MIRA INFORM REPORT

Report Date :

04.02.2011

IDENTIFICATION DETAILS

Correct Name :	UNITED SUGAR COMPANY OF EGYPT SAE (USCE)

Registered Office :	Industrial Zone, 9 El Masanea Street, 6^th District, Nasr City

Country :	Egypt

Year of Establishment :	2008

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Engaged in the Processing, Refining, Packaging and Distribution of Sugar.

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$ 2,000,000

Status :	Good

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Egypt

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

SUMMARY

Company Name : UNITED SUGAR COMPANY OF EGYPT SAE (USCE)

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 2008

Issued Capital : US$ 83,000,000

Paid up Capital : US$ 83,000,000

Total Workforce : 600

Activities : Processing, refining, packaging and distribution of sugar.

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 2,000,000

ADDRESS

Registered & Physical Address

Location : Industrial Zone

Street : 9 El Masanea Street

Area : 6^th District, Nasr City

Town : Cairo

Country : Egypt

Telephone : (20-2) 24033856 / 24033859

Facsimile : (20-2) 24033825

Premises

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

Branch Office (s)

Location Description

· El Sokhna Port Factory premises

El Ain El Sokhna

Ataka

Suez

Tel: (20-62) 3710111

Fax: (20-62) 3710110

KEY PRINCIPALS

Name Position

· Emad Abd El Mohsin El Mehdab Chairman

· Tarek Selim Vice Chairman

· Mohamed El Kelaiby Managing Director

· Amr Kamal Director

· Taher El Ashry Finance Manager

· Yasser El Guindy Marketing Manager

· Karim Tharwat Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 2008

Legal Form : Egyptian Joint Stock Company

Issued Capital : US$ 83,000,000

Paid up Capital : US$ 83,000,000

Name of Shareholder (s) Percentage

· United Sugar 53.20%

Saudi Arabia

· A K Al Muhaidib & Sons Group 24.42%

Saudi Arabia

· Savola Group 22.38%

Saudi Arabia

OPERATIONS

Activities: Engaged in the processing, refining, packaging and distribution of sugar.

Production Capacity: 750,000 tonnes per year

Import Countries: Brazil and Saudi Arabia

Brand Names: ALOSRA

Operating Trend: Steady

Subject has a workforce of approximately 600 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 1,550,000,000 £E 1,600,000,000

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

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

BANKERS

· National Societe Generale Bank

5 Champollion Street

Cairo

Tel: (20-2) 27707777

Fax: (20-2) 27702664

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.44.96
UK Pound	1	Rs.73.37
Euro	1	Rs.62.33

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 Company	----

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.