MIRA INFORM REPORT

Report Date :

19.09.2007

IDENTIFICATION DETAILS

Name :	INTERNATIONAL DRUG INDUSTRIES (IDI)
Registered Office :	Shark El Tafreaa, Port Said
Country :	Egypt
Financials (as on) :	31.12.2006
Date of Incorporation :	October 2005
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Engaged in the manufacture of pharmaceutical and medicines.

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$ 150,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name : INTERNATIONAL DRUG INDUSTRIES (IDI)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : October 2005

Issued Capital : £E 1,500,000

Paid up Capital : £E 1,500,000

Total Workforce : 75

Line of Business : Manufacture of pharmaceutical and medicines.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

COMPANY NAME

INTERNATIONAL DRUG INDUSTRIES (IDI)

ADDRESS

Registered & Physical Address

Location : Shark El Tafreaa

Town : Port Said

Country : Egypt

Telephone : (20-66) 3339666

Facsimile : (20-66) 3339777

Email : idipharma@gmail.com

Premises

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Port Said.

Branch Office (s)

Location Description

· 4 Saudi Co Building Rented sales office

El Nuzha Street

Cairo

Tel: (20-2) 22914898

Fax: (20-2) 24184269

KEY PRINCIPALS

· Dr Hussain Hassan Chairman

· Dr Hassan Hassan Managing Director

· Dr Safwat Abdul Moniem Production Manager

· Ms Inas Hamdy Administrative Officer

LEGAL FORM & OWNERS

Date of Establishment : October 2005

Legal Form : Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock

Company)

Issued Capital : £E 1,500,000

Paid up Capital : £E 1,500,000

Name of Shareholder (s)

· Dr Hussain Hassan

· Dr Hassan Hassan

Note to the Legal Form

The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.

AFFILIATED COMPANIES

· International Drug Agency (IDA)

4 Saudi Co Building

El Nuzha Street

Cairo

Tel: (20-2) 22914898

Fax: (20-2) 24184269

LINE OF BUSINESS

Operations : Engaged in the manufacture of pharmaceutical and medicines.

Import Countries : Germany and Japan

Subject has a workforce of 75 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : Egyptian Pounds (£E)

Year Ending 31/12/06:

Total Revenue £E 11,380,000

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

BANKERS

· National Bank of Egypt

24, Sherif Street

Cairo

Tel : (20-2) 3924175

Fax : (20-2) 3924143

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

International Drug Industries (IDI) is a relatively new business with operations commencing in October 2005. It is engaged in manufacture of pharmaceutical and medicines.

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk and the above credit figure is admissible.

Maximum suggested credit figure: US$ 150,000

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.	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