MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	EGYPTIAN INTERNATIONAL GAS TECHNOLOGY SAE (GASTEC)
Registered Office :	El Tesen Street,5^th Settlement, Cairo
Country :	Egypt
Year of Establishment :	1996
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Gas vehicle convertors and CNG fuelling station specialists.
No. of Employees :	1,400

RATING & COMMENTS

MIRA’s Rating :

A

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

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Egypt	A2	A2

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

SUMMARY

Company Name : EGYPTIAN INTERNATIONAL GAS TECHNOLOGY SAE (GASTEC)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 1996

Issued Capital : £E 100,000,000

Paid up Capital : £E 100,000,000

Total Workforce : 1,400

Activities : Gas vehicle convertors and CNG fuelling station specialists.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Abdulrahman Najem, Public Relations Manager

COMPANY NAME

EGYPTIAN INTERNATIONAL GAS TECHNOLOGY SAE (GASTEC)

company ADDRESS

Registered & Physical Address

Street : El Tesen Street

Area : 5^th Settlement

Town : Cairo

Country : Egypt

Telephone : (20-2) 25034200

Facsimile : (20-2) 25034277

Email : gastec@gatec-egypt.com

Premises

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

KEY PRINCIPALS

Name Position

· Fouad Rashad Chairman

· Ashraf Kamal Director

· Mohamed El Tarablil Marketing Manager

· Adel Ragheb Finance Manager

· Abdulrahman Najem Public Relations Manager

LEGAL FORM & OWNERS

Date of Establishment : 1996

Legal Form : Egyptian Joint Stock Company

Issued Capital : £E 100,000,000

Paid up Capital : £E 100,000,000

Name of Shareholder (s) Percentage

· ENI International BV 40.00%

Netherlands

· Misr Petroleum 20.00%

Cairo

· Misr Insurance 10.73%

Cairo

· Egypt Gas 10.00%

Cairo

· Petrojet 10.00%

Cairo

· Misr Life Insurance 9.27%

Cairo

OPERATIONS

Activities: Engaged as gas vehicle convertors and CNG fuelling station specialists.

Import Countries: Europe and the Far East.

Subject has a workforce of approximately 1,400 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.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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