MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	MEDICAL UNION PHARMACEUTICALS COMPANY
Registered Office :	36 Mohamed Hassan El-Gamal St. 6th Dist., P.O.Box. 7010 Nasr City, Cairo
Country :	Egypt
Financials (as on) :	31.12.2010
Date of Incorporation :	21.02.1984
Legal Form :	Public Independent Company
Line of Business :	manufacture and distribution of medicines, cosmetics and special food products within Egypt and abroad

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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	a2	a2

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

Bottom of Form

Company name & address

Medical Union Pharmaceuticals Company

36 Mohamed Hassan El-Gamal St. 6th Dist.

P.O.Box. 7010 Nasr City

Cairo,

Egypt

Tel: 20-2-22709324

Fax: 20-2-22709315

Synthesis

Employees: 1,583

Company Type: Public Independent

Traded: Cairo Stock Exchange: MEDU

Incorporation Date: 21-Feb-1984

Auditor: El-Maazawy Accountants & Auditors

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Egyptian Pound

Annual Sales: 138.6 1

Net Income: 29.7

Total Assets: 175.8 2

Market Value: 145.3

(29-Aug-2011)

Business Description

Medical Union Pharmaceuticals Company (MUP) is an Egypt-based public shareholding company that operates in the pharmaceuticals sector. The Company is engaged in the manufacture and distribution of medicines, cosmetics and special food products within Egypt and abroad. It holds a license for research and development, production and marketing of pharmaceutical preparations. Its product lines consist of the Company’s own specialties, as well as licensed products, including anti-infective products, analgesics, pulmonary, dermatology, orthopedic, tonics and vitamins, gastroenterology, pediatric, cardiovascular, neurology, anti-cancer and gynecology products. It manufactures its products in the form of capsules, tablets, creams and drops. For the three months ended 31 March 2011, Medical Union Pharmaceuticals Company's total revenue increased 4% to EGP177.7M. Net income increased 5% to EGP31.3M. Total revenue reflects an increase in the Company's sales of core products due to higher demand. Net income benefitted from a fall in finance costs, and from increases in compensation from other parties, foreign exchange gains and other operating income.

Industry

Industry Biotechnology and Drugs

ANZSIC 2006: 1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002: 2442 - Manufacture of pharmaceutical preparations

NAICS 2002: 325412 - Pharmaceutical Preparation Manufacturing

UK SIC 2003: 24421 - Manufacture of medicaments

US SIC 1987: 2834 - Pharmaceutical Preparations

Key Executives

Name	Title
Zakaria Ibrahim Mohammed Jad	Chairman of the Board, Chief Executive Officer and Managing Director
Haidar Ahmad Al Hawari	Chief Financial Officer and Director of Investor Relations
Ali Mahmoud Taha	Head of Marketing Sector
Labiba Hanem Abdul Fattah	Chief Administrative Officer and Director of Human Resources
Naser Saad Zaghloul Al Maazawi	Chief Information Officer

Significant Developments

Topic	#*	Most Recent Headline	Date
Expansion / New Markets / New Units	1	Medical Union Pharmaceuticals Company to Establish Two New Factories	10-Jan-2011
Other Pre-Announcement	1	Medical Union Pharmaceuticals Company Issues FY 2011 Sales Guidance	27-Sep-2010
Dividends	1	Medical Union Pharmaceuticals Company Announces Cash Dividends for FY 2010	17-Mar-2011

* number of significant developments within the last 12 months

Financial Summary

As of 31-Mar-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.31	2.09
Quick Ratio (MRQ)	1.79	1.48
Debt to Equity (MRQ)	0.0000	0.43
Sales 5 Year Growth	11.34	4.13
Net Profit Margin (TTM) %	21.44	17.06
Return on Assets (TTM) %	17.11	9.59
Return on Equity (TTM) %	25.22	18.98

Stock Snapshot

Traded: Cairo Stock Exchange: MEDU

As of 29-Aug-2011

   Financials in: EGP

Recent Price	27.60	EPS	5.33
52 Week High	31.00	Price/Sales	1.11
52 Week Low	22.23	Dividend Rate	2.50
Avg. Volume (mil)	0.0034	Price/Earnings	5.30
Market Value (mil)	864.95	Price/Book	1.13
		Beta	0.56

	Price % Change	Rel S&P 500%
4 Week	0.36%	9.73%
13 Week	0.73%	21.36%
52 Week	4.51%	45.64%
Year to Date	-2.58%	49.97%

