MIRA INFORM REPORT

 

 

Report No. :

331794

Report Date :

13.07.2015

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN COMPANY FOR ELECTRICITY TRANSMISSION

 

 

Registered Office :

Ministry of Electricity Buildings, Ramsis Street, Abbassia, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

2001

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Engaged in the installation of high voltage power networks and distribution of electricity across Egypt and abroad.

 

 

No. of Employees :

30,880

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Egypt's current Constitution passed in a referendum that took place in January 2014.

 

Source : CIA

SUMMARY

 

Company Name                                    : EGYPTIAN COMPANY FOR ELECTRICITY TRANSMISSION

Country of Origin                                   : Egypt

Legal Form                                           : Public Limited Company

Registration Date                                  : 2001

Issued Capital                                       : £E 4,311,160,000

Paid up Capital                                     : £E 4,311,160,000

Total Workforce                         : 30,880

Activities                                               : Installers of high voltage power networks and distribution of electricity

                                                               across Egypt and abroad.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

EGYPTIAN COMPANY FOR ELECTRICITY TRANSMISSION

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Ministry of Electricity Buildings

Street               : Ramsis Street

Area                 : Abbassia, Nasr City

Town                : Cairo

Country : Egypt

Telephone         : (20-2) 26855546 / 22618579 / 26833635 / 26843824

Facsimile          : (20-2) 26843824

Email                : info@eetc.net.eg

 

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

 

Fathallah Lotfy Shalaby                                                             Chairman

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2001

 

Legal Form                  : Public Limited Company

 

Issued Capital              : £E 4,311,160,000

 

Paid up Capital            : £E 4,311,160,000

 

Name of Shareholder (s)                                               Percentage

 

Egyptian Electricity Holding Co                                      100%

Cairo

 

 

OPERATIONS

 

Activities: Engaged in the installation of high voltage power networks and distribution of electricity across Egypt and abroad.

 

Subject has a workforce of approximately 30,880 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

 

Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.38

UK Pound

1

Rs.97.65

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TPT

 

               

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.