MIRA INFORM REPORT

 

 

Report No. :

347653

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

ELECTROSTAR CO FOR ENGINEERING INDUSTRIES SAE

 

 

Registered Office :

Plot No. 266/267 Street No. 34 1st Industrial Zone 2 Sixth of October City

 

 

Country :

Egypt

 

 

Date of Incorporation :

1980

 

 

Com. Reg. No.:

104, 6th of October City

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of refrigerators (such as catering refrigerators and deep refrigerators), freezers and refrigeration spare parts and accessories, as well as other household appliances.

 

 

No. of Employee :

1,500

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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                                                : ELECTROSTAR CO FOR ENGINEERING INDUSTRIES SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1980

Commercial Registration Number                       : 104, 6th of October City

Tax Card Number                                  : 212-261-525

Issued Capital                                       : £E 60,004,900

Paid up Capital                                     : £E 60,004,900

Total Workforce                                     : 1,500

Activities                                               : Manufacturers of refrigerators and freezers.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Khaled Farooq            , Finance Manager

 

 

COMPANY NAME

 

ELECTROSTAR CO FOR ENGINEERING INDUSTRIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Plot No. 266/267

Street               : Street No. 34

Area                 : 1st Industrial Zone

 

PO Box                        : 2

 

Town                : Sixth of October City

Country             : Egypt

 

Telephone         : (20-2) 38330948 / 38330978 / 38320016

Facsimile          : (20-2) 38331318 / 38330430

Mobile              : (20-12) 2381774 / (20-111) 3555274 / (20-100) 0935116

Email                : handasia@electrostar-egypt.com / khaled-farouk@electrostar.com.eg

 

Please note that subject’s previous address was, 3 Sabah Street, Nasr El Din, Pyramids, Giza, Cairo.

 

Premises

 

Subject operates from a suite of offices and a factory covering 100,000 square metres that are owned and located in the Industrial Area of Cairo.

 

Branch Office (s)

 

     Location                                                                   Description

 

·       58 Guisr El Suez Street                                             Office premises

Tel: (20-2) 26207657 / 26207658

Fax: (20-2) 26208603 / 26207657

 

·       3 Abd El Alim El Khouly Street                                  Office & showroom premises

El Matariya

Cairo

Tel: (20-2) 22833572 / 22833585

 

·       1H El Nozha Street                                                   Office & showroom premises

Heliopolis

Cairo

 

·       46 Ali Basha Ibrahim Street                                       Office & showroom premises

     Sidi Beshr

     Alexandria

 

·       146 Khaled Ibn El Waleed Street                                Office & showroom premises

     Alexandria

 

·       6 Zaki Ragab Street                                                  Office & showroom premises

Smoha

     Alexandria

     Tel: (20-3) 4242739 / 5400170

 

·       24 Ebn Sinai Street                                                   Office & showroom premises

Mansourah

     Tel: (20-50) 363309

 

·       8 El Messaha Street                                                  Office & showroom premises

Assiout

     Tel: (20-88) 320767

 

·       103, 15th of May Street                                             Office & showroom premises

     Nagga Hammadi

Tel: (20-96) 582842

 

 

KEY PRINCIPALS

 

 

     Name                                                                       Position

 

·       Mohamed Ahmed Mohamed El Menoufy                   Managing Director

 

·       Gouda Ahmed Mohamed El Menoufy                                    Director

 

·       Khaled Ahmed Mohamed El Menoufy                                    Director

 

·       Dr Maissara Ahmed Mohamed El Menoufy                Director

 

·       Nabila Ahmed Mohamed El Menoufy                         Director

 

·       Adel Fayek Bakhit                                                     General Manager

 

·       Khaled Farooq                                                         Finance Manager

 

·       Adel Fayek Bekhit                                                     Factory Manager

 

·       Sami Ibrahim                                                                        Human Resources Manager

 

·       Hassan Salem                                                          Accounts Manager

 

·       Ismail Moustafa                                                        Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1980

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 104, Sixth of October City

 

Tax Card No.                : 212-261-525

 

Issued Capital              : £E 60,004,900

 

Paid up Capital            : £E 60,004,900

 

Name of Shareholder (s)                                    

 

·       Mohamed Ahmed Mohamed El Menoufy

 

·       Gouda Ahmed Mohamed El Menoufy

 

·       Khaled Ahmed Mohamed El Menoufy

 

·       Dr Maissara Ahmed Mohamed El Menoufy

 

·       Mrs Nabila Ahmed Mohamed El Menoufy

 

·       Ahmed Mohamed Ahmed Mohamed El Menoufy

 

·       Karim Mohamed Ahmed Mohamed El Menoufy  

 

·       Ahmed Gouda Ahmed Mohamed El Menoufy                 

 

·       Haytham Gouda Ahmed Mohamed El Menoufy              

 

·       Yasmeen Gouda Ahmed Mohamed El Menoufy              

 

·       Ahmed Khaled Ahmed Mohamed El Menoufy                 

 

·       Raghda Khaled Ahmed Mohamed El Menoufy                

 

·       Ahmed Maissara Ahmed Mohamed El Menoufy 

 

·       Karim Maissara Ahmed Mohamed El Menoufy   

 

·       Ahmed Youssry Ahmed Mohamed El Menoufy

 

·       Iman Youssry Ahmed Mohamed El Menoufy

 

 

OPERATIONS

 

 

Activities: Engaged in the manufacture of refrigerators (such as catering refrigerators and deep refrigerators),

     freezers and refrigeration spare parts and accessories, as well as other household appliances.

 

                  Subject was awarded the ISO 9001 certificate in 1997

 

Production Capacity: 180,000 refrigerators per annum

 

Import Countries: Italy, Sweden, Spain, South Korea, China, Brazil, Lebanon, Syria, Turkey, United States of

                               America and France.

 

International Suppliers:

 

·       Zanussi                    Italy

·       Scariouy                  Italy

·       Sabaf                      Italy

·       Defendi                    Italy

·       Electrolux                 Sweden

·       Samsung                 South Korea

 

Export Countries: Russia, Ukraine, Romania, Libya, Uganda, Angola, Kenya, Jordan, Iraq, Algeria, Tunisia, Yemen,

     Israel, Zimbabwe, Slovenia, Kazakhstan and Kuwait.

 

Brand Names: ELECTROSTAR

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

                                                                                                                                               

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                £E 320,000,000                         £E 289,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Khaled Farooq, Finance Manager

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       Egyptian British Bank SAE

Zamalek Abou El Feda Building

Abou El Feda Street

Cairo

Tel: (20-2) 33404849 / 33408938

Fax: (20-2) 33414010

 

·       National Societe Generale Bank

53 Shoubra Street

Cairo

Tel: (20-2) 25771351

 

·       National Bank of Abu Dhabi

Nile Tower, 18th Floor

21 Giza Street

Cairo

Tel: (20-2) 33609724

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.79

UK Pound

1

Rs.99.95

Euro

1

Rs.71.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.