MIRA INFORM REPORT

 

 

Report No. :

335175

Report Date :

07.08.2015

 

IDENTIFICATION DETAILS

 

Name :

CAIRO GAS COMPANY

 

 

Registered Office :

90 Makram Ebeed Street Nasr City Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

22.02.2007

 

 

Com. Reg. No.:

22819, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the provision of oil and gas services.

 

 

No. of Employee :

1,000

 

 

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

 

SUMMARY

 

Company Name                                    : CAIRO GAS COMPANY

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 22nd February 2007

Commercial Registration Number           : 22819, Cairo

Authorised Capital                                 : £E 100,000,000

Issued Capital                                       : £E 50,000,000

Paid up Capital                                     : £E 50,000,000

Total Workforce                                    : 1,000

Activities                                               : Providers of oil and gas services.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

CAIRO GAS COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 90 Makram Ebeed Street

Area                 : Nasr City

 

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 26707789 / 26770004 / 26770007 / 23494719 / 23494714 / 23494192 / 23494193

Facsimile          : (20-2) 22757952

Mobile              : (20-12) 81117171

Email                : info@cairogas.com

 

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

 

·       El Serag Towers, Building 2 Entrance 3                                              Office premises

Attia El Sawalhy Street

Cairo

 

·       84 El Nasr Road                                                                               Office premises

1st Area

Nasr City

Cairo

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Ali Hassan Hamza                                                             Chairman

 

·       Ashraf Mahmoud Hassan El Keradisy                                                Director

 

·       Emad Abdel Halim Sayed Daif                                                          Director

 

·       Saad Ahmed Sayed Ahmed                                                              Director

 

·       Galal Abdel Aziz Awad El Shazly                                                       Director

 

·       Mona Sayed Mohamed Suleiman                                                      Director

 

·       Hamed Ali Hamed                                                                             Director

 

·       El Sayed El Badawy Mohamed Ahmed Khaled                                   Director

 

·       Amal Mohamed El Olamy                                                                  Director

 

·       Fatma Abdel Halim Ahmed                                                                Director

 

·       Mohamed Abdel Khaleq El Sedawy                                                   Director

 

·       Hisham Lotfy Mohamed Sayed                                                         Director

 

·       Alaa Ali Abdel Latif                                                                           Director

 

·       Adel Mohamed Hamdy                                                                     Director

 

·       Mervat Mahmoud Mohamed Mowafy                                                 Accountant

 

·       Sherif Saeed Abdel Baset                                                                 Budget Administration Manager

 

·       Mohamed Mahmoud Abo Farha                                                        Commercial Affairs Manager

 

·       Hisham Helmy El Sayed                                                                    Wages Assistant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd February 2007

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 22819, Cairo

 

Authorised Capital       : £E 100,000,000

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)                                           Percentage

 

·       Gasco Company                                                      33.34%

 

·       Petrojet                                                                    33.33%

 

·       Town Gas Company                                                 33.33%

 

 

OPERATIONS

 

Activities: Engaged in the provision of oil and gas services.

 

Subject has a workforce of approximately 1,000 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.76

UK Pound

1

Rs.99.60

Euro

1

Rs.69.71

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.