MIRA INFORM REPORT

Report Date :

03.08.2011

IDENTIFICATION DETAILS

Name :	ELFATH FOR SPECIFIC CHEMICALS

Registered Office :	El Fardous Tower 19 Ext of Ahmed Said Street Abbasseya Cairo 13711

Country :	Egypt

Financials (as on) :	31.12.2010

Year of Establishment :	1987

Com. Reg. No.:	244869

Legal Form :	Limited Liability Partnership

Line of Business :	Distributors of chemicals and metal coating requisites.

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$ 150,000
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Egypt

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

SUMMARY

Company Name : ELFATH FOR SPECIFIC CHEMICALS

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1987

Commercial Registration Number : 244869

Tax Card Number : 100-027-482

Issued Capital : £E 200,000

Paid up Capital : £E 200,000

Total Workforce : 20

Activities : Distributors of chemicals and metal coating requisites.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 150,000

COMPANY NAME

ELFATH FOR SPECIFIC CHEMICALS

ADDRESs

Registered & Physical Address

Building : El Fardous Tower

Street : 19 Ext of Ahmed Said Street

Area : Abbasseya

Town : Cairo 13711

Country : Egypt

Telephone : (20-2) 26849657 / 26821190

Facsimile : (20-2) 26849657

Mobile : (20-12) 2110468

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

· 14 Darb El Baraka Office premises

Bab El Sheareya

Daher

Cairo

Tel: (20-2) 25918728

KEY PRINCIPALS

Name Position

· Ibrahim Hamed Managing Partner

· Hemat Mohamed Fathy Partner

· Ahmed Abd El Aziz Finance Manager

· Ashraf Abbass Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 1987

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 244869

Tax Card No. : 100-027-482

Issued Capital : £E 200,000

Paid up Capital : £E 200,000

Name of Shareholder (s) Percentage

· Ibrahim Hamed 50%

· Hemat Mohamed Fathy 50%

OPERATIONS

Activities: Engaged in the import and distribution of chemicals and metal coating requisites.

Import Countries: United Kingdom, France, Finland and India.

Operating Trend: Steady

Subject has a workforce of 20 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 6,900,558 £E 7,251,542

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

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

BANKERS

· Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 23912711 / 23912106

Fax: (20-2) 23919779

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.44.23
UK Pound	1	Rs.72.09
Euro	1	Rs.62.98

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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