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Report No. : |
335808 |
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Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
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Name : |
OVERSEAS GAS COMPANY SAE |
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Registered Office : |
13 Ramo Building, 5th Floor, Office No. 505, Nasr City
Street, Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.04.2008 |
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Com. Reg. No.: |
31914 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged as Gas Installation and Concession Contractors. |
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No. of Employees : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
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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
pursued business climate reforms to attract foreign investment and facilitate
growth. Poor living conditions and limited job opportunities for the average
Egyptian contribute to public discontent, a major factor leading to the January
2011 revolution that ousted Mubarak. The uncertain political, security, and
policy environment since 2011 caused economic growth to slow significantly,
hurting tourism, manufacturing, and other sectors and pushing up unemployment.
Weak growth and limited foreign exchange earnings have made public finances
unsustainable, leaving authorities dependent on expensive borrowing for deficit
finance and on Gulf allies to help cover the import bill. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name :
OVERSEAS GAS COMPANY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
24th April 2008
Commercial Registration Number :
31914, Cairo
Tax Card Number :
281-490-864
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
Registered &
Physical Address
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
/ amer.adel@overseasgas.com
Premises
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
Commercial Reg.
No. : 31914, Cairo
Tax Card No. : 281-490-864
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of
Shareholder (s) Percentage
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 31/12/13: Year Ending 31/12/14:
Total Sales £E
200,000,000 £E
210,000,000
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
Regular
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.64.83 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.