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Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SIDI KRIR GENERATING COMPANY |
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Registered Office : |
17 Al Ahram
Street, 8th Floor, Roxy, El
Korba, Heliopolis, Cairo 11511 |
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Country : |
Egypt |
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Financials (as on) : |
31.01.2013 |
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Date of Incorporation : |
15.07.1998 |
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Com. Reg. No.: |
131046, Cairo |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
operation of an electricity and power generation station. |
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No. of Employees |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 : SIDI KRIR GENERATING COMPANY
Country of Origin : Egypt
Legal Form : Limited Liability Company
Registration Date : 15th July 1998
Commercial Registration Number : 131046, Cairo
Issued Capital : US$ 41,883,200
Paid up Capital : US$ 41,883,200
Total Workforce : 120
Activities : Operators of an electricity and power generation station.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Amin, Finance Manager
SIDI KRIR
GENERATING COMPANY
Registered &
Physical Address
Street : 17 Al Ahram Street, 8th
Floor
Area : Roxy, El Korba, Heliopolis
Town : Cairo 11511
Country : Egypt
Telephone : (20-2) 24143640 / 24142985
Facsimile : (20-2) 24142986
Mobile : (20-100)
1752373
Email : powertek@powertek-eg.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Nick
Stockdale Chief
Executive Officer
·
Ahmed
Amin Finance
Manager
·
Ahmed
El Qubaisi Procurement
Manager
Date of Establishment : 15th
July 1998 (full production began in 2002)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 131046,
Cairo
Issued Capital : US$ 41,883,200
Paid up Capital : US$ 41,883,200
Name of
Shareholder (s)
·
Sidi
Krir LP Ltd
Cayman Islands
·
Sidi
Krir GP Ltd
Cayman Islands
·
Port
Said East Power Co
Egypt
·
Swiss
Gulf Power
Egypt
Activities: Engaged in the operation of an electricity
and power generation station.
Operating Trend: Steady
Subject has a
workforce of 120 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/01/12: Year Ending
31/01/13:
Total Sales US$ 118,460,703 US$ 121,948,923
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ahmed Amin, Finance Manager
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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 |
|
|
-- |
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.