1 - Profit & Loss Item Exchange Rate: USD 1 = EGP 5.635256

2 - Balance Sheet Item Exchange Rate: USD 1 = EGP 5.805

Corporate Overview

Location

36 Mohamed Hassan El-Gamal St. 6th Dist.

P.O.Box. 7010 Nasr City

Cairo, Egypt

Tel: 20-2-22709324

Fax: 20-2-22709315

Web : www.mupeg.com

Quote Symbol - Exchange

MEDU - Cairo Stock Exchange

Sales EGP(mil): 780.9

Assets EGP(mil): 1,020.3

Employees: 1,583

Fiscal Year End: 31-Dec-2010

Industry: Biotechnology and Drugs

Incorporation Date: 21-Feb-1984

Company Type: Public Independent

Quoted Status: Quoted

Chairman of the Board,

Chief Executive Officer and

Managing Director: Zakaria Ibrahim Mohammed Jad

Company Web Links

· Company Contact/E-mail

· Corporate History/Profile

· Employment Opportunities

· Financial Information

· Home Page

· Products/Services

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Shareholders

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

3720 - Pharmaceutical and Toiletry Goods Wholesaling

NACE 2002 Codes:

2441 - Manufacture of basic pharmaceutical products

5146 - Wholesale of pharmaceutical goods

2442 - Manufacture of pharmaceutical preparations

NAICS 2002 Codes:

424210 - Drugs and Druggists' Sundries Merchant Wholesalers

325412 - Pharmaceutical Preparation Manufacturing

325411 - Medicinal and Botanical Manufacturing

US SIC 1987:

2834 - Pharmaceutical Preparations

5122 - Drugs, Drug Proprietaries, and Druggists' Sundries

2833 - Medicinal Chemicals and Botanical Products

UK SIC 2003:

5146 - Wholesale of pharmaceutical goods

24421 - Manufacture of medicaments

2441 - Manufacture of basic pharmaceutical products

Business Description

Medical Union Pharmaceuticals Company (MUP) is an Egypt-based public shareholding company that operates in the pharmaceuticals sector. The Company is engaged in the manufacture and distribution of medicines, cosmetics and special food products within Egypt and abroad. It holds a license for research and development, production and marketing of pharmaceutical preparations. Its product lines consist of the Company’s own specialties, as well as licensed products, including anti-infective products, analgesics, pulmonary, dermatology, orthopedic, tonics and vitamins, gastroenterology, pediatric, cardiovascular, neurology, anti-cancer and gynecology products. It manufactures its products in the form of capsules, tablets, creams and drops. For the three months ended 31 March 2011, Medical Union Pharmaceuticals Company's total revenue increased 4% to EGP177.7M. Net income increased 5% to EGP31.3M. Total revenue reflects an increase in the Company's sales of core products due to higher demand. Net income benefitted from a fall in finance costs, and from increases in compensation from other parties, foreign exchange gains and other operating income.

More Business Descriptions

· Manufacture and distribution of pharmaceuticals

· Pharmaceutical and Medicine Manufacturing

Financial Data

Financials in:	EGP(mil)
Revenue:	780.9
Net Income:	167.1
Assets:	1,020.3
Long Term Debt:	0.0
Total Liabilities:	255.7
Working Capital:	0.2
Date of Financial Data:	31-Dec-2010

1 Year Growth

9.5%

5.3%

15.8%

Market Data

Quote Symbol:	MEDU
Exchange:	Cairo Stock Exchange
Currency:	EGP
Stock Price:	27.6
Stock Price Date:	08-29-2011
52 Week Price Change %:	4.5
Market Value (mil):	864,946.7
SEDOL:	B03X8F6
ISIN:	EGS38281C019

Shareholders

Major Shareholders

Arab Drugs and Pharmaceutical Industries (ACDIMA) (40.6%); Industrial Development and Workers Bank of Egypt (10.9%); Nomas Trade (5.1%); Medical Union Pension & Endowment Fund (10.77%); Medical Professional Investment (10.61%)

Key Corporate Relationships

Auditor: El-Maazawy Accountants & Auditors

Auditor: El Meazawy & Co, Central Auditing Agency, El-Maazawy Accountants & Auditors

