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Report Date : |
05.09.2013 |
DENTIFICATION DETAILS
|
Name : |
OVERSEAS GAS COMPANY SAE |
|
|
|
|
Registered Office : |
13 Ramo Building, 5th Floor, Office No. 505, Nasr City
Street, Nasr City, Cairo |
|
|
|
|
Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.04.2008 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
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|
|
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Line of Business : |
Engaged as gas installation and concession contractors |
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|
|
|
No. of Employees : |
500 |
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 |
|
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
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 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 :
OVERSEAS GAS COMPANY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
24th April 2008
Issued Capital :
£E 20,000,000
Paid up Capital :
£E 20,000,000
Total Workforce :
500
Activities :
Gas installation and concession contractors.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Amer Adel, Finance Manager
OVERSEAS GAS COMPANY SAE
Building : 13 Ramo
Building, 5th Floor, Office No. 505
Street : Nasr City
Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22918348
/ 22918358
Facsimile : (20-2)
24174240
Email : overseas@overseasgas.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
· Mohamed Rashad Chairman
· Tariq Munir Thabit General
Manager
· Amer Adel Finance
Manager
Date of
Establishment : 24th
April 2008
Legal Form : Egyptian Joint
Stock Company
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
· Nile Gas 47%
Cairo
· Local businessmen
and private investors 53%
Activities: Engaged as gas installation and concession contractors. Subject has a
concession on Al Waraq, Boulaq and Ard El Liwa Area.
Operating Trend: Steady
Subject has a workforce of approximately 500 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E
94,600,000 £E
100,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Amer Adel, Finance Manager
·
Citibank
PO Box: 188
Cairo
Tel: (20-2)
33551877 / 33551874
Fax: (20-2)
33558056
No complaints regarding subject’s payments have been reported.
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.67.02 |
|
UK Pound |
1 |
Rs.104.31 |
|
Euro |
1 |
Rs.88.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.