MIRA INFORM REPORT

Report Date :

02.04.2011

IDENTIFICATION DETAILS

Correct Name :	MAASARA CO FOR ENGINEERING INDUSTRIES SAE (FACTORY 45)

Registered Office :	Corniche El Nile, P O Box 11713, Cairo

Country :	Egypt

Financials (as on) :	31.12.2009

Year of Establishment :	1952

Com. Reg. No.:	5460, Helwan

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Manufacturer’s of a wide range of metal products for military and civilian use

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 1,000,000
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Egypt

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : MAASARA CO FOR ENGINEERING INDUSTRIES SAE (FACTORY

45)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Start Date : 1952

Registration Date : 1994

Commercial Registration Number : 5460, Helwan

Issued Capital : £E 194,397,000

Paid up Capital : £E 23,874,000

Total Workforce : 2,300

Activities : Manufacturer’s of a wide range of metal products for military and civilian

use.

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 1,000,000

COMPANY NAME

MAASARA CO FOR ENGINEERING INDUSTRIES SAE (FACTORY 45)

company ADDRESS

Registered & Physical Address

Location : Corniche El Nile

PO Box : 11713

Town : Cairo

Country : Egypt

Telephone : (20-2) 23697478 / 23697873 / 23697201 / 23697301 / 23697615

Facsimile : (20-2) 23696025 / 23746025

Premises

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

Branch Office (s)

Location Description

· Helwan Industrial Area Owned factory premises

Maasara

Cairo

Tel: (20-2) 23746027

Fax: (20-2) 23746025

KEY PRINCIPALS

Name Position

· Mahmoud Ismail El Sheikh Chairman

· Hussein Sakr Vice Chairman

· Mohamed Ibrahim Director

· Ibrahim Baher Director

· Bahy El Aissawy Marketing Manager

· Ahmed Abd El Moula Projects Manager

· Mahmoud El Hawary Finance Manager

· Mohamed Said Sales Manager

· Yasser El Bassel Public Relations Manager

· Samir Khattab Administration Manager

· Ahmed El Azab IT Manager

· Rashad Marey Purchasing Manager

LEGAL FORM & OWNERS

Date of Establishment : Subject’s operations date back to 1952, however it was registered in 1994.

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 5460, Helwan

Issued Capital : £E 194,397,000

Paid up Capital : £E 23,874,000

Name of Shareholder (s) Percentage

· National Organisation for Military Production (NOMP) * 100%

19, El Falaky Street

Abdin

Cairo

Tel: (20-2) 23551428

Fax: (20-2) 23553617

* National Organisation for Military Production (NOMP) is wholly owned by the government of Egypt and is responsible to the Ministry of Military Production.

Ministry of Military Production

5, Ismail Abaza

Lazoghli

Cairo

Tel: (20-2) 23552428

AFFILIATED COMPANIES

· Abu Kir Co for Engineering Industries SAE (Factory 10)

Abu Kir Industrial City

Alexandria

Tel: (20-3) 25601410 / 25601378 / 25303631

Fax: (20-3) 25603392

· Abu Zaabal Co for Speciality Chemicals SAE (Factory 18)

Abu Zaabal Al Balad

Heliopolis

Cairo

Tel: (20-2) 22910011 / 24698936 / 24698957

Fax: (20-2) 24698936

· Abu Zaabal Co for Engineering Industries SAE (Factory 100)

9, Mahmoud Talaat Street

Heliopolis West

PO Box: 5888

Cairo

Tel: (20-2) 22916962 / 24695222

Fax: (20-2) 24691228

· Benha Co for Electronic Industries SAE (Factory 144)

El Ashraf Street

Atrieb

Kaliubiya 13779

Tel: (20-13) 22891 / 222447

Fax: (20-13) 224237

· Computer Centre SAE

7, Maamal El Sokar Street

Garden City

Cairo

Tel: (20-2) 23551071

· Heliopolis Co for Chemical Industries SAE (Factory 81)

Sindbad Road

Haykstep, Heliopolis

Cairo

Tel: (20-2) 22810899 / 22810898

Fax: (20-2) 22810828

· Helwan Co for Non Ferrous Industries (Factory 63)

Helwan El Hammamet

Helwan

PO Box: 11726

Cairo

Tel: (20-2) 25559713

Fax: (20-2) 25559718

· Helwan Co for Metallic Appliances (Factory 360)

Potarf

Helwan

Cairo

Tel: (20-2) 25561805 / 25561709

Fax: (20-2) 25562983

· Helwan Co for Machine Tools SAE (Factory 999)

Ein Helwan, Helwan

PO Box: 1726

Cairo

Tel: (20-2) 25556800

Fax: (20-2) 25552548

· Helwan Iron Foundries SAE (Factory 9)

Ein Helwan, Helwan

Cairo

Tel: (20-2) 25552257 / 25552264

Fax: (20-2) 25552260 / 25552263

· Helwan Co for Diesel Engines SAE (Factory 909)

Shubra El Khaima, Road No. 15

PO Box: 33

Helwan

Cairo

Tel: (20-2) 25553845 / 25788840

Fax: (20-2) 22202513

· Kaha Co for Chemical Industries SAE (Factory 270)

Kaha Industrial Area

Kaliubiya 13779

Tel: (20-13) 600441 / 600300

Fax: (20-13) 600191 / 600788

· Maadi Co for Engineering Industries SAE (Factory 54)

Corniche El Nil

Maadi

PO Box: 414

Cairo

Tel: (20-2) 23502715 / 23504008

Fax: (20-2) 23501855

· Shubra Co for Engineering Industries SAE (Factory 27)

Teraat El Ismailia Road

Shubra

PO Box: 11241, Magd El Eslam

Cairo

Tel: (20-2) 22839348 / 24267716 / 24267709

Fax: (20-2) 24267710

· Tanks Production & Repairing Co SAE (Factory 200)

Also Known As : Abu Zaabal Tank Repair Factory

Belbais Road

Cairo

Tel: (20-2) 22818020

· Helwan Co for Engineering Industries (Factory 99)

Helwan

PO Box: 11726

Cairo

Tel: (20-2) 25552380

Fax: (20-2) 25552383

OPERATIONS

Activities: Manufacturer’s of a wide range of metal products for military use, such as signal pistols and Commando knives, as well as civilian products including water and electric meters, screws, nuts, bolts, washers, fasteners, fixing devices and roller bearings.

Subject is ISO 9001 certified.

Import Countries: Germany, France, Spain, United Kingdom, South Korea and the Dominican Republic.

Export Countries: Saudi Arabia, Lebanon and Sierra Leone.

Operating Trend: Steady

Subject has a workforce of approximately 2,300 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pounds (£E)

Year Ending 31/12/08: Year Ending 31/12/09:

Total Sales £E 342,000,000 £E 360,000,000

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

The above financial figures are based on estimations by our local sources.

BANKERS

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Subject is a wholly owned subsidiary of the National Organisation for Military Production (NOMP) which in turn is a state owned concern, directly responsible to the Ministry of Military Production; as such it is deemed trustworthy for respecting its financial trade commitments.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.