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Report No. : |
316275 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN NATURAL GASES CO SAE (GASCO) |
|
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|
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Registered Office : |
Maadi Ring Rd, Exit 12, 90th Street, Fifth District, New
Cairo, PO Box 115, Nasr City, Cairo |
|
|
|
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Country : |
Egypt |
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|
|
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Date of Incorporation : |
March 1997 |
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|
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
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Line of Business : |
Engaged in the supply and distribution of gas, methane and liquefied
gas. The company is responsible for operating, maintaining, upgrading,
developing and modernising the National Gas Grid through linking the main
routes of the Grid and modifying the pipelines routes across the country
servicing more than 1.85 million houses, 24 power stations, 6425 commercial
firms, 110 factories and 860 bakeries across Egypt. |
|
|
|
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No. of Employees : |
3,000 |
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 |
|
Maximum Credit Limit : |
US$ 1,200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 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 :
EGYPTIAN NATURAL GASES CO SAE (GASCO)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
March 1997
Authorised Capital :
£E 1,105,000,000
Issued Capital : £E 448,800,000
Paid up Capital :
£E 448,800,000
Total Workforce :
3,000
Activities :
Supply and distribution of gas
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit Limit :
US$ 1,200,000
Person Interviewed :
Ahmed Taher, Director
EGYPTIAN NATURAL GASES CO SAE (GASCO)
Registered &
Physical Address
Street : Maadi Ring
Rd, Exit 12, 90th Street
Area : Fifth
District, New Cairo
PO Box : 115, Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 26187421 / 26187666 / 26171510/11 / 267171512/3 / 2666461 / 2666459
/ 2666458
Facsimile : (20-2)
26171514 / 2666468 / 2666469
Mobile : (20-12)
11776938 / (20-100) 6072411 / (20-122) 3911874
Email : a_taher@gasco.com.eg
/ gasco@gasco.com.eg
Premises
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
Moustafa El Nahas Street Office
premises
Nasr City
Cairo
Tel : (20-2) 4097818 / 4097810 / 4097811 / 4097812
Fax : (20-2) 4097815
Alexandria Processing
plant
Name Position
Kareem Mahmoud Chairman
Mahmoud Mahmoud Mohamed Director
Ahmed Taher Director
Ahmed Al Abd Finance
Manager
Wael Khairar Financial
Controller
Heham Megawri Administration Manager
El Sayed Talaat Network
Manager
El Sayed Gamal Amer Commercial
Manager
Ahmed Mohamed Shaaban Gas
Facilities Manager
Karem Mahmoud Materials
Manager
Date of Establishment : March 1997
Legal Form : Egyptian Joint
Stock Company
Authorised Capital : £E 1,105,000,000
Issued Capital : £E 448,800,000
Paid up Capital : £E 448,800,000
Name of
Shareholder (s)
Percentage
Egyptian Natural Gas Holding Co (Egas) 70%
Cairo
Petroleum Projects & Technical Consultation Co SAE (PETROJET) 15%
Cairo
Egypt Gas 15%
Cairo
Activities: Engaged in the supply and distribution of gas, methane and liquefied
gas. The company is responsible for operating, maintaining, upgrading, developing
and modernising the National Gas Grid through linking the main routes of the
Grid and modifying the pipelines routes across the country servicing more than
1.85 million houses, 24 power stations, 6425 commercial firms, 110 factories
and 860 bakeries across Egypt.
In January 2002, Egyptian Natural Gas Co SAE (Gasco) signed a $104
million long-term loan with the Arab Petroleum Investments Corp. (Apricorp).
According to the loan agreement, Gasco will use the loan to finance a joint
venture project for liquefied natural gas (LNG) with Agip International B.V.
The project includes the establishment of a natural gas liquefaction
plant with a processing capacity of 1,100 million cubic feet of natural gas daily. Its
annual production is expected to reach about 330,000 metric tons of liquefied
petroleum gas, 280,000 tons of propane and 1 million barrels of condensate,
plus ethane. Egypt's reserves of natural gas are estimated at 53 trillion cubic feet.
In August 2002, Gasco signed a contract with Yokogawa Marex Technology Ltd, a British company, under which GASCO will install a state-of-the-art integrated plant information system (IPIS) using Yokogawa’s expertise in system integration applications. The IPIS, which will be installed in Gasco’s plant in Ameriya, will provide a fully networked computer system giving managers and engineers information on the real-time performance of the plant.
In 2004, Gasco signed a gas supply agreement with Amreya Cements Mill under which it will receive 100 mmscm/y in 2004, 185 mmscm/y in 2005 and 270 mmscm/y in 2006 according to the contract. The contract period is for 20 years.
Import Countries : United Kingdom, Japan and the United States of
America.
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.
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
No complaints regarding subject’s payments have been reported.
Date of transaction October
2002 July 2004
Credit amount 78,600 68,200
Amount overdue 0 0
Payment terms 30
days 30
days
Payment Method Letters
of Credit Letters of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars
Recommended credit limit: US$
1,200,000
Please note that the correct name of the subject is “Egyptian Natural
Gases Co SAE (GASCO)” and not “Gasco Egyptian Natural Co”.
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.62.26 |
|
|
1 |
Rs.92.49 |
|
Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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.