MIRA INFORM REPORT

Report Date :

23^rd February, 2007

IDENTIFICATION DETAILS

Name :	FRENCH CO FOR DISTRIBUTION AND IMPORT FOR SPARE PARTS
Registered Office :	22 Al Mahrosael Mohan Dessen Street, Cairo, Egypt.
Country :	Egypt
Date of Incorporation :	1981
Com. Reg. No.:	105216, Giza
Legal Form :	Sharikat Tadhamun Bill Asshum (Limited Liability Partnership)
Line of Business :	Engaged in the import and distribution of automotive spare parts and accessories, specialising in French cars.

RATING & COMMENTS

MIRA’s Rating :

Ba

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 :	Usually Correct
Litigation :	Clear

SUMMARY

Company Name	FRENCH CO FOR DISTRIBUTION AND IMPORT FOR SPARE PARTS
Country of Origin	Egypt
Legal Form	Limited Liability Partnership
Registration Date	1981
Commercial Registration Number	105216, Giza
Issued Capital	£E 250,000
Paid up Capital	£E 250,000
Total Workforce	15
Line of Business	Distributors of automotive spare parts and accessories.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

FRENCH CO FOR DISTRIBUTION AND IMPORT FOR SPARE PARTS

ADDRESS

Registered & Physical Address

Location : 22 Al Mahrosael Mohan Dessen Street

Town : Cairo

Country : Egypt

Telephone : (20-2) 3041870

Facsimile : (20-2) 3041098

Email : george_henry@yahoo.com

Premises

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

KEY PRINCIPALS

· George Henry George Managing Partner

· Suzan Fahmi Partner

· Magdi Mohamed Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 1981

Legal Form : Sharikat Tadhamun Bill Asshum (Limited Liability Partnership)

Commercial Reg. No. : 105216, Giza

Issued Capital : £E 250,000

Paid up Capital : £E 250,000

Name of Partner (s)

· George Henry George

· Suzan Fahmi

LINE OF BUSINESS

Operations : Engaged in the import and distribution of automotive spare parts and accessories, specialising in French cars.

Import Countries : France

Operating Trend : Steady

Subject has a workforce of 15 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : Egyptian Pounds (£E)

Year Ending 31/12/04 : Year Ending 31/12/05 :

Total Revenue £E 7,800,000 £E 7,950,000

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

BANKERS

· Egyptian Saudi Finance Bank

60 Mohy El Din Abu El Ezz Street

Giza

Cairo

Tel : (20-2) 7481222

Fax : (20-2) 7611436

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 100,000:

Established in 1981, subject is involved in the import and distribution of automotive spare parts and accessories, specialising in French cars.

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.

Maximum suggested credit figure: US$ 200,000

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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