MIRA INFORM REPORT

Report Date :

08.04.2011

IDENTIFICATION DETAILS

Correct Name :	EGYPTIAN TOWN GAS SAE

Registered Office :	Geziret Mohamed Entrance, Corniche El Nil, El Warak, Embaba, Giza, P O Box 1231, Cairo

Country :	Egypt

Year of Establishment :	2000

Com. Reg. No.:	136167

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Management of natural gas networks

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 750,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Egypt

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

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 15,000,000

Paid up Capital : £E 15,000,000

Total Workforce : 350

Activities : Management of natural gas networks.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 750,000

COMPANY NAME

EGYPTIAN TOWN GAS SAE

company ADDRESS

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) 35409552 / 35300933 / 35300923 / 35409554 / 35300986

Facsimile : (20-2) 35444838 / 35444834 / 35400117 / 35409549

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.

KEY PRINCIPALS

Name Position

· Mohamed Adel Abd El Hamid Chairman

· Samy Abd El Kawey Finance Manager

· Karem Yassin Administration Manager

· Mohamed Abd El Rasoul Human Resources Manager

LEGAL FORM & OWNERS

Date of Establishment : 2000

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 136167

Issued Capital : £E 15,000,000

Paid up Capital : £E 15,000,000

Name of Shareholder (s) Percentage

· Egyptian Natural Gas Holding Co (EGAS) 100%

85 Nasr Road

Nasr City

Cairo

Tel: (20-2) 24055845

Fax: (20-2) 24055876

OPERATIONS

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.

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

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.71.97
Euro	1	Rs.63.23

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

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%)

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