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Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ENGINEERING CO FOR THE PETROLEUM AND PROCESS INDUSTRIES SAE |
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Registered Office : |
1A |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.01.1978 |
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Com. Reg. No.: |
186906, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject provides fully integrated engineering,
procurement, construction and project management services for the petroleum,
petrochemicals, power and other related industries. |
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No. of Employees : |
1,900 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.
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Source
: CIA |
Company Name :
ENGINEERING CO FOR THE PETROLEUM AND PROCESS
INDUSTRIES SAE
Doing Business As :
ENPPI
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
15th January 1978
Commercial Registration Number :
186906, Cairo
Issued Capital :
US$ 185,000,000
Paid up Capital :
US$ 185,000,000
Total Workforce :
1,900
Activities :
Oil and gas drilling and exploration contractors.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ENGINEERING CO FOR
THE PETROLEUM AND PROCESS INDUSTRIES SAE
DOING BUSINESS AS: ENPPI
Registered &
Physical Address
Street : 1A Ahmed El
Zomor Street
Area : 8th
District, Nasr City
PO Box : 2521, El
Horreya
Town : Cairo
Country : Egypt
Telephone : (20-2) 22762244
/ 22762100 / 22762445 / 22762150 / 22765706 / 22762500 / 22765708
Facsimile : (20-2)
22744981 / 22762637 / 22744382 / 22759768
Email : gmail@enppi.com
Premises
Subject operates from a large suite of offices and a workshop that are
owned and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
78 Abdel Salam Aref Street Office
premises & a training centre
Gleem, Borg Al Salam
Alexandria
Tel: (20-3) 5876736
5444 Westheimer Street Sales
Office
Suite 1450 Houston
Texas 77056
United States of America
Tel: (1-713) 6269318
Fax: (1-713) 6269324
Liberty Tower Sales
Office
Flat No. 104
Khalifa Street
Abu Dhabi
United Arab Emirates
Tel: (971-2) 261427
Fax: (971-2) 262281
13 Al Mahdy Ibn Barka Street Sales
Office
Abu Romanah
Damascus
Syria
Tel: (963-11) 3336335 / 3341951
Fax: (963-11) 3341950
Via Dogana Sales
Office
20123 Milan
Italy
Tel: (39-2) 867141
Fax: (39-2) 809250
Name Position
Abdul Nasser Salah Chairman
Hassan Ismail Vice
Chairman
Maged Ahmed Nagaty Finance
Manager
Zakaria El Sayed Assistant
Finance Manager
Jamal Hegazi Procurement
Manager
Adel Ammar Finance
Manager
Date of Establishment : 15th January 1978
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 186906, Cairo
Issued Capital : US$ 185,000,000
Paid up Capital : US$ 185,000,000
Name of
Shareholder (s) Percentage
Egyptian General Petroleum Corporation SAE (EGPC) * 97 %
4 Palestine Street
New Maadi, 4th Sector
PO Box: 2130
Cairo
Tel: (20-2) 33531451 / 33531440 / 33531441
Fax: (20-2) 33531457 / 33531586
Petroleum Projects & Technical Consultations Co SAE (PETROJET) 2 %
Joseph Bross Tito Street
Highkestep, Heliopolis
PO Box: 2048, Horreya
Cairo
Tel: (20-2) 22992339 / 22992352 / 22992334
Fax: (20-2) 22992347 / 22969347
Petroleum Sector Employees Housing Fund
1 %
* Egyptian General
Petroleum Corporation SAE (EGPC) is wholly owned by the government of Egypt and
is responsible to the Ministry of Petroleum & Mineral Wealth.
