MIRA INFORM REPORT

Report Date :

29.04.2011

IDENTIFICATION DETAILS

Name :	ZENOTEX DYEING PRINTING & FINISHING

Registered Office :	12 Tereat El Gharbi Street, Ezbet Ibrahim Bey, Bahtim, Shubra El Kheima, Kaliubeya, P O Box 897, Cairo

Country :	Egypt

Financials (as on) :	31.12.2010

Year of Establishment :	1995

Legal Form :	Limited Liability Partnership

Line of Business :	Printing, dyeing and finishing for cotton and synthetic fabrics, wool and wool blended fabrics

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$ 200,000
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 : ZENOTEX DYEING PRINTING & FINISHING

Also Known As : ZENOTEX COMPANY

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1995

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Total Workforce : 65

Activities : Printing, dyeing and finishing for cotton and synthetic fabrics, wool and

wool blended fabrics.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend Steady

Recommended Credit Limit : US$ 200,000

COMPANY NAME

ZENOTEX DYEING PRINTING & FINISHING

ALSO KNOWN AS

ZENOTEX COMPANY

company ADDRESS

Registered & Physical Address

Street : 12 Tereat El Gharbi Street

Area : Ezbet Ibrahim Bey, Bahtim, Shubra El Kheima, Kaliubeya

PO Box : 897

Town : Cairo

Country : Egypt

Telephone : (20-2) 22209480 / 22202838 / 42221140

Facsimile : (20-2) 42201161

Premises

Subject operates from a medium sized suite of offices and workshop that are owned and located in the Industrial Area of Cairo.

KEY PRINCIPALS

Name Position

· Hesham Loutfi Managing Partner

· Nessim William Partner

· Mariam Asham Office Manager

LEGAL FORM & OWNERS

Date of Establishment : 1995

Legal Form : Limited Liability Partnership

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Name of Shareholder (s)

· Hesham Loutfi

· Nessim William

OPERATIONS

Activities: Engaged in the printing, dyeing and finishing of cotton and synthetic fabrics, wool and wool blended

fabrics.

Import Countries: India

Brand Names: ZENOTEX

Operating Trend: Steady

Subject has a workforce of 65 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pounds (£E)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales £E 18,000,000 £E 18,375,

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

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

BANKERS

· Bank of Alexandria

49 Kasr El Nile Street

Cairo

Tel: (20-2) 24824056 / 24836073

Fax: (20-2) 24837468

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.33
UK Pound	1	Rs.74.14
Euro	1	Rs.65.78

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%)

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