MIRA INFORM REPORT

Report Date :

12.04.2011

IDENTIFICATION DETAILS

Name :	EL NILE FOR GAS PROJECTS COMPANY SAE

Registered Office :	78 El Sawara Street, Heliopolis, Cairo

Country :	Egypt

Date of Incorporation :	June 2009

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Providers of gas project contracting, installation, inspection and maintenance services

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$ 200,000

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 – 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 : EL NILE FOR GAS PROJECTS COMPANY SAE

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : June 2009

Issued Capital : £E 15,000,000

Paid up Capital : £E 15,000,000

Total Workforce : 500

Activities : Providers of gas project contracting, installation, inspection and

maintenance services.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 200,000

Person Interviewed : Mahmoud Ibrahim, Director

COMPANY NAME

EL NILE FOR GAS PROJECTS COMPANY SAE

company ADDRESS

Registered & Physical Address

Street : 78 El Sawara Street

Area : Heliopolis

Town : Cairo

Country : Egypt

Telephone : (20-2) 22905282

Facsimile : (20-2) 22905235

Mobile : (20-10) 0442045

Email : nilegas@nilegas.com

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

· Abdul Fattah Mohamed Managing Director

· Mahmoud Ibrahim Director

· Medhat El Robi Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : June 2009

Legal Form : Egyptian Joint Stock Company

Issued Capital : £E 15,000,000

Paid up Capital : £E 15,000,000

Name of Shareholder (s)

· Abdul Fattah Mohamed

· Mahmoud Ibrahim

· Local businessmen and private investors

OPERATIONS

Activities: Engage as providers of gas project contracting, installation, inspection and maintenance services.

Subject has a workforce of approximately 500 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

· Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

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.72.26
Euro	1	Rs.63.90

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%)

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.