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Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
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Registered Office : |
24 Ahmed Abdul Street Ella Street, Nasr City, 8th District, 7505 Cairo |
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Country : |
Egypt |
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Year of Establishment : |
2007 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the supply and installation of gas services across Cairo,
Alexandria, Assiut and Suhaj. |
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No of Employees : |
3000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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 is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.
|
Source
: CIA |
Company Name : REGION GAS CO SAE
Doing Business As : REGAS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2007
Trade Licence Number : 241/T
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
Total Workforce : 3,000
Activities : Supply and installation of gas services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME: REGION GAS CO SAE
DOING BUSINESS AS: REGAS
Street : 24 Ahmed Abdul Street Ella
Street
Area : Nasr City, 8th District
PO Box : 7505
Town : Cairo
Country : Egypt
Telephone : (20-2) 22749731 / 22873360
Facsimile : (20-2) 22727689
Email : info@regasegypt.com
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Cairo.
Name Position
·
Yasser
Fouad Banhas Chief
Executive Officer
·
Mohamed
Ashraf Mohamed Purchasing
Manager
·
Saeed
Sulaiman Khroosh Finance
Manager
·
Mohamed
Shawqi Hassan Administration
Manager
·
Baha
Ezzat Planning
Manager
Date of Establishment : 2007
Legal Form :
Egyptian Joint Stock
Company
Trade Licence No. : 241/T
Issued Capital : £E 150,000,000
Paid up Capital : £E 150,000,000
·
Egyptian
Co For Natural Gases (GASCO) 22.30%
Egypt
·
Egyptian
Co for Town Natural Gas Distribution (TOWNGAS) 22.20%
Egypt
·
Petroleum
Projects Co (PETROJET) 22.20%
Egypt
·
South
Valley Petroleum Holding 16.70%
Egypt
·
Petroleum
Trade & Services Co (PETROTRADE) 8.30%
Egypt
·
Egyptian
Co Equipment Maintenance (SIYANCO) 8.30%
Egypt
Activities: Engaged in the supply and installation of
gas services across Cairo, Alexandria, Assiut and Suhaj.
Subject has a
workforce of approximately 3,000 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.
·
Misr
International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
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. 61.09 |
|
|
1 |
Rs. 101.41 |
|
Euro |
1 |
Rs. 85.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.