MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CAIRO OIL REFINING CO |
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Registered Office : |
Sharekat El Petrol Street, Shubra El Kheima, Kaliubeya, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
1982 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Petroleum Refining, Producing Lead Free Car Fuel and Solvents |
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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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name CAIRO OIL REFINING CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1982
Issued Capital : £E 50,200,000
Paid up Capital : £E 50,200,000
Total Workforce : 2,900
Activities : Petroleum refining, producing lead free car fuel and solvents
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 1,000,000
COMPANY NAME
CAIRO OIL REFINING CO
ADDRESS
Registered & Physical Address
Street : Sharekat El Petrol Street
Area : Shubra
El Kheima, Kaliubeya
Town : Cairo
Country : Egypt
Telephone : (20-2) 42529821
Facsimile : (20-2) 42529826
Premises
Subject operates
from a large suite of offices and production facilities that are owned and
located in the Industrial Area of Cairo.
KEY PRINCIPALS
Name Position
·
Ali Faddah Chairman
·
Ramadan Abu El Foutouh Finance
Manager
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Maher Mahmoud Accounts
Manager
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Amr Borahan Human
Resources Manager
·
Hazem Hussein IT
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1982
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 50,200,000
Paid up Capital : £E 50,200,000
Name of Shareholder (s)
·
Egyptian
General Petroleum Corporation SAE (EGPC)
4 Palestine Street
New Maadi, 4th
Sector
PO Box 2130
Cairo 11742
Egypt
Tel: (20-2) 27065358 / 27065210
Fax: (20-2) 27028813 /
27031457
OPERATIONS
Activities: Engaged in petroleum refining, producing lead
free car fuel and solvents.
Subject has a
workforce of approximately 2,900 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) 3912711 / 3912106
Fax : (20-2) 3919779
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)