Executive report

Board of Directors

Name	Title	Function
Zakaria Ibrahim Mohammed Jad	Chairman of the Board, Chief Executive Officer and Managing Director	Chairman
Issam Sayid Mursi Ahmad	Non-Executive Member of the Board, representing Industrial Investments Company	Director/Board Member
Issam Alddin Mohamed Hussein Al Aryan	Non-Executive Member of the Board, representing Medical Work Union	Director/Board Member
Ahmad Said Kaylani Al Beheri	Non-Executive Member of the Board, representing Arab Company for Medical Industries	Director/Board Member
Abdul Hamid Al Hadi Al Suhaili	Non-Executive Member of the Board, representing Libyan Company for Foreign Investments	Director/Board Member
Amr Ali	Director	Director/Board Member
Sultan Bin Mohammed Bin Saleh Bin Sultan	Non-Executive Member of the Board, representing Noumes Trade Company	Director/Board Member
Abdallah Zein El Abdin	Director	Director/Board Member
Abd El Hamid El Hadey	Director	Director/Board Member
Mohamed El Menshawy	Director	Director/Board Member
Ezz Eldin Faranka	Director	Director/Board Member
Izz Alddin Al Aref Frankah	Non-Executive Member of the Board, representing Libyan Company for Foreign Investments	Director/Board Member
Mohamed Hassan Hamed	Director	Director/Board Member
Faisal Kamel Ibrahim Hamed	Non-Executive Member of the Board	Director/Board Member
Ahmed Kelany	Director	Director/Board Member
Mohammed Metwali Mahdi Mohammed	Non-Executive Member of the Board, representing Industrial Investments Company	Director/Board Member
Abdul Halim Mohammed Omar	Non-Executive Member of the Board	Director/Board Member
Ousama Shams Alddin Raslan	Non-Executive Member of the Board, representing Medical Investment Company	Director/Board Member
Ossama Shams El Din Raslan	Director	Director/Board Member
Ossama Saied	Director	Director/Board Member
Sultan Ben Mohamed Ben Saleh	Director	Director/Board Member
Abdullah Zain Al Abdin Suleiman	Non-Executive Member of the Board, representing Medical Work Union	Director/Board Member
Murad Abdul Salam Yousef	Non-Executive Member of the Board, representing Medical Investment Company	Director/Board Member
Mourad Youssef	Director	Director/Board Member

Executives

Name	Title	Function
Zakaria Ibrahim Gad	Chairman and Chief Executive Officer	Chief Executive Officer
Zakaria Ibrahim Mohammed Jad	Chairman of the Board, Chief Executive Officer and Managing Director	Chief Executive Officer
Amina Mohammed Abdul Bari	General Manager - Inspection & Follow Up	Division Head Executive
Mohammed Maher Al Adawi	General Manager - Export	Division Head Executive
Mahmoud Adel Mohammed Al Baz	General Manager - Local Provision Supply	Division Head Executive
Nashwa Abdul Hamid Al Jeyoshi	General Manager – Technical Media and Conferences	Division Head Executive
Ibrahim Mohammed Khalifa Al Komi	General Manager - Engineering Department	Division Head Executive
Mohammed Said Abdullah Al Qamhawi	General Manager - Scientific Offices	Division Head Executive
Ikram Abu Gabal	General Manager Supplies	Division Head Executive
Mahfouz Kassem	General Manager	Division Head Executive
Manal Jamal Alddin Nasr	General Manager - Production	Division Head Executive
Hala Abdul Rahman Shabana	General Manager - Economic Studies	Division Head Executive
Labiba Hanem Abdul Fattah	Chief Administrative Officer and Director of Human Resources	Administration Executive
Hala Shaaban	Studies Department Manager	Administration Executive
Haidar Ahmad Al Hawari	Chief Financial Officer and Director of Investor Relations	Finance Executive
Hedar Ahmed El-Hawary	Finance and Investor Relations Director	Finance Executive
Ibrahim Mohammed Jad	Director of Financial Affairs	Finance Executive
Thuraya Ismail	General Manager - Control	Controller
Abdul Hay Aleywah	Director of Personnel Affairs	Human Resources Executive
Labiba Shahin	Human Resources Manager	Human Resources Executive
Hussein Sayid Ahmad Suleiman	General Manager - Sales Development	Sales Executive
Ahmad Mohammed Hanafi Al Shaer	General Manager – Marketing Planning and Training	Marketing Executive
Ali Mahmoud Taha	Head of Marketing Sector	Marketing Executive
Naser Saad Zaghloul Al Maazawi	Chief Information Officer	Information Executive
Ahmad Fouad Shalabi	Chief Technology Officer	Engineering/Technical Executive
Mahfouz Abdul Majid Qasim	Manager - Research & Development and Quality Assurance	Research & Development Executive
Ekram Abu Jabal Mohammed	Head of Planning & Supply Department	Planning Executive
Said Mohammed Mohammed Mustafa	Head of Plants Sector	Other

Significant Developments

Medical Union Pharmaceuticals Company Announces Cash Dividends for FY 2010 Mar 17, 2011

Medical Union Pharmaceuticals Company announced that its General Assembly, at its Ordinary Meeting held on March 12, 2011, approved the distribution of EGP 2.5 per share cash dividend for the fiscal year 2010.

