MIRA INFORM REPORT

 

 

Report Date :           

06.04.2011

 

IDENTIFICATION DETAILS

 

Name :

CHEVRON EGYPT LUBRICANTS SAE

 

 

Registered Office :

44 El Nadi Street, Street No. 77A, Maadi, P O Box 9, Cairo 11742

 

 

Country :

Egypt

 

 

Year of Establishment :

1937

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and blending of lubricants

 

 

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

 

Maximum Credit Limit :

US$ 750,000

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : CHEVRON EGYPT LUBRICANTS SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1937

Tax Card Number                                   : 100-458-203

Issued Capital                                        : £E 15,000,000

Paid up Capital                                      : £E 15,000,000

Total Workforce                                     : 600

Activities                                               : Manufacture and blending of lubricants

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 750,000

 

COMPANY NAME

 

CHEVRON EGYPT LUBRICANTS SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 44 El Nadi Street, Street No. 77A

Area                 : Maadi

PO Box             : 9

Town                 : Cairo 11742

Country             : Egypt

Telephone         : (20-2) 23588007 / 23786156

Facsimile          : (20-2) 23588027

Mobile               : (20-10) 1610730

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Ataka                                                                                               Warehouse premises

Suez

 

·       4th Industrial Zone                                                                              Factory premises

Plot No. 53/54

6th of October City

Tel: (20-2) 38323990

Fax: (20-2) 38331427

 

·       Isis Tower                                                                                         Warehouse premises

7 Lazoughly Street

Garden City

Cairo

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ehab Eissa                                                                                       Chairman

 

·       Mohamed Negm                                                                                General Manager

 

·       Said Lotfy                                                                                         Finance Manager

 

·       Hesham Talaat                                                                                  Planning Manager

 

·       Ahmed El Salamouny                                                                                    Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1937

 

Legal Form                  : Egyptian Joint Stock Company

 

Tax Card No.               : 100-458-203

 

Issued Capital              : £E 15,000,000

 

Paid up Capital            : £E 15,000,000

 

Name of Shareholder (s)                                          Percentage

 

·       Chevrontex Co                                                          100%

United States of America

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and blending of lubricants.

 

                 Subject provides lubricants for 65 Caltex service stations.

 

Production Capacity: 36,000 MTPA

 

Subject has a workforce of approximately 600 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

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.45

UK Pound

1

Rs.71.59

Euro

1

Rs.63.01

 

 

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

 

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.