MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	PETROLEUM PROJECTS & TECHNICAL CONSULTATIONS CO SAE
Registered Office :	Joseph Bross Tito Street, Highkestep, Heliopolis 2048, Horreya, Cairo
Country :	Egypt
Date of Incorporation :	September 1975
Com. Reg. No.:	43
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Subject is engaged as pipeline construction contractors and builders of oil storage tanks.
No of Employees :	2,600

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 :	Regular
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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Egypt	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 aggressively pursued economic reforms to attract foreign investment and facilitate growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency

Source : CIA

SUMMARY

Company Name : PETROLEUM PROJECTS & TECHNICAL CONSULTATIONS CO SAE

Doing Business As : PETROJET

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : September 1975

Commercial Registration Number : 43, Cairo

Issued Capital : £E 600,000,000

Paid up Capital : £E 600,000,000

Total Workforce : 2,600

Activities : Pipeline construction contractors.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

COMPANY NAME: PETROLEUM PROJECTS & TECHNICAL CONSULTATIONS CO SAE

DOING BUSINESS AS: PETROJET

company ADDRESS

Registered & Physical Address

Street : Joseph Bross Tito Street

Area : Highkestep, Heliopolis

PO Box : 2048, Horreya

Town : Cairo

Country : Egypt

Telephone : (20-2) 22964641 / 26230740 / 22969339 / 22961213 / 22969353 / 26230740 / 26253001

Facsimile : (20-2) 22969350 / 22959232 / 26230788 / 26230861

Email : petrojet@internetegypt.com / bd@petrojet.com.eg / ok@petrojet.com.eg

Premises

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

Branch Office (s)

Location Description

· El Mariutia Road Suez Pipe Coating plant

Pyramids

Giza

· El Ein El Sokhnaa Road Owned workshop premises

Qatamia, El-Qalaa

Cairo

Tel : (20-2) 7587751 / 7587688

Fax : (20-2) 7588223 / 7588338

· Alexandria – Cairo Road, Km 18 Owned office premises

Alexandria

Tel: (20-3) 4481037

Fax: (20-3) 4481038

· Marine Department Meadia – EDCO Owned office premises

Rashid Road

Alexandria

· Eastern Branch Owned office premises

Suez – Cairo New Road

KEY PRINCIPALS

Name Position

· Mohamed Abdel Hafez Chairman

· Ahmed Morsi Managing Director

· Abd El Satar Sharaf El Din Director

· Mohamed Helmy Director

· Mona El Shafy Director

· Amr Shams Engineering Director

· Safi Eddine Fouad Commercial Manager

· Tareq Ghareb Finance Manager

· Mona Sulaiman Purchasing Manager

· Mohamed Abd El Hafez Business Development Manager

· Abd El Satar Sharaf El Din Projects Manager

· Salwa Hashem Administration Manager

LEGAL FORM & OWNERS

Date of Establishment : September 1975

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 43, Cairo

Issued Capital : £E 600,000,000

Paid up Capital : £E 600,000,000

Name of Shareholder (s) Percentage

· Egyptian General Petroleum Corporation SAE (EGPC) * 97%

4 Palestine Street

New Maadi, 4^th Sector

PO Box: 2130

Cairo

Tel: (20-2) 33531451 / 33531440 / 33531441

Fax: (20-2) 33531457 / 33531586

· Engineering Co for the Petroleum & Process Industries SAE (ENPPI) 2%

1A Ahmed El Zomor Street

8^th District, Nasr City

PO Box: 2521, El Horreya

Cairo

Tel: (20-2) 22762244 / 22762100 / 22762445

Fax: (20-2) 22744981 / 22762637 / 22744382

· Petroleum Sector Employees Housing Fund 1%

* Egyptian General Petroleum Corporation SAE (EGPC) is wholly owned by the government of Egypt and is responsible to the Ministry of Petroleum & Mineral Wealth.

