MIRA INFORM REPORT
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Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ORASCOM CONSTRUCTION INDUSTRIES SAE (OCI) |
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Formerly Known As : |
Eng. Naguib Onsi Sawiris & Co |
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Registered Office : |
Nile City Tower,
2005A Corniche El Nil, Mohandessin, Cairo 1121 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1950 |
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Com. Reg. No.: |
38824, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Construction services |
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No. of Employees
: |
2600 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 30,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Egypt |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : ORASCOM CONSTRUCTION INDUSTRIES SAE (OCI)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1950
Commercial Registration Number : 38824, Giza
Tax Card Number : 200-011-057
Issued Capital : £E 1,044,700,000
Paid up Capital : £E 1,044,700,000
Total Workforce : 2,600
Activities : Construction services
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 30,000,000
ORASCOM CONSTRUCTION INDUSTRIES SAE (OCI)
Registered & Physical
Address
Building : Nile City Tower
Street : 2005A Corniche El Nil
Area : Mohandessin
Town : Cairo 11211
Country :
Telephone : (20-2) 24611111 / 24611112 / 24611113
/ 24611279
Facsimile : (20-2) 24619400 / 24619405 /
24619412 / 22619430
Email : info@orascomci.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Cairo.
Name Position
·
Nassef
Onsi Sawiris Chairman
·
Onsi
Sawiris Director
·
Salman
Butt Director
·
Osama
Bishai Director
·
Hassan
Abdulla Director
·
Jerome
Guiraud Director
·
Sami
Haddad Director
·
Aladdin
Saba Director
·
Arif
Naqvi Director
·
Dalia Khorshid Corporate
Treasurer
·
Sameh
Loza Human
Resources Manager
·
Ashraf
Abdel Momen Corporate
Legal Affairs Manager
·
Kevin
Struve Strategic
Planning Manager
·
Rawi
Camel Toueg Administration
Manager
·
Hassan
Badrawi Business
Development Manager
Date of Establishment : 1950
History : Subject was established in 1950 under the
name of “Eng. Naguib Onsi Sawiris & Co” as a Limited Liability Partnership.
However on 30th March 1998 subject was re-registered as an Egyptian
Joint Stock Company under the current style of “Orascom Construction Industries
SAE (OCI)”
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 38824, Giza
Tax Card No. : 200-011-057
Issued Capital : £E 1,044,700,000
Paid up Capital : £E 1,044,700,000
Name of Shareholder
(s) Percentage
·
Members
of the Sawiris Family 55%
·
Abraaj Capital 6%
·
Local
businessmen and private investors 39%
Subsidiary
Name Stake
Held
·
OCI International
·
OCI Finance Limited (OCIF) 100.0%
·
Orascom Construction Industries Nigeria (OCIN) 99.9%
·
Orascom Construction Industries Algeria (OCIA) 99.9%
·
Orascom Industrial Investments 99.9%
·
Orascom Construction Industries – Egypt 99.9%
·
National Steel Fabrication 99.9%
·
Orascom Roads Company 99.9%
·
Orascom Fertilizer Plant Maintenance Company 99.9%
·
OCI Construction – Egypt 99.9%
·
Suez Industrial Development Company (SIDC)
60.5%
·
Sofert Algerie Company 50.9%
·
OCI Besix 50.0%
·
OCI Tervi Skikda 50.0%
·
Orasqualia for the Development of Wastewater
50.0%
·
Alico Egypt 49.9%
·
United Company for Paints and Chemicals 49.9%
·
Bentini
Orascom Construction 49.0%
·
United Holding Company 27.2%
Activities: Orascom Construction Industries SAE (OCI)
ranks among Egypt’s largest private sector businesses and is active in construction services, cement
manufacturing and infrastructure concessions. The company operates
primarily as a construction company with the production and sale of cement as a
significant segment of operations. The
company is organised into three operating groups; the Construction Group, the
Cement Group, and the Concessions and Other Building Materials Group.
The OCI Construction Group provides
engineering, procurement and construction services on large, complex and
demanding projects for public and private customers primarily in the Middle
East, North Africa and
This division also manufactures fabricated
steel products as well as architectural curtain walling and window systems.
