MIRA INFORM REPORT

Report Date :

03.03.2011

IDENTIFICATION DETAILS

Name :	DAFRAWY TOBACCO FACTORY

Registered Office :	17 El Bousta El Qadima Street Mansheya Alexandria

Country :	Egypt

Financials (as on) :	31.12.2010

Year of Establishment :	1912

Com. Reg. No.:	136997, Alexandria

Legal Form :	General Partnership

Line of Business :	Manufacture of tobacco products.

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 : DAFRAWY TOBACCO FACTORY

Country of Origin : Egypt

Legal Form : General Partnership

Start Date : 1912

Registration Date : 16^th April 1991

Commercial Registration Number : 136997, Alexandria

Tax Card Number : 618-046-445

Partners Capital : £E 1,500,000

Total Workforce : 25

Activities : Manufacture of tobacco products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 200,000

COMPANY NAME

DAFRAWY TOBACCO FACTORY

ADDRESS

Registered & Physical Address

Street : 17 El Bousta El Qadima Street

Area : Mansheya

Town : Alexandria

Country : Egypt

Telephone : (20-3) 4801512 / 4806475

Facsimile : (20-3) 4806475

Email : defamr@yahoo.com

Premises

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

Branch Office (s)

Location Description

· Ezbet El Sobeiha Owned factory premises

Smouha

Alexandria

Tel: (20-3) 4254471

KEY PRINCIPALS

Name Position

· Amr Abd El Rahman El Dafrawy Managing Partner

· Abd El Fattah El Sebaie General Manager

LEGAL FORM & OWNERS

Date of Establishment : 1912, however subject was registered on 16^th April 1991

Legal Form : General Partnership

Commercial Reg. No. : 136997, Alexandria

Tax Card No. : 618-046-445

Partners Capital : £E 1,500,000

Name of Partner (s)

· Amr Abd El Rahman El Dafrawy

· Mr Amr Abd El Rahman El Dafrawy’s wife and children

OPERATIONS

Activities: Engaged in the manufacture of tobacco products used in Shisha pipes and Hubbly Bubbly’s.

Import Countries: India and Sri Lanka.

Export Countries: Kuwait and the United Arab Emirates.

Brand Names: EL DAFRAWY and AL MUFTAH

Operating Trend: Steady

Subject has a workforce of 25 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 10,250,000 £E 11,000,000

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 (CIB)

61 Sultan Hussein Street

Alexandria

Tel: (20-3) 4824643 / 4834255

Fax: (20-3) 4832240

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.45.12
UK Pound	1	Rs.73.43
Euro	1	Rs.62.32

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.