MIRA INFORM REPORT

Report Date :

27.04.2011

IDENTIFICATION DETAILS

Name :	INTERNATIONAL ADVANCED CHEMICAL CO SAE

Registered Office :	36 Hassan El Mamoun Street, Nasr City, Cairo

Country :	Egypt

Year of Establishment :	1990

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Manufacturers of chemicals for the food and textile industry

RATING & COMMENTS

MIRA’s Rating :

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 :	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 : INTERNATIONAL ADVANCED CHEMICAL CO SAE

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 1990

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Total Workforce : 150

Activities : Manufacturers of chemicals for the food and textile industry.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 100,000

COMPANY NAME

INTERNATIONAL ADVANCED CHEMICAL CO SAE

company ADDRESS

Registered & Physical Address

Street : 36 Hassan El Mamoun Street

Area : Nasr City

Town : Cairo

Country : Egypt

Telephone : (20-2) 25726829 / 22726829

Facsimile : (20-2) 24186076

Premises

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

Branch Office (s)

Location Description

· Tenth of Ramadan City Owned factory premises

KEY PRINCIPALS

Name Position

· Ahmed Mohamed El Hariri Managing Director

· Shawki Mohamed El Hariri Director

· Hesham Mohamed El Hariri Director

LEGAL FORM & OWNERS

Date of Establishment : 1990

Legal Form : Egyptian Joint Stock Company

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Name of Shareholder (s)

· Ahmed Mohamed El Hariri

· Shawki Mohamed El Hariri

· Hesham Mohamed El Hariri

OPERATIONS

Activities: Engaged in the manufacture of chemicals for the food and textile industry.

Import Countries: Germany, France and the United Kingdom.

Subject has a workforce of approximately 150 employees.

FINANCIAL DATA

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 3924175

Fax: (20-2) 3924143

· Wachovia Bank

Ney York

United States of America

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources were unable to make direct contact with the subject as the telephone number remained constantly unanswered. As such the information in the report is based on registered data.

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.73.44
Euro	1	Rs.64.81

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
----	NB	New Business	----

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.