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Report No. : |
325780 |
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Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
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Name : |
WESTERN GECO DATA
SERVICES MIDDLE EAST LIMITED |
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Registered Office : |
26 El Horreya Street Private Free Zone, Heliopolis Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
14.10.1987 |
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Com. Reg. No.: |
248663, Cairo |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Engaged in the provision
of engineering, installation and maintenance of data processing centres for
petroleum research and exploration companies. |
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No. of Employee : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source
: CIA |
Company Name : WESTERN
GECO DATA SERVICES MIDDLE EAST LIMITED
Country of Origin : Egypt
Legal Form : Limited Liability Company
Registration Date : 14th
October 1987
Commercial
Registration Number : 248663,
Cairo
Issued Capital : US$
4,280,849
Paid up Capital : US$
4,280,849
Total Workforce :
120
Activities :
Providers of engineering, installation and maintenance of data processing centres
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
WESTERN GECO DATA
SERVICES MIDDLE EAST LIMITED
Street : 26 El Horreya Street
Area : Private Free Zone, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 24179731
Facsimile : (20-2) 24179741
Subject operates from
a large suite of offices that are rented and located in the Private Free Zone
Area of Cairo.
Name Position
·
Magdy
Abdel Aaety Chairman
·
Gmal
Abdel Gafour Sales
Manager
·
Ahmed
El Gabry Supply
Chain Manager
Date of Establishment : 14th
October 1987
Legal Form :
Limited Liability Company
Commercial Reg. No. : 248663,
Cairo
Issued Capital : US$ 4,280,849
Paid up Capital : US$ 4,280,849
·
Schlumberger
Oilfield Services 100%
Germany
Activities: Engaged in the provision of engineering,
installation and maintenance of data processing centres for
petroleum research and exploration companies.
Import
Countries: Germany
International
Suppliers:
·
Schlumberger Germany
Export
Countries: Saudi Arabia and
Kuwait
Local Clients:
·
Gemsa
Petroleum Company SAE
·
Petro
Jet
·
Gulf of
Suez Petroleum Company Gupco SAE
·
Abu Qir
Petroleum Company
·
Badr El
Din Petroleum Company SAE
Operating Trend: Steady
Subject has a
workforce of 120 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 24,375,000 £E 25,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank
109 El Thawra Street
Ard El Golf
Helipolis
Cairo
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Western Geco Data Services Middle East
Limited” and not “Westerge Co Data Services Middle East Limited”
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.94 |
|
|
1 |
Rs.98.27 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ANK |
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.