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Report No. : |
334254 |
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Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN TOWN GAS SAE |
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Registered Office : |
Geziret Mohamed Entrance, Corniche El Nil,
El Warak, Embaba, Giza, PO Box 1231, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
136167 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
·
Engaged in the field of management, operation, installation
and distribution of natural gas networks in Egyptian
governorates for industrial, domestic and commercial use. ·
Subject provides maintenance services of gas
networks in Cairo, Giza, Port Said, Alexandria and Ismailia. |
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No. of Employees : |
350 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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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
pursued business climate reforms to attract foreign investment and facilitate
growth. Poor living conditions and limited job opportunities for the average
Egyptian contribute to public discontent, a major factor leading to the January
2011 revolution that ousted Mubarak. The uncertain political, security, and
policy environment since 2011 caused economic growth to slow significantly,
hurting tourism, manufacturing, and other sectors and pushing up unemployment.
Weak growth and limited foreign exchange earnings have made public finances
unsustainable, leaving authorities dependent on expensive borrowing for deficit
finance and on Gulf allies to help cover the import bill. Egypt's current
Constitution passed in a referendum that took place in January 2014.
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Source
: CIA |
Company Name :
EGYPTIAN TOWN GAS SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
2000
Commercial Registration Number :
136167
Issued Capital :
£E 100,000,000
Paid up Capital :
£E 100,000,000
Total Workforce :
350
Activities :
Management of natural gas networks.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
EGYPTIAN TOWN GAS SAE
Registered &
Physical Address
Location : Geziret Mohamed Entrance, Corniche El Nil, El Warak
Area : Embaba, Giza
PO Box :
1231
Town : Cairo
Country : Egypt
Telephone : (20-2) 35454302
/ 35454304 / 35405929 / 35409554 / 35409552 / 35300933 / 35300923 /
35300986
Facsimile : (20-2)
35444838 / 35444834 / 35400117 / 35409549
Email : financial@towngas.net.eg
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
Samy El Faramawi Chairman
Zaki Mahmoud Finance
Manager
Magda Jamal Human
Resources Manager
Date of Establishment : 25th
July 2000
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 136167
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of
Shareholder (s) Percentage
Gasco Company 60%
Gas Misr Company 30%
Fund of Housing and Social Services 10%
Activities: Engaged in the field
of management, operation, installation and distribution of natural gas networks
in Egyptian governorates for industrial,
domestic and commercial use.
Subject provides maintenance
services of gas networks in Cairo, Giza, Port Said, Alexandria and
Ismailia.
Subject is ISO 9001 and 14001 accredited.
Import Countries: United Kingdom, France,
Netherlands and Germany
Subject has a workforce of approximately 350 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.
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.
Please note that the correct name of the subject is “Egyptian Town Gas
SAE” and not “Egyptian Town SAE”.
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.63.93 |
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|
1 |
Rs.99.82 |
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Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.