MIRA INFORM REPORT

Report Date :

02.03.2007

IDENTIFICATION DETAILS

Name :	PANDA FOR TRADING & DEVELOPMENT CO
Registered Office :	31-33 Ahmed El Sawy Street, Nasr City, Cairo
Country :	Egypt
Financials (as on) :	31.12.2005
Date of Incorporation :	1989
Com. Reg. No.:	381843
Legal Form :	Limited Liability Partnership
Line of Business :	Engaged in the import and distribution of chemicals for the pharmaceutical, paint, and food industries, as well as castor oil and menthol products.

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$ 250,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name : PANDA FOR TRADING & DEVELOPMENT CO

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1989

Commercial Registration Number : 381843, Nasr City

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Total Workforce : 25

Line of Business : Import and distribution of chemicals.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

PANDA FOR TRADING & DEVELOPMENT CO

ADDRESS

Registered & Physical Address

Street : 31-33 Ahmed El Sawy Street

Area : Nasr City

Town : Cairo

Country : Egypt

Telephone : (20-2) 2878043 / 2878049

Facsimile : (20-2) 2878163 / 2721841

Email : elsheikh@medeinegypt.net

Premises

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

KEY PRINCIPALS

· Ossama Abd El Moneim El Sheikh Managing Partner

· Tarek Shehata Mahdy Partner

LEGAL FORM & OWNERS

Date of Establishment : 1989

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

Commercial Reg. No. : 381843, Nasr City

Import Reg. No. : 17103

Tax Card No. : 412-648-652

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Name of Partner (s)

· Ossama Abd El Moneim El Sheikh

· Tarek Shehata Mahdy

LINE OF BUSINESS

Operations : Engaged in the import and distribution of chemicals for the pharmaceutical, paint, and food industries, as well as castor oil and menthol products.

Import Countries : Germany, China, and India.

International Suppliers :

· China North Ind.Guangzha Corp China

· King Dao China China

· China Packing Int'l Trading Corp China

· China National Co China

· Liany Ungang Foreign Trade Corp China

· Jiangsu Sopo Corp China

Brand Names : MULGI and GAPS.

Operating Trend : Steady

Subject has a workforce of 25 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 5,500,000 £E 5,875,000

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

BANKERS

· Banque du Caire SAE

22 Adly Street

PO Box : 1495

Cairo

Tel : (20-2) 3904554

Fax : (20-2) 3908992

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 150,000

Panda For Trading & Development Co specialises in the import and distribution of chemicals for the pharmaceutical, paint, and food industries, as well as castor oil and menthol products.

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is admissible.

Maximum suggested credit figure: US$ 250,000

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