The OCI Cement Group is the largest cement
producer in the
Subject’s principal operating cement subsidiaries
are Egyptian Cement Company, which has an installed annual production capacity
of 8 million tons, and Algerian Cement Company, which has an installed annual
production capacity of 5 million tons. The company are currently constructing
cement plants in
·
Concessions and Other Building Materials Group
This division consists of equity investments
in companies which complement OCI’s construction activities. It also focuses on
equity investments in long term infrastructure projects locally and regionally.
Operating Trend: Steady
Subject has a
workforce of approximately 2,600 employees, and the Orascom Group has over
40,000 workers.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E 000,000’s)
Consolidated
Balance Sheet 31/12/10 31/12/09
ASSETS
Non-current
assets
Property, plant
and equipment 18,605.7
14,990.9
Intangible assets
11,062.3
9,873.7
Investment in
associated companies 2,676.0
2,104.7
Investments
available for sale 406.8
253.0
Deferred tax
assets 35.5
38.1
Long-term
receivables 339.0
247.4
Total non-current
assets 33,125.3
27,507.8
Current assets
Inventories 1,885.7
1,401.7
Marketable
securities 96.5
211.4
Trade and other
receivables 11,451.7
9,749.9
Due from clients 2,173.4
1,523.4
Cash on hand and
at banks 5,649.4
5,924.6
Assets held for
sale 397.8
538.7
Total current
assets 21,654.5
19,349.7
Total assets 54,779.8
46,857.5
EQUITY
Shareholders'
equity
Share capital 1,044.7
1,034.6
Reserves 5,217.8
4 4,320.4
Retained earnings
8,558.6
8,835.9
Net profit for
the year 3,344.4
2,416.6
Cumulative
adjustment on translation of foreign companies (151.6)
(14.5)
Own Shares (153.1)
(200.2)
Total
shareholders' equity 17,860.8
16,392.8
Minority interest
in subsidiary companies 1,044.3
750.2
Total equity 18,905.1
17,143.0
LIABILITIES
Non-current
liabilities
Loans and bonds 14,250.7
11,219.3
Provisions 2,148.0
1,913.3
Other long-term
liabilities 713.3
571.1
Deferred tax
liabilities 773.0
581.7
Total non-current
liabilities 17,885.0
14,285.4
Current
liabilities
Bank overdraft
and loans 3,342.2
2,266.1
Trade and other
payables 10,345.9
8,493.5
Due to clients 2,964.1
3,658.8
Provisions 943.5
650.1
Income taxes
payable 394.0
360.6
Total current liabilities
17,989.7
15,429.1
Total liabilities
35,874.7
29,714.5
Total equity and liabilities 54,779.8
46,857.5
Consolidated
Income Statement
Revenue 27,552.4
21,312.8
Cost (20,767.9)
(16,581.0)
Gross profit 6,784.5
4,731.8
Add (Less)
Other operating
income 20.7
167.5
Selling, general
and administrative expenses (1,638.8)
(1,283.6)
Provision for
claims and impairment of debts (500.0)
(211.5)
Operating profit 4,666.4
3,404.2
Interest income 101.6
134.1
Interest expense (672.1)
(631.5)
(Losses) Gain on
foreign currency exchange (42.0)
35.4
Net finance cost (612.5)
(462.0)
Investments
income 435.3
99.3
Income before
taxes 4,489.2
3,041.5
Income tax
expense (840.1) (491.3)
Net profit for
the year 3,649.1
2,550.2
Attributable to:
Minority
interests share in net profit of subsidiaries 304.7
133.6
Equity holders of
the Company 3,344.4
2,416.6
Net profit for the year 3,649.1
2,550.2
Local sources
consider subject’s financial condition to be Good.
·
Delta
International Bank
113 Corniche El Nil Street
PO Box: 1159
Cairo
Tel: (20-2) 25740831
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints
regarding subject’s payments have been reported.
Orascom
Construction Industries SAE (OCI) ranks among Egypt’s largest private sector businesses
and is active in construction services, cement manufacturing and infrastructure
concessions. The company operates primarily as a construction company with the
production and sale of cement as a significant segment of operations. The
company is organised into three operating groups; the Construction Group, the
Cement Group, and the Concessions and Other Building Materials Group.
OCI is the largest
cement producer in the Middle East and one of the top 200 construction
contractors in the world.
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.49.35 |
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UK Pound |
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.