MIRA INFORM REPORT

 

 

Report Date :           

28.03.2012

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL GAS COMPANY SAE

 

 

Registered Office :

13 Road No. 270, New Maadi, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1998

 

 

Com. Reg. No.:

45005, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Constructors and operators of natural gas networks

 

 

No. of Employees :

1,050

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : NATIONAL GAS COMPANY SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1998      

Commercial Registration Number            : 45005, Cairo

Tax Card Number                                   : 205-004-717

Issued Capital                                        : £E 100,000,000

Paid up Capital                                      : £E 100,000,000

Total Workforce                                     : 1,050

Activities                                               : Constructors and operators of natural gas networks

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

 

 

 

COMPANY NAME

 

NATIONAL GAS COMPANY SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 13 Road No. 270

Area                 : New Maadi

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 27047777 / 27037994

Facsimile          : (20-2) 27037992 / 27037990

 

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       137 El Magawra No. 2                                                                       Office premises

Borg El Arab

Alexandria

Tel: (20-3) 4593286 / 4593287

Fax: (20-3) 4596981

 

·       In front on El Taher Hospital                                                               Office premises

Agami

Alexandria

Tel: (20-3) 3026510 / 3026511 / 3026512

Fax: (20-3) 3026513

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Magdy Mahmoud Metwally                                                                 Chairman

 

·       Sahar Hassan Farahat                                                                       Managing Director

 

·       Walid Mohamed Essam El Din                                                           Director

 

·       Mohamed Ashraf Abd El Kader Gowhar                                               Director

 

·       Sherif Samy                                                                                      Finance Manager

 

·       Ahmed Fathy                                                                                    Financial Controller

 

·       Moustafa El Aashry                                                                           Administration Manager

 

·       Magdy El Kady                                                                                 Technical Manager

 

·       Heba Selim                                                                                       Marketing Manager

 

·       Mohamed Megahed                                                                           Operations Manager

 

·       Magdy Ahmed                                                                                  Purchasing Manager

 

·       Noha Samir                                                                                      Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1998

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 45005, Cairo

 

Tax Card No.               : 205-004-717

 

Issued Capital              : £E 100,000,000

 

Paid up Capital            : £E 100,000,000

 

Name of Shareholder (s)                                          Percentage

 

·       Egypt Kuwait Holding                                                            57.0%

Cairo

 

·       Shell Gas BV                                                            18.0%

The Netherlands

 

·       Gail                                                                          15.0%

India

 

·       Petrogas                                                                  10.0%

Cairo

 

 

OPERATIONS

 

Activities: Engaged in the construction and operation of natural gas networks.

 

                 Subject is ISO 18001, ISO 14001 and ISO 9001 accredited.

 

Import Countries: Europe

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,050 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                £E 350,907,000                         £E 830,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

·       Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 3606580 / 3606467

Fax: (20-2) 3420265 / 3606512

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.91

UK Pound

1

Rs.81.27

Euro

1

Rs.67.99

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.