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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PETROLEUM SERVICES CO SAE (NAPESCO) |
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Registered Office : |
Flat No. 9, 39 Road 83, Maadi, Cairo 11431 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
140098 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Providers of oilfield services and supplies. |
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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 |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 backtracked on economic reforms, drastically increasing 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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of
unsuccessful negotiations with the International Monetary Fund over a
multi-billion dollar loan agreement which have dragged on more than 20 months -
could precipitate fiscal and balance of payments crises in 2013.
|
Source
: CIA |
Company Name :
NATIONAL PETROLEUM SERVICES CO SAE (NAPESCO)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1996
Commercial Registration Number :
140098, Cairo
Tax Card Number :
204-829-917
Issued Capital :
£E 1,000,000
Paid up Capital :
£E 1,000,000
Total Workforce :
100
Activities :
Providers of oilfield services and supplies.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
NATIONAL PETROLEUM SERVICES CO SAE (NAPESCO)
Registered &
Physical Address
Building : Flat No. 9
Street : 39 Road 83
Area : Maadi
Town : Cairo 11431
Country : Egypt
Telephone : (20-2) 3582587
/ 3599978 / 3504062 / 3584062
Facsimile : (20-2) 3787616
Mobile : (20-10)
5442218
Email : sahsouh@internetegypt.com
/ napsami@intouch.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Cairo.
Branch Offices
Location Description
Amreya Free Zone Rented
warehouse premises
Alexandria
Tel: (20-2) 25218516 / 27538754
107 Industrial Zone Rented
warehouse premises
Maadi
Cairo
Tel: (20-2) 27538754
Fax: (20-2) 25218516
Name Position
Sami El Nahas Managing
Director
Saleh Ghoneim Director
Hussein Gomaa Director
Ayman Mandouh Finance
Manager
El Sayed El Sheikh Administration
Manager
Galal Moawad Sales
Manager
Date of Establishment : 1996
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 140098, Cairo
Tax Card No. : 204-829-917
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
Name of
Shareholder (s)
Sami El Nahas
Saleh Ghoneim
Hussein Gomaa
Activities: Engaged
in the import and distribution of drilling rig machinery and equipment such as
pile driving drills, pumps, control valves, extraction machinery and chemicals,
as well as providing offshore and underwater contracting services.
Subject is ISO
9001 certified
Import Countries: United States of
America, Canada, Norway, United Kingdom, Italy and Australia.
International Suppliers :
Seaboard International United
States of America
Strahman Valves United
States of America
C. Lee Cook United
States of America
Morrison Molded Fiber Glass Company United
States of America
JCL Industries Inc United
States of America
Dril Quip Inc United
States of America
Tessco United
States of America
Turbo Chem International Inc United
States of America
Safra Italy
Kelco Oil Field Group United
Kingdom
Crane Australia Ltd Australia
Operating Trend: Steady
Subject has a workforce of 100 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales US$
14,750,000 US$ 16,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box: 1825
Cairo
Tel: (20-2) 33416150
Fax: (20-2) 33420265
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.