MIRA INFORM REPORT

Report Date :

06.04.2011

IDENTIFICATION DETAILS

Name :	ALMADENA ALMENAWARA CO

Registered Office :	Dr Ali Mosharafa Street, Kafr Saad City, Damietta

Country :	Egypt

Financials (as on) :	31.12.2010

Date of Incorporation :	24.12.2009

Legal Form :	Sole Proprietorship

Line of Business :	Distributors of jute bags for food packaging

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$ 60,000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

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 : ALMADENA ALMENAWARA CO

Country of Origin : Egypt

Legal Form : Sole Proprietorship

Registration Date : 24^th December 2009

Invested Capital : £E 50,000

Total Workforce : 15

Activities : Distributors of jute bags for food packaging.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 60,000

Person Interviewed : Ahmed Mostafa El Shamy, Assistant General Manager

COMPANY NAME

ALMADENA ALMENAWARA CO

company ADDRESS

Registered & Physical Address

Street : Dr Ali Mosharafa Street

Area : Kafr Saad City

Town : Damietta

Country : Egypt

Mobile : (20-15) 15118830 / (20-12) 3354844

Email : almadena11@hotmail.com / ahmedmelshmy@hotmail.com

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Damietta.

KEY PRINCIPALS

Name Position

· Mahmoud Wahba El Gazzar Proprietor

· Abdul Moniem Mahmoud Wahba El Gazzar General Manager

· Ahmed Mostafa El Shamy Assistant General Manager

LEGAL FORM & OWNERS

Date of Establishment : 24^th December 2009

Legal Form : Sole Proprietorship

Invested Capital : £E 50,000

Mr Mahmoud Wahba El Gazzar is the sole proprietor of the business.

AFFILIATED COMPANIES

· Abdul Moniem Mahmoud Wahba El Gazzar

Dr Ali Mosharafa Street

Kafr Saad City

Damietta

Tel: (20-15) 1511830 / (20-12) 3354844

CR No. 71133

OPERATIONS

Activities: Engaged in the import and distribution of jute bags for food packaging.

Import Countries: Europe and the Far East.

Subject has a workforce of 15 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pound (£E)

Year Ending 31/12/10:

Total Sales £E 6,380,000

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

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

BANKERS

· Commercial International Bank

Investment Building

Damietta

Tel: (20-57) 290301 / 290302

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 business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.50
UK Pound	1	Rs.71.25
Euro	1	Rs.64.40

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.