Medical Union Pharmaceuticals Company to Establish Two New Factories Jan 10, 2011

Medical Union Pharmaceuticals Company announced that it has approved the establishment of two new factories for production of Penicillin and Cephalosporin. Further details were not disclose.

Medical Union Pharmaceuticals Company Issues FY 2011 Sales Guidance Sep 27, 2010

Medical Union Pharmaceuticals Company announced that it expects to report fiscal year 2011 sales of EGP 700 Million, net profit before tax of EGP 194,845,000, which represents 27.84% of the sales estimated value, and net profit after tax of EGP 155,679,000, which represents 22.24% of the sales estimated value.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	138.6	128.4	108.7	95.2	87.3
Revenue	138.6	128.4	108.7	95.2	87.3
Total Revenue	138.6	128.4	108.7	95.2	87.3
Cost of Revenue	106.1	95.6	81.2	71.6	64.2
Cost of Revenue, Total	106.1	95.6	81.2	71.6	64.2
Gross Profit	32.5	32.7	27.4	23.6	23.0
Selling/General/Administrative Expense	2.3	2.3	2.0	1.7	1.5
Labor & Related Expense	0.2	0.1	0.1	0.1	0.1
Total Selling/General/Administrative Expenses	2.5	2.5	2.2	1.9	1.7
Depreciation	-	0.1	0.1	-	-
Amortization of Intangibles	-	-	-	-	2.7
Depreciation/Amortization	-	0.1	0.1	-	2.7
Other Operating Expense	-5.3	-3.7	-1.3	-0.2	1.5
Other Operating Expenses, Total	-5.3	-3.7	-1.3	-0.2	1.5
Total Operating Expense	103.3	94.5	82.2	73.3	70.2
Operating Income	35.3	33.9	26.5	21.9	17.1
Interest Expense - Non-Operating	-1.3	-1.1	-0.9	-0.6	-0.7
Interest Expense, Net Non-Operating	-1.3	-1.1	-0.9	-0.6	-0.7
Interest Income - Non-Operating	2.4	2.3	2.0	1.7	1.2
Investment Income - Non-Operating	0.3	0.0	-0.3	-0.3	0.0
Interest/Investment Income - Non-Operating	2.7	2.3	1.7	1.4	1.2
Interest Income (Expense) - Net Non-Operating Total	1.4	1.2	0.7	0.8	0.6
Gain (Loss) on Sale of Assets	0.0	0.1	0.0	0.0	-
Other Non-Operating Income (Expense)	0.7	1.2	0.5	0.5	3.4
Other, Net	0.7	1.2	0.5	0.5	3.4
Income Before Tax	37.4	36.3	27.7	23.2	21.0
Total Income Tax	7.7	7.7	6.2	5.3	4.5
Income After Tax	29.7	28.6	21.6	17.9	16.5
Net Income Before Extraord Items	29.7	28.6	21.6	17.9	16.5
Net Income	29.7	28.6	21.6	17.9	16.5
Income Available to Common Excl Extraord Items	29.7	28.6	21.6	17.9	16.5
Income Available to Common Incl Extraord Items	29.7	28.6	21.6	17.9	16.5
Basic/Primary Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Basic EPS Excl Extraord Items	0.95	0.91	0.69	0.57	0.53
Basic/Primary EPS Incl Extraord Items	0.95	0.91	0.69	0.57	0.53
Diluted Net Income	29.7	28.6	21.6	17.9	16.5
Diluted Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Diluted EPS Excl Extraord Items	0.95	0.91	0.69	0.57	0.53
Diluted EPS Incl Extraord Items	0.95	0.91	0.69	0.57	0.53
Dividends per Share - Common Stock Primary Issue	0.37	0.35	0.35	-	0.26
Gross Dividends - Common Stock	11.7	11.0	10.9	-	-
Interest Expense, Supplemental	1.3	1.1	0.9	0.6	0.7
Depreciation, Supplemental	2.9	2.7	2.7	2.6	2.3
Total Special Items	0.0	-0.1	0.0	0.0	-
Normalized Income Before Tax	37.4	36.2	27.7	23.2	21.0
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	-
Inc Tax Ex Impact of Sp Items	7.7	7.7	6.2	5.3	4.5
