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Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
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Name : |
PETROLEUM PROJECTS & TECHNICAL CONSULTATIONS CO SAE |
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Registered Office : |
Joseph Bross Tito Street, Highkestep, Heliopolis 2048, Horreya, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
September 1975 |
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Com. Reg. No.: |
43 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged as pipeline construction contractors and builders of oil storage tanks. |
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No of Employees : |
2,600 |
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) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
Company Name : PETROLEUM PROJECTS & TECHNICAL CONSULTATIONS CO SAE
Doing Business As : PETROJET
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : September 1975
Commercial Registration Number : 43, Cairo
Issued Capital : £E 600,000,000
Paid up Capital : £E 600,000,000
Total Workforce : 2,600
Activities : Pipeline construction contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME: PETROLEUM
PROJECTS & TECHNICAL CONSULTATIONS CO SAE
DOING
BUSINESS AS:
PETROJET
Street : Joseph Bross Tito Street
Area : Highkestep, Heliopolis
PO Box : 2048, Horreya
Town : Cairo
Telephone : (20-2) 22964641 / 26230740 / 22969339 / 22961213 / 22969353 / 26230740 /
26253001
Facsimile : (20-2) 22969350 / 22959232 / 26230788 / 26230861
Email : petrojet@internetegypt.com / bd@petrojet.com.eg / ok@petrojet.com.eg
Subject operates
from a large suite of offices that are owned and located in the Central Business
Area of Cairo.
Branch Office
(s)
Location Description
·
El
Mariutia Road Suez
Pipe Coating plant
Pyramids
Giza
·
El Ein El Sokhnaa Road Owned
workshop premises
Qatamia, El-Qalaa
Cairo
Tel : (20-2) 7587751 / 7587688
Fax : (20-2) 7588223 / 7588338
·
Alexandria
– Cairo Road, Km 18 Owned
office premises
Alexandria
Tel: (20-3) 4481037
Fax: (20-3) 4481038
·
Marine
Department Meadia – EDCO Owned
office premises
Rashid Road
Alexandria
·
Eastern
Branch Owned
office premises
Suez – Cairo New Road
Name Position
·
Mohamed
Abdel Hafez Chairman
·
Ahmed
Morsi Managing
Director
·
Abd El
Satar Sharaf El Din Director
·
Mohamed
Helmy Director
·
Mona El
Shafy Director
·
Amr
Shams Engineering
Director
·
Safi
Eddine Fouad Commercial
Manager
·
Tareq
Ghareb Finance
Manager
·
Mona
Sulaiman Purchasing
Manager
·
Mohamed Abd El Hafez Business
Development Manager
·
Abd El Satar Sharaf El Din Projects
Manager
·
Salwa
Hashem Administration
Manager
Date of Establishment : September
1975
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 43, Cairo
Issued Capital : £E 600,000,000
Paid up Capital : £E 600,000,000
·
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
·
Engineering
Co for the Petroleum & Process Industries SAE (ENPPI) 2%
1A Ahmed El Zomor Street
8th District, Nasr
City
PO Box: 2521, El Horreya
Cairo
Tel: (20-2) 22762244 /
22762100 / 22762445
Fax: (20-2) 22744981 /
22762637 / 22744382
·
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) 3785774 / 3785774
/ 3587369
Fax: (20-2) 3785774
·
Misr
Petroleum Company SAE
Misr Petroleum House Building
6 Orabi Street
El Tawfikiwa
PO Box: 288
Cairo
Tel: (20-2) 5755000 / 7555000 / 5755035
Fax: (20-2) 5745400 / 5745436
·
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) 5870918
·
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) 3529414 / 3529415
Fax: (20-2) 3529423
·
Suez
Oil Co
21 Ahmed Orabi Street
PO Box: 2622
Cairo
Tel: (20-2) 3391220
·
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: Subject is engaged as pipeline construction contractors and builders of
oil storage tanks.
Petrojet is the market leader in fabrication,
construction and installation of process plants, pipelines and industrial facilities, such as oil storage
tanks.
Petrojet’s scope of work includes the fabrication, construction and
installation of oil refineries, oil and gas
production facilities, cross-country pipelines, tank farms, off-shore
projects including platforms, sub-sea pipelines and topside facilities, static
equipment for the various industrial sectors, pipeline coating, as well as
utilities and offsites.
The company has obtained the ISO 9001:2000, ISO 14001:1996 & OHSAS
18001 certificates, in addition to other professional stamps and licenses like
IPLOCA, ASME & National Board.
Import Countries: Europe, the United States of America and the Far
East.
Subject has a workforce of approximately 2,600 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Arab
African Bank
5 El Saraya El Kobira Square
PO Box: 60, Magles El Shaab
Cairo
Tel: (20-2) 33545094
Fax: (20-2) 33558493
·
Banque
du Caire Barclays Internationale SAE
12 Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 33542195 / 33549415 / 33549422
Fax: (20-2) 33552746
·
Misr
International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
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. 59.19 |
|
|
1 |
Rs. 99.51 |
|
Euro |
1 |
Rs. 80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.