MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	INTERNATIONAL EGYPTIAN COMPANY FOR TEXTILES SAE

Registered Office :	3 Abd El Hamid Nigm Street El Mattaria Cairo

Country :	Egypt

Financials (as on) :	31.12.2010

Year of Establishment :	1996

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Distributors of cotton and textiles.

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Egypt

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

SUMMARY

Company Name : INTERNATIONAL EGYPTIAN COMPANY FOR TEXTILES SAE

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 1996

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Total Workforce : 10

Activities : Distributors of cotton and textiles.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 150,000

COMPANY NAME

INTERNATIONAL EGYPTIAN COMPANY FOR TEXTILES SAE

ADDRESS

Registered & Physical Address

Street : 3 Abd El Hamid Nigm Street

Area : El Mattaria

Town : Cairo

Country : Egypt

Telephone : (20-2) 26533242 / 26533301

Facsimile : (20-2) 26533242 / 26555710

Mobile : (20-122) 22373268

Email : kamal_abdallaah@yahoo.com

Premises

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

KEY PRINCIPALS

Name Position

· Kamal Abdullah Mohamed Managing Director

· Waleed Talaat Sales Manager

· Inas Abdulaziz Administration Executive

LEGAL FORM & OWNERS

Date of Establishment : 1996

Legal Form : Egyptian Joint Stock Company

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Name of Shareholder (s)

· Kamal Abdullah Mohamed

· Members of Mr Kamal Abdullah Mohamed’s family

OPERATIONS

Activities: Engaged in the import and distribution of cotton and textiles.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 10 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 8,550,000 £E 9,170,000

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

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

BANKERS

· Barclays Bank Egypt SAE

71 Mostafa El Nahas Street

Nasr City

Cairo

Tel: (20-2) 33542195 / 33549415 / 33549422

Fax: (20-2) 33552746

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.26

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.