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Report No. : |
348813 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SUKARI GOLD MINES
SAE |
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Registered Office : |
361 El Horreya Road Sidi Gaber 408 Alexandria 21321 |
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Country : |
Egypt |
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Date of Incorporation : |
29.01.1994 |
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Com. Reg. No.: |
983, Alexandria |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Subject is engaged as
miners for gold. |
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No. of Employee : |
1,300 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
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 |
Company Name : SUKARI
GOLD MINES SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 29th
January 1994
Commercial Registration
Number : 983, Alexandria
Tax Card Number : 347-810-454
Issued Capital : £E
5,000,000
Paid up Capital : £E
5,000,000
Total Workforce : 1,300
Activities :
Miners of gold
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
SUKARI GOLD MINES SAE
Street : 361 El Horreya Road
Area : Sidi Gaber
PO Box : 408
Town : Alexandria 21321
Country : Egypt
Telephone : (20-3) 5411259
Facsimile : (20-3) 5226350
Mobile : (20-128) 276261 / 276260
Email : pgm@centamin.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office
(s)
Location Description
·
Marsa
Allam Mine
Name Position
·
Yousef
El Raghi General
Manager
·
Ahmed
Maher Financial
Controller
Date of Establishment : 29th
January 1994
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 983,
Alexandria
Tax Card No. : 347-810-454
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
·
Egyptian
Mineral Resources Authority (EMRA) 50%
·
Pharaoh
Gold Mines (PGM) 50%
Activities: Engaged as miners for gold.
Subject has a
concession with the Egyptian Government which includes:
-
PGM solely funds Sukari
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PGM is entitled to recover costs and expenses from sales revenue
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PGM pays a 3% NSR royalty
-
The net operating revenue surplus, after royalty and cost recovery is split
50:50 between PGM and EMRA.
-
An additional 10% of proceeds is paid to PGM in the first 2 years of Profit
Share and an additional 5% in the following 2 years.
Title,
exploitation and development rights to the Sukari Gold Mine are granted under
the terms of the Concession Agreement promulgated as Law No. 222 of 1994, signed on 29 January 1995. The Concession Agreement
was issued by way of Presidential Decree after the approval of the People’s
Assembly in accordance with the Egyptian Constitution and Law No. 61 of 1958.
The Concession Agreement was issued in accordance with the Egyptian Mines and
Quarries Law No. 86 of 1956 which allows for the Ministry to grant the right to
parties to explore and mine for minerals in Egypt.
Subject has a
workforce of approximately 1,300 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.
·
Bank of
Alexandria
19 Salah Salem Street
El Gomrok, Mansheya
Alexandria
Tel: (20-3) 4827995
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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
|
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 |
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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.