MIRA INFORM REPORT

Report Date :

28.02.2007

IDENTIFICATION DETAILS

Name :	ZAREEF KAMAL SONS
Registered Office :	34 El Sabteya Street, Daher, Cairo
Country :	Egypt
Financials (as on) :	31.12.2006
Date of Incorporation :	1951
Legal Form :	General Partnership
Line of Business :	Engaged in the import and distribution of insulation materials used in air conditioners, humidity and temperature controls.

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$ 100,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name : ZAREEF KAMAL SONS

Country of Origin : Egypt

Legal Form : General Partnership

Registration Date : 1951

Partners Capital : £E 100,000

Total Workforce : 20

Line of Business : Import and distribution of insulation materials used in air conditioners,

humidity and temperature controls.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

ZAREEF KAMAL SONS

ADDRESS

Registered & Physical Address

Street : 34 El Sabteya Street

Area : Daher

Town : Cairo

Country : Egypt

Telephone : (20-2) 5765261 / 5773486

Facsimile : (20-2) 5765261

Premises

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

KEY PRINCIPALS

· Kamal Zareef Kamal Managing Partner

LEGAL FORM & OWNERS

Date of Establishment : 1951

Legal Form : Sharikat Tadhamun (General Partnership)

Partners Capital : £E 100,000

Name of Partner (s)

· Kamal Zareef Kamal

· Members of Mr Kamal Zareef Kamal’s family

Note to the Legal Form

The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.

Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.

There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.

LINE OF BUSINESS

Operations : Engaged in the import and distribution of insulation materials used in air conditioners, humidity and temperature controls.

Import Countries : Turkey, China and Russia.

Operating Trend : Steady

Subject has a workforce of 20 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : Egyptian Pounds (£E)

Year Ending 31/12/05: Year Ending 31/12/06:

Total Revenue £E 5,190,000 £E 5,350,000

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

BANKERS

· Blom Egypt Bank

54 Lebanon Street

Mohandessin

Cairo

Tel: (20-2) 3039825

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 100,000

Zareef Kamal Sons is very well established in the local market with operations dating back over 55 years. The business specialises in the import and distribution of insulation materials used in air conditioners, humidity and temperature controls.

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 and the above credit figure is within subject’s financial means.

Maximum suggested credit figure: US$ 100,000

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