MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Name :	EGYPTIAN CONTRACTING CO (MOUKHTAR IBRAHIM)

Registered Office :	199 Extension of 26 July Street, Agouza, Giza, P O Box 2263, Cairo

Country :	Egypt

Financials (as on) :	31.12.2010

Date of Incorporation :	18.02.1952

Legal Form :	Egyptian Joint Stock Company

Line of Business :	General construction and electro mechanical contractors

No. of Employees :	13500

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 3,000,000
Status :	Good
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 CONTRACTING CO (MOUKHTAR IBRAHIM)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Start Date : 1936

Registration Date : 18^th February 1952

Issued Capital : £E 60,000,000

Paid up Capital : £E 60,000,000

Total Workforce : 13,500

Activities : General construction and electro mechanical contractors

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 3,000,000

COMPANY NAMe

EGYPTIAN CONTRACTING CO (MOUKHTAR IBRAHIM)

company ADDRESS

Registered & Physical Address

Street : 199 Extension of 26 July Street

Area : Agouza, Giza

PO Box : 2263

Town : Cairo

Country : Egypt

Telephone : (20-2) 33471529 / 33471507

Facsimile : (20-2) 33471521

Email : mktr1000@moukhtar.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

· Ali Ibrahim Abu Halawa Managing Director

· Dr Mohamed Hashem Director

· Saleh Abu Shadi Director

· Nabawiya Jamal Eddine Project Manager

· Sayed Khattab Purchasing Manager

· Safa Nassar Procurement Manager

LEGAL FORM & OWNERS

Date of Establishment : Subject’s operations date back to 1936, however it was incorporated by Royal decree on 18^th February 1952.

History : Subject’s operations date back to 1936 when Moukhtar Ibrahim founded “Societe

Egyptienne D`Entreprises”. However, on 18^th February 1952 the business was transformed by Royal decree into an Egyptian Joint Stock Company. In 1964 it was nationalised and put under the control of the Minister of Development and State for Housing and Land Reclamation. In 1991, subject became a subsidiary of National Construction & Development Holding Co and was later partially privatised.

Legal Form : Egyptian Joint Stock Company

Issued Capital : £E 60,000,000

Paid up Capital : £E 60,000,000

Name of Shareholder (s)

· National Construction & Development Holding Co

Commercial Centre Building

Heliopolis

Cairo

Tel: (20-2) 22662973 / 22662971 / 22666130

Fax: (20-2) 22663160

· Members of the public and private investors

OPERATIONS

Activities: General construction and electro mechanical contractors specialising in the following areas:

- Waste water disposal

- Waste water treatment plants

- Pump Stations

- Pipelines

- Pipe Networks

- Portable Water projects

- Potable Water Pipe Networks

- Pipelines

- Tanks

- Purification plants

- Petroleum refineries and tanks

- Roads, bridges and land reclamation

- Electric and power plants

- Underground Cables and Overhead Transmission Lines

- Housing

- Tourist villages

Import Countries: Europe and the United States of America.

Operating Trend: Steady

Subject has a workforce of approximately 13,500 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pounds (£E 000’s)

Balance Sheet 31/12/10 31/12/09

Assets

Fixed assets 591,667 541,806

Inventories 430,561 316,184

Investments 1,898 1,898

Trade debtors 2,791,633 1,921,074

Cash 416,054 278,913

Total 4,231,813 3,059,865

Liabilities

Nominal capital 100,000 100,000

Paid capital 60,000 60,000

Reserves 360,702 236,667

Provisions 630,109 528,076

Long term loans 16,720 15,761

Bank balance 151,670 65,450

Trade creditors 3,012,612 2,153,911

Total 4,231,813 3,059,865

Profit & Loss Account

Turnover 1,085,810 557,840

Cost of goods sold 952,124 498,352

Gross profit 133,686 59,488

Total expenses 90,303 41,625

Net operating profit 43,383 17,863

Total income 9,475 2,534

Unusual income 623 303

Net profit before taxes 53,481 20,700

Taxes 10,696 4,140

Net profit after taxes 42,785 16,560

Local sources consider subject’s financial condition to be Good.

BANKERS

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

· Banque du Caire SAE

22 Adly Street

PO Box: 1495

Cairo

Tel: (20-2) 33904554

Fax: (20-2) 33908992

· Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 25931002

Fax: (20-2) 25912306

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.49.14
UK Pound	1	Rs.77.86
Euro	1	Rs.66.06

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.