Deal Description

PROJECT: International Refining Oils-Egypt LC EXECUTION. CLIENT: M/s INTERNATIONAL REFINING OILS, (IRO) MAGDY BASYOUNI ABDELHAMEED AND PARTNER PROJECT: Setting up of used lube oil re-refining plant, with throughput capacity of 60tons/Day at kafrelsheekh- mtobes industrial zone, Egypt. CONTRACT REF: PI: EXP/PI/0121/20-21, Dated: 08/06/2020. Documentary credit Number : 380ILSN21059001 (LETTER OF CREDIT). From National Bank of Egypt. PROJECT STATUS: 1. The contract was signed between IRO and Petrof in 2019. 2. Actual contract value : USD 1,300,000/- (INR- 9.55 Cr.) 3. The advance Received: USD 520,000/- ( INR 3.82 CR), Additional personal investment from promotor approx 3.2CR. profit around 25% of the project value. 4. Total LC value: USD 780,000/-/- (INR- 5.73 Cr.)-Confirming Bank –ICICI India. 5. LC issuing date: 29 / 02 / 2021. Latest date of shipment/LC valid till 25st November 2021, LC TERM -90 days. 6. LC 1st AMMENDMENT: 27 /05/ 2021. & LC 2nd AMMENDMENT 23rd August 2021. o This project proposal is for short term working capital of INR 50,00,000/- require to be paid to get only one equipment from GMM and partial shipment cost. All the goods as part of this shipment are ready and already loaded in all 6 containers. Once we receive this working capital from that day we can complete the complete within 5 working days. And produce documents to ICICI Bank for LC negotiation within 10 days from shipment, and next 7 working days will be required for Payment credit from the LC proceeds, as mentioned in the LC. o The payment of 5.73 CR will be received after shipment and completion of documentation post shipment within Max 25 working days. And the taken working capital will be returned along with Interest plus the Processing fees which will be worked out mutually between Lender and Beneficiary. o All documentation related with Inspection of goods and inspection of loading is already being issued by client bank Mr. Ahemad Anees Mohamad -Egypt, who is in Mumbai as of today while we are writing this proposal. Once this GMM equipment is loaded Mr. Ahemad will leave for Egypt to complete all the formalities of LC payment to us from its bank. All the inspection and loading has been video graphed by the Client bank representative. o All 6 containers are loaded only one equipment from GMM is to be loaded inside the sixth container, And we shall complete the entire shipment formalities as per the LC terms in next 25 days. o The final documents like Invoice, Packing list, Certificate of origin, Chamber attestation, Egypt consulate Legalization will be provided once ship leaves Indian Port in next 10 days. The documents will be submitted to bank as per LC terms fallowed by The proceeds of the LC payment credit will be within 7 working days form the Swift confirmation by our bank as per LC terms. o The investment term period will be for a period of 45 days to 60 Days Max. For PETROF REFINING TECHNOLOGIES,

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