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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
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Name : |
THE GENERAL COMPANY FOR RESEARCH & GROUNDWATER SAE (REGWA) |
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Registered Office : |
19 Emad El Din Street, PO Box 747,
Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
1960 |
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Com. Reg. No.: |
289048 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Research and investigation of ground water and drilling all types of water wells, erection of pumping stations, pipe line networks, land reclamation, geological and hydrological studies. |
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No. of Employees : |
2,000 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
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 |
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 GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source : CIA |
Company Name : THE GENERAL
COMPANY FOR RESEARCH & GROUNDWATER
SAE (REGWA)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1960
Commercial Registration Number : 289048
Issued Capital :
£E 11,140,000
Paid up Capital :
£E 11,140,000
Total Workforce :
2,000
Activities :
Research and investigation of ground water and drilling all types of
water wells, erection of pumping stations,
pipe line networks, land reclamation,
geological and hydrological studies.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
THE GENERAL COMPANY FOR RESEARCH & GROUNDWATER SAE (REGWA)
Registered &
Physical Address
Location : 19 Emad El
Din Street
PO Box : 747
Town : Cairo
Country : Egypt
Telephone : (20-2) 25934506
/ 25939023 / 25934644
Facsimile : (20-2)
25938134
Mobile : (20-100)
6697251
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
Ali Mahmoud Ahmed Werwer Chairman
Magdy Maamoun Director
Ezzat Amin Ahmed Director
Abd El Shahid Mohamed Ahmed Director
Ahmed Fouad Abu Hadab Director
Magda Edris Director
Mohamed Abu El Wafa Finance
Manager
Ahmed Abu El Ela Public
Relations Manager
Saleh Mohamed Salam Ahmed Legal
Manager
Ali Seif Commercial
Manager
Date of Establishment : 1960
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 289048
Issued Capital : £E 11,140,000
Paid up Capital : £E 11,140,000
Name of
Shareholder (s) Percentage
Employees Shareholder Association 95%
Ali Mahmoud Ahmed Werwer ]
]
Ahmed Fouad Abu Hadab ]
]
Hussein Ali Kamel ]
]
5%
Ali Mahmoud Abou Zeid ]
]
Mohamed Gaber Barakat ]
]
Magdy Maamoun ]
Activities: Engaged in the research and investigation of ground water and drilling all
types of water wells, erection of pumping stations, pipe line networks, land
reclamation, geological and hydrological studies.
Subject has 57 oil rigs and is ISO 9001:2000 accredited.
Import Countries: Europe and the United States of America.
Agencies Held:
Johnston Pumps
George Falling
Subject has a workforce of approximately 2,000 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
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.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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.