|
Report No. : |
335260 |
|
Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
REGION GAS CO SAE |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the supply and installation of gas services across |
|
|
|
|
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
Egypt |
B2 |
B2 |
|
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
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.
|
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
REGION GAS CO SAE
REGAS
Registered &
Physical Address
Street : 24 Ahmed
Abdul Street Ella Street
Area : Nasr City,
8th District
PO Box : 7505
Town : Cairo 11762
Country : Egypt
Telephone : (20-2) 22749731
/ 22873360
Facsimile : (20-2)
22727689
Email : info@regasegypt.com
Premises
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
Name of
Shareholder (s) Percentage
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.
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
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.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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 |
|
|
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.