AFFILIATED COMPANIES

Subject is a subsidiary of Egyptian General Petroleum Corporation (EGPC) and the following companies are partly or wholly owned by EGPC:

· Magawish Petroleum Co (MAGAPETCO)

6 El Sad El Aly Street

Maadi

PO Box: 104, Maadi

Cairo

Tel: (20-2) 3785774 / 3785774 / 3587369

Fax: (20-2) 3785774

· Misr Petroleum Company SAE

Misr Petroleum House Building

6 Orabi Street

El Tawfikiwa

PO Box: 288

Cairo

Tel: (20-2) 5755000 / 7555000 / 5755035

Fax: (20-2) 5745400 / 5745436

· Alexandria Petroleum Co

Dekhleia

PO Box: 3

Alexandria

Tel: (20-3) 4452832

· Amreya Petroleum Refinery Co SAE

32 Orabi Street

PO Box: 99

Alexandria

Tel: (20-3) 4800606 / 4930125 / 4930127

Fax: (20-3) 4928685

· Assyout Oil Refining Co

50 El Nil Street

Assiut

Tel: (20-88) 324865

· Cairo Oil Refining Co

Sharekat El Petrol Street

Heliopolis

PO Box: 11757

Cairo

· Egyptian Petrochemical Co

568 El Horreya Street

Glym

Cairo

Tel: (20-2) 5870918

· General Petroleum Co (GPC)

8 Dr Moustafa Abu Zahra Street

Nasr City

PO Box: 743

Cairo

· El Nasr Oil Co

6 Sharia Orabi

PO Box: 1634

Cairo

· Petroleum Cooperative Society

94 Sharia El Eini

Cairo

· Arab Petroleum Pipelines Co

9 Amin Yahya Street

PO Box: 2056

Alexandria

· Suez Oil Processing Co

15 Sharia Nabil El Wakkad

Dokki

Cairo

· Pipeline Petroleum Co

Mostorod

PO Box: 1104

Cairo

· Deminex Egypt Oil Co (Dioco)

15 Mossadak Street

PO Box: 1146

Cairo

· Geisum Oil Company SAE

692 El Nasr Street

PO Box: 28, Maadi

Cairo

Tel: (20-2) 3529414 / 3529415

Fax: (20-2) 3529423

· Suez Oil Co

21 Ahmed Orabi Street

PO Box: 2622

Cairo

Tel: (20-2) 3391220

· Gulf of Suez Petroleum Co (Gupco)

Cairo

· Petroleum Gases Co

Cairo

· Aereal Services Co

Cairo

· Agiba Petroleum Co (Egypetco)

Cairo

· Akma Oil

Cairo

· Belyamin Petroleum Co (Petrobel)

· Tor Sinai Oil

· Western Desert Petroleum Co (Wepco)

· Badr El Deen Petroleum Co

· Rodco

OPERATIONS

Activities: Subject is engaged as pipeline construction contractors and builders of oil storage tanks.

Petrojet is the market leader in fabrication, construction and installation of process plants, pipelines and industrial facilities, such as oil storage tanks.

Petrojet’s scope of work includes the fabrication, construction and installation of oil refineries, oil and gas production facilities, cross-country pipelines, tank farms, off-shore projects including platforms, sub-sea pipelines and topside facilities, static equipment for the various industrial sectors, pipeline coating, as well as utilities and offsites.

The company has obtained the ISO 9001:2000, ISO 14001:1996 & OHSAS 18001 certificates, in addition to other professional stamps and licenses like IPLOCA, ASME & National Board.

Import Countries: Europe, the United States of America and the Far East.

Subject has a workforce of approximately 2,600 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

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

· Arab African Bank

5 El Saraya El Kobira Square

PO Box: 60, Magles El Shaab

Cairo

Tel: (20-2) 33545094

Fax: (20-2) 33558493

· Banque du Caire Barclays Internationale SAE

12 Midan El Sheikh Youssef Street

Garden City

PO Box: 110, Maglis El Shaab

Cairo

Tel: (20-2) 33542195 / 33549415 / 33549422

Fax: (20-2) 33552746

· Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 25931002

Fax: (20-2) 25912306

· 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

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. 59.72
UK Pound	1	Rs. 102.35
Euro	1	Rs. 81.38

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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