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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SAHARA PETROLEUM
SERVICES COMPANY SAE (SAPESCO) |
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Registered Office : |
Zahraa El Maadi,
Industrial Area, 703 Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
46775 |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Engaged as
exploration contractors specialising in land surveying, site definition,
exploration and well drilling. |
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No. of Employees : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 : SAHARA PETROLEUM SERVICES COMPANY SAE (SAPESCO)
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1974
Commercial
Registration Number : 46775
Issued Capital : US$
18,370,130
Paid up Capital : US$
18,370,130
Total Workforce : 500
Activities :
Exploration contractors
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SAHARA PETROLEUM SERVICES
COMPANY SAE (SAPESCO)
Location : Zahraa El Maadi, Industrial Area
PO Box : 703
Town : Cairo
Country : Egypt
Telephone : (20-2) 25194800
Facsimile : (20-2) 25194900
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Cairo.
Branch Office
(s)
Location Description
·
29 El
Madina El Menawara Street Office
premises
Mohandessin, Giza
Cairo
Tel: (20-2) 4482365
·
Nasr
City Office
premises
Cairo
Tel: (20-2) 26702140
Fax: (20-2) 26702144
·
Public
Free Zone Office
premises
Al Ameria
Alexandria
Tel: (20-3) 4482365
Name Position
·
Mamdouh
Mahfouz Chairman
·
Mohamed
El Miniawy Director
·
Mahdy Nour
El Din Director
·
Khaled
Younis Director
·
Mohamed
Makhioum Director
·
Soheir
Kurtam Director
·
Ashraf
Khattab Director
·
Khaled
Aboud Director
·
Mohamed
El Sakhawy Director
·
Hesham
Fouad General
Manager
·
Hassan
Gharib Sales
Manager
·
Amr
Hassan Project
Manager
·
Ahmed
Azab Technical
Manager
Date of Establishment : 1974
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 46775
Issued Capital : US$ 18,370,130
Paid up Capital : US$ 18,370,130
·
Sahara
for Projects & Investment 60.0%
·
Commercial
International Bank 17.5%
·
Univest 15.0%
·
Commercial
International Investment Co SAE 7.5%
Activities: Engaged as exploration contractors
specialising in land surveying, site definition, exploration and well
drilling.
Import
Countries: Norway, United
Kingdom, Saudi Arabia and the United States of America.
Operating Trend: Steady
Subject has a
workforce of approximately 500 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales US$ 39,400,000 US$ 42,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Misr International Bank (MIBANK)
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
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.62.43 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.85.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
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.