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Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYPT GAS CO SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1983 |
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Com. Reg. No.: |
160611 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
·
Engaged in the provision of natural gas as well
as all activities related to natural gas resources. ·
Subject also imports natural gas equipment and
pipes |
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No. of Employees |
6,500 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 aggressively pursued economic reforms to attract foreign investment and facilitate growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing 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 were among the hardest hit sectors of the Egyptian economy, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency
|
Source
: CIA |
Company Name :
EGYPT GAS CO SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1983
Commercial Registration Number : 160611
Tax Card Number : 760-400-100
Authorised Capital : £E 500,000,000
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
Total Workforce : 6,500
Activities : Providers of natural gas
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPT GAS CO SAE
Building : Egypt Gas
Building
Street : 2 Geziret
Mohamed Street
Area : Corniche El
Nil, El Warrak, Embaba, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 35403570
/ 35407674 / 35406531 / 35405078
Facsimile : (20-2)
35406081 / 35408882 / 35405305
Email : cairo@egyptgas.com.eg
Subject operates from a large suite of offices that are owned and located
in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 30 El Mofateshin
Street Office
premises
Almaza
Heliopolis
Cairo
Tel: (20-2)
22902339
Fax: (20-2)
27033987
· 1-4 Complex Office
premises
24 El Laselki
Street
New Maadi
Cairo
Tel: (20-2)
25195273
Fax: (20-2)
27033987
· Villa 6 Office
premises
El Khattib Street
Dokki
Cairo
Tel: (20-2)
33375726
Fax: (20-2)
33375724
· 4 Dr El Nabawy El
Mohandes Street Office
premises
El Alam City
Agouza
Mohandessin
Cairo
Tel: (20-2)
33465994
Fax: (20-2)
33465114
Name Position
· Moustafa Mohamed
Ismail Abd El Wahab Chairman
· Mohamed Fathi
Mahmoud Director
· Abd El Hady Abo
Zad Director
· Atiah Salah Director
· Mohamed Darwish Director
· Hassan Raaf Director
· Samiha Ibrahim
Youssef Director
· Fawzy Mohamed
Ashour Director
· Ibrahim Tawfik Investor
Relations Manager
· Adel Moursi Marketing
Manager
· Mohamed Abd El
Aziz Administration
Manager
Date of
Establishment : 1983
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 160611
Tax Card Number : 760-400-100
Authorised Capital : £E 500,000,000
Issued Capital : £E 60,000,000
Paid up Capital : £E 60,000,000
· Egyptian General
Petroleum Corporation 80%
Cairo
· Local businessmen
and private investors 20%
Activities: Engaged in the provision of natural gas as well as all activities
related to natural gas resources. Subject also imports natural gas equipment
and pipes.
Import Countries: China and the United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 6,500 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E 000,000’s)
Income Statement
31/12/13
|
Revenue |
950.1 |
|
Other Revenue, Total |
-- |
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Total Revenue |
950.1 |
|
Cost of Revenue, Total |
918.7 |
|
Gross Profit |
31.4 |
|
Selling/General/Admin. Expenses, Total |
65.2 |
|
Research & Development |
-- |
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Depreciation/Amortization |
0.5 |
|
Interest Expense, Net - Operating |
-- |
|
Interest/Investment Income - Operating |
-- |
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Interest Expense(Income) - Net Operating |
-- |
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Unusual Expense (Income) |
0.0 |
|
Other Operating Expenses, Total |
0.0 |
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Total Operating Expense |
984.4 |
|
Operating Income |
(34.3) |
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Interest Expense, Net Non-Operating |
-- |
|
Interest/Invest Income - Non-Operating |
130.4 |
|
Interest Income(Exp), Net Non-Operating |
-- |
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Gain (Loss) on Sale of Assets |
0.1 |
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Other, Net |
3.5 |
|
Net Income Before Taxes |
99.6 |
|
Provision for Income Taxes |
3.0 |
|
Net Income After Taxes |
96.6 |
|
Minority Interest |
-- |
|
Equity In Affiliates |
-- |
|
U.S. GAAP Adjustment |
-- |
|
Net Income Before Extra. Items |
96.6 |
|
Accounting Change |
-- |
|
Discontinued Operations |
-- |
|
Extraordinary Item |
-- |
|
Tax on Extraordinary Items |
-- |
|
Net Income |
96.6 |
|
Preferred Dividends |
-- |
|
General Partners' Distributions |
-- |
|
Miscellaneous Earnings Adjustment |
-- |
|
Pro Forma Adjustment |
-- |
|
Interest Adjustment - Primary EPS |
-- |
|
Income Available to Com Excl Extra Ord |
96.6 |
|
Income Available to Com Incl Extra Ord |
96.6 |
|
Basic Weighted Average Shares |
12.00 |
|
Basic EPS Excluding Extraordinary Items |
8.048 |
|
Basic EPS Including Extraordinary Items |
8.048 |
|
Dilution Adjustment |
-- |
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Diluted Weighted Average Shares |
12.00 |
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Diluted EPS Excluding ExtraOrd Items |
8.048 |
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Diluted EPS Including ExtraOrd Items |
8.048 |
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DPS - Common Stock Primary Issue |
5.500 |
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Gross Dividends - Common Stock |
66.0 |
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Total Special Items |
(0.1) |
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Normalized Income Before Taxes |
99.5 |
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Effect of Special Items on Income Taxes |
(0.0) |
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Inc Tax Ex Impact of Sp Items |
3.0 |
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Normalized Income After Taxes |
96.5 |
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Normalized Inc. Avail to Com. |
96.5 |
|
Basic Normalized EPS |
8.042 |
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Diluted Normalized EPS |
8.042 |
Local sources consider subject’s financial condition to be Good.
·
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.61.25 |
|
|
1 |
Rs.103.02 |
|
Euro |
1 |
Rs.81.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.