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Report No. : |
335481 |
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Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL GAS COMPANY SAE |
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Registered Office : |
13 Road No. 270, New Maadi, Cairo |
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Country : |
Egypt |
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Year of Establishment : |
1998 |
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Com. Reg. No.: |
45005, Cairo |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Subject is engaged in the construction and operation of natural gas
networks.The Company’s activities are represented in carrying out
works of transporting and connecting natural gas to the sites of utilization.
The Company also carries out the finance, study, design, supply,
establishment, erection, installation, transport, management, connection,
operation, maintenance, repair and development of connection of natural gas
for the residential, industrial and commercial customers’ utilization |
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No. of Employee : |
1,050 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – 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.
|
Source
: CIA |
Company Name :
NATIONAL GAS COMPANY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1998
Commercial Registration Number :
45005, Cairo
Tax Card Number :
205-004-717
Issued Capital :
£E 100,000,000
Paid up Capital :
£E 100,000,000
Total Workforce :
1,050
Activities :
Constructors and operators of natural gas networks
Financial Condition :
Good
Payments :
Regular
Operating Trend :
Steady
NATIONAL GAS
COMPANY SAE
Street : 13 Road No.
270
Area : New Maadi
Town : Cairo
Country : Egypt
Telephone : (20-2) 27047777
/ 27037994
Facsimile : (20-2)
27037992 / 27037990
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 137 El Magawra No.
2 Office
premises
Borg El Arab
Alexandria
Tel: (20-3)
4593286 / 4593287
Fax: (20-3)
4596981
· In front on El
Taher Hospital Office
premises
Agami
Alexandria
Tel: (20-3)
3026510 / 3026511 / 3026512
Fax: (20-3)
3026513
Name Position
· Medhat Hamid Bon Chairman
· Omat Masoud Vice
Chairman
· Mohamed Reshwan Chief
Executive Officer
· Alaa Abdul Moniem Finance
Manager
· Khaled Helmy Financial
Controller
· Hesham Yosri Procurement
Manager
· Arafa Abou El Makarem Operations
Manager
· Essmat Al Afendi Administration
Manager
Date of
Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 45005, Cairo
Tax Card No. : 205-004-717
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
· Egypt Kuwait
Holding 57.0%
Cairo
· Shell Gas BV 18.0%
The Netherlands
· Gail 15.0%
India
· Petrogas 10.0%
Cairo
Activities: Engaged in the construction and operation of natural gas networks.The Company’s activities are represented in carrying out works of transporting and connecting natural gas to the sites of utilization. The Company also carries out the finance, study, design, supply, establishment, erection, installation, transport, management, connection, operation, maintenance, repair and development of connection of natural gas for the residential, industrial and commercial customers’ utilization.
NATGAS concession areas are the largest among all private local gas distribution companies in Egypt; it covers the Governorates of, Cairo, Giza, Alexandria and Beheira. The company supplies 1 Million Residential Customers, 5,700 Commercial Customers, and 625 Industrial Customers in the largest industrial areas in 6th of October, Borg el Arab and Kafr el Dawar Cities. Our natural gas network also serves two Power Stations and 10 CNG Stations in Egypt.
Subject is ISO 18001, ISO 14001 and ISO 9001 accredited.
Import Countries: Europe
Operating Trend: Steady
Subject has a workforce of approximately 1,050 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales £E
865,000,000 £E
873,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Egyptian Gulf Bank
El Orman Plaza
Building
8-10 Ahmed Nessim
Street
PO Box: 56
Cairo
Tel: (20-2)
3606580 / 3606467
Fax: (20-2)
3420265 / 3606512
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
Regular
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
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|
1 |
Rs.101.00 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
-- |
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.