Subject is a subsidiary of Egyptian General Petroleum Corporation (EGPC)
and the following companies are partly or wholly owned by EGPC:
Magawish Petroleum Co (MAGAPETCO)
6 El Sad El Aly Street
Maadi
PO Box: 104, Maadi
Cairo
Tel: (20-2) 33785774 / 33785774 / 33587369
Fax: (20-2) 33785774
Misr Petroleum Company SAE
Misr Petroleum House Building
6 Orabi Street
El Tawfikiwa
PO Box: 288
Cairo
Tel: (20-2) 25755000 / 27555000 / 25755035
Fax: (20-2) 25745400 / 25745436
Alexandria Petroleum Co
Dekhleia
PO Box: 3
Alexandria
Tel: (20-3) 4452832
Amreya Petroleum Refinery Co SAE
32 Orabi Street
PO Box: 99
Alexandria
Tel: (20-3) 4800606 / 4930125 / 4930127
Fax: (20-3) 4928685
Assyout Oil Refining Co
50 El Nil Street
Assiut
Tel: (20-88) 324865
Cairo Oil Refining Co
Sharekat El Petrol Street
Heliopolis
PO Box: 11757
Cairo
Egyptian Petrochemical Co
568 El Horreya Street
Glym
Cairo
Tel: (20-2) 25870918
General Petroleum Co (GPC)
8 Dr Moustafa Abu Zahra Street
Nasr City
PO Box: 743
Cairo
El Nasr Oil Co
6 Sharia Orabi
PO Box: 1634
Cairo
Petroleum Cooperative Society
94 Sharia El Eini
Cairo
Arab Petroleum Pipelines Co
9 Amin Yahya Street
PO Box: 2056
Alexandria
Suez Oil Processing Co
15 Sharia Nabil El Wakkad
Dokki
Cairo
Pipeline Petroleum Co
Mostorod
PO Box: 1104
Cairo
Deminex Egypt Oil Co (Dioco)
15 Mossadak Street
PO Box: 1146
Cairo
Geisum Oil Company SAE
692 El Nasr Street
PO Box: 28, Maadi
Cairo
Tel: (20-2) 33529414 / 33529415
Fax: (20-2) 33529423
Suez Oil Co
21 Ahmed Orabi Street
PO Box: 2622
Cairo
Tel: (20-2) 33391220
Gulf of Suez Petroleum Co (Gupco)
Cairo
Petroleum Gases Co
Cairo
Aereal Services Co
Cairo
Agiba Petroleum Co (Egypetco)
Cairo
Akma Oil
Cairo
Belyamin Petroleum Co (Petrobel)
Tor Sinai Oil
Western Desert Petroleum Co (Wepco)
Badr El Deen Petroleum Co
Rodco
Activities: Enppi provides fully integrated
engineering, procurement, construction and project management services for the
petroleum, petrochemicals, power and other related industries.
Enppi is recognized as a major engineering
and management contractor, with a proven track record for both onshore and
offshore projects. To date, over 225 projects and 510 work authorizations
involving over 11.7 million man-hours of professional services have been
completed for oil and gas, refining,
petrochemical and general industry projects.
Subject’s range of services includes:
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Feasibility / Techno economic Studies
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Basic Engineering Services
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Process Engineering
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Detailed Engineering Services
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Project Management Services
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Procurement Services
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Construction Management
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Equipment Fabrication
- E
& I Installation Works
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Commissioning, Start-up & Training
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Quality Management
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Environmental Management
Enppi has been approved for compliance to
International Quality Standards (ISO 9001) and Environmental Management
Standards (ISO 14001) by LLOYD's Register Quality Assurance (LRQA-UK).
Import Countries: The United States of America, Italy, Belgium, France,
Norway and Germany.
International Clients:
Abu Dhabi Onshore Company United
Arab Emirates
Abu Dhabi National Oil Company for Distribution United Arab Emirates
Libyan National Oil Corporation Libya
National Oil & Distribution Company Qatar
Al Forat Petroleum Company Syria
Samsung South
Korea
Snamprojetti Italy
Operating Trend: Steady
Subject has a workforce of approximately 1,900 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E
4,394,645,997 £E
4,804,141,810
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints regarding subject’s payments have been reported.
Established in 1978, Engineering Co for the Petroleum And Process
Industries SAE Oil is a leading concern in the gas drilling and exploration
contracting market.
Subject is 97 percent owned by Egyptian General Petroleum Corporation
SAE (EGPC) which is responsible for all oil and petroleum exploration in Egypt
and which is wholly owned by the Egyptian government, and as such it is deemed
reliable for respecting its financial trade commitments.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.80 |
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|
1 |
Rs.102.42 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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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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 |
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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.