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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
WESTERN GECO DATA SERVICES MIDDLE EAST LTD |
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Registered Office : |
26 El Horreya Street Heliopolis Cairo 11341 |
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Country : |
Egypt |
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Year of Incorporation : |
1974 |
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Legal Form : |
Limited Liability Company (Private Free Zone) |
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Line of Business : |
Providers of geophysical and data processing services |
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No. of Employees : |
100 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
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 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
Source
: CIA
Company Name : WESTERN GECO DATA SERVICES MIDDLE EAST LTD
Country of Origin : Egypt
Legal Form : Limited Liability Company (Private Free Zone)
Registration Date : 1974
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Total Workforce : 100
Activities : Providers of geophysical and data processing services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Ossama El Nagdy, Data Manager
WESTERN GECO DATA SERVICES MIDDLE EAST LTD
Street : 26 El
Horreya Street
Area : Heliopolis
Town : Cairo 11341
Country : Egypt
Telephone : (20-2) 24179731
Facsimile : (20-2)
24179741
Mobile : (20-100)
1612640 / 1612671
Email : oelnagdy@slb.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Name Position
· Emad Shady Business
Development Manager
· Ossama El Nagdy Area
Manager
· Mohaimen El Shamaa Administration
Manager
· Mark Paul Operations
Manager
· Ossama El Nagdy Data
Manager
Date of
Establishment : 1974
Legal Form : Limited Liability Company (Private Free Zone)
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
· SLB MENA 100%
Dubai
Activities: Engaged in the provision of geophysical and data processing services,
including reservoir imaging,
monitoring and development services, subsurface geology and rock
properties.
Subject has a workforce of 100 employees.
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.
·
Arab Banking Corporation
PO Box: 781
Cairo
Tel: (20-2)
25745488 / 25780417
Fax: (20-2)
25780416
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.