBUTION

 

 

ALSO KNOWN AS

 

EL SEWEDY ELECTRIC T & D

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Plot 27, 1st District, 5th Settlement

PO Box            : 311

Town                : Cairo 11853

Country             : Egypt

 

Telephone         : (20-2) 27599781 / 27599782 / 27599783 / 27599700

Facsimile          : (20-2) 27599788

Email                : info@elsewedy.com / eetd@elsewedy.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sadek Ahmed Sadek El Sewedy                                                        Chairman

 

·       Mohamed Abdel Hafez                                                                     Senior Procurement Specialist

 

·       Amr Mohamed Labib                                                                        Group Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st October 2007

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 1865, Cairo

 

Tax Card No.                : 267-166-214

 

Issued Capital              : £E 500,000

 

Paid up Capital            : £E 500,000

 

Name of Shareholder (s)                                    

 

·       Sadek Ahmed Sadek El Sewedy

 

·       El Sewedy Electric SAE

     Plot No. 27, 1st District, 5th Complex, New Cairo, El Gedida

     PO Box: 311

     Cairo

     Tel: (20-2) 27599700 / 27599701

Fax: (20-2) 27599769 / 27599731 / 27599726 / 25799739

 

·       Local businessmen and private investors

 

 

AFFILIATED COMPANIES

 

Subject is a member of the El Sewedy group of companies which consists of the following concerns:

 

·       Egytech Cables Company (El Sewedy)

     14 Baghdad Street

     El Korba, Heliopolis

     Cairo

     Tel: (20-2) 24148366 / 24143364

     Fax: (20-2) 24148373 / 24148367

 

·       Sewedy Est

4 El Dabtia Street

Attaba

Cairo

Tel : (20-2) 33911633

 

·       Arab Cables & Electrical Industries

1st Industrial Zone

Sharkeya

Tenth of Ramadan City

Tel : (20-15) 363861

 

·       United Industries Company El Sewedy

     16 El Khartoum Street, 4th Floor

     Heliopolis

     Cairo

     Tel: (20-2) 24144380 / 24144381

     Fax: (20-2) 22905844 / 24144382

 

·       Arab Cement Company SAE

14 Baghdad Street

Korba, Heliopolis

Cairo

Tel : (20-2) 24182701

 

·       El Sewedy Engineering & Distribution Co (Sedco)

El Obour Buildings, No. 5

12 Salah Salem Street

Nasr City

PO Box : 136

Cairo

Tel : (20-2) 22614796 / 22623776

Fax : (20-2) 22639155

 

·       El Sewedy for Plastic Industry (Sedplast)

13 El Obour Building

     Salah Salem Street

     Nasr City

     Cairo

     Tel : (20-2) 22623411

     Fax : (20-2) 22623411

 

·       El Sewedy Electrical Equipment & Cables

14 Saray El Azbakia Street

PO Box : 1604

Cairo

Tel : (20-2) 25912310 / 25911299 / 25911545

Fax : (20-2) 25910583

Email : elsewedy@link.com.eg

 

·       Egy Lux

21 Cleopatra Street

Heliopolis

Cairo

Tel : (20-2) 24195104

Fax : (20-2) 24195107

 

·       Arab Company for Iron Industries

Heliopolis

Cairo

 

·       El Sewedy Electrical Supplies (Zaki El Sewedy & Co)

Alfy Street

       El Azbakiya

       Cairo

       Tel : (20-2) 25741088 / 25918905 / 25741197 / 25890316

       Fax : (20-2) 25771959

 

·       Egyptian Company for Advanced Industries

 

·       United Metals Co

 

·       Sedplast Co

 

·       Elasty Mould

 

·       United Wires Co

 

·       Red Sea Co for Copper

 

·       Pyramids Industrial Urban Development

 

·       El Sewedy Sedco for Petroleum Services

 

·       Iskra Emco Energy Measurement

 

·       Iskra Emco Slovenia

 

·       Power System Projects Company

 

·       Desert Wind Company

 

·       Wind Blades Company

 

 

OPERATIONS

 

Activities: Engaged in the supply, installation and commissioning of overhead transmission lines and substations.

 

Import Countries: Europe and the Far East

 

Export Countries: GCC countries

 

Subject has a workforce of approximately 320 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Arab African Bank

5 El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 33545094

     Fax: (20-2) 33558493

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.20

UK Pound

1

Rs.97.01

Euro

1

Rs.69.34

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.