Normalized Income After Tax	29.7	28.5	21.6	17.9	16.5
Normalized Inc. Avail to Com.	29.7	28.5	21.6	17.9	16.5
Basic Normalized EPS	0.95	0.91	0.69	0.57	0.53
Diluted Normalized EPS	0.95	0.91	0.69	0.57	0.53
Amort of Intangibles, Supplemental	0.0	0.0	-	-	2.7
Rental Expenses	-	0.0	0.0	-	-
Advertising Expense, Supplemental	-	0.5	0.5	-	-
Normalized EBIT	35.3	33.9	26.5	21.9	17.1
Normalized EBITDA	38.2	36.5	29.2	24.5	22.2
Current Tax - Domestic	7.7	7.4	6.1	-	-
Current Tax - Total	7.7	7.4	6.1	-	-
Deferred Tax - Domestic	0.0	0.3	0.1	-	-
Deferred Tax - Total	0.0	0.3	0.1	-	-
Income Tax - Total	7.7	7.7	6.2	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate	5.805	5.48475	5.51125	5.51625	5.71125
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	47.2	44.4	36.3	38.3	28.4
Cash and Short Term Investments	47.2	44.4	36.3	38.3	28.4
Accounts Receivable - Trade, Gross	21.0	18.7	14.9	-	13.8
Provision for Doubtful Accounts	-4.8	-4.8	-4.4	-	-4.0
Trade Accounts Receivable - Net	16.3	13.9	10.5	35.0	9.8
Notes Receivable - Short Term	37.5	33.9	29.4	-	20.6
Other Receivables	6.2	4.5	4.2	6.4	6.4
Total Receivables, Net	60.0	52.4	44.0	41.4	36.7
Inventories - Finished Goods	10.3	14.3	12.4	9.1	0.8
Inventories - Work In Progress	0.6	1.1	1.6	0.6	9.9
Inventories - Raw Materials	6.7	5.9	6.0	4.2	5.6
Inventories - Other	7.0	7.0	6.2	6.3	5.8
Total Inventory	24.7	28.2	26.2	20.1	22.2
Total Current Assets	131.9	125.0	106.5	99.9	87.3
Buildings	18.8	19.8	19.7	-	15.3
Land/Improvements	7.7	7.3	7.3	-	7.1
Machinery/Equipment	30.0	30.3	27.0	-	22.2
Construction in Progress	14.4	3.6	4.1	2.6	2.8
Property/Plant/Equipment - Gross	70.7	61.1	58.1	2.6	47.2
Accumulated Depreciation	-26.9	-25.5	-23.1	-	-17.4
Property/Plant/Equipment - Net	43.9	35.6	35.0	31.3	29.8
Goodwill - Gross	-	-	-	-	21.9
Accumulated Goodwill Amortization	-	-	-	-	-21.9
Goodwill, Net	-	-	-	-	0.0
LT Investments - Other	0.0	0.0	0.0	0.0	0.1
Long Term Investments	0.0	0.0	0.0	0.0	0.1
Total Assets	175.8	160.7	141.6	131.2	117.2
Accounts Payable	28.4	21.1	12.3	12.1	11.4
Payable/Accrued	-	-	7.6	7.5	10.2
Notes Payable/Short Term Debt	0.1	0.0	0.0	0.0	0.0
Dividends Payable	-	-	0.4	0.4	0.8
Deferred Income Tax - Current Liability	8.1	8.3	-	-	-
Other Current Liabilities	6.6	7.1	13.2	12.7	7.5
Other Current liabilities, Total	14.8	15.3	13.6	13.1	8.2
Total Current Liabilities	43.2	36.4	33.5	32.7	29.8
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.1	0.0	0.0	0.0	0.0
Deferred Income Tax - LT Liability	0.8	0.8	0.5	0.5	-
Deferred Income Tax	0.8	0.8	0.5	0.5	-
Total Liabilities	44.1	37.3	34.1	33.1	29.8
Common Stock	54.0	57.1	56.9	56.8	54.9
Common Stock	54.0	57.1	56.9	56.8	54.9
Retained Earnings (Accumulated Deficit)	77.7	66.2	50.7	41.3	32.5
Total Equity	131.7	123.4	107.5	98.1	87.3
Total Liabilities & Shareholders’ Equity	175.8	160.6	141.6	131.2	117.2
Shares Outstanding - Common Stock Primary Issue	31.3	31.3	31.3	31.3	31.3
Total Common Shares Outstanding	31.3	31.3	31.3	31.3	31.3
Employees	-	1,583	-	-	-
Accumulated Goodwill Amortization Suppl.	-	22.8	22.7	-	21.9

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	37.4	36.0	27.6	17.9	16.5
Depreciation	2.9	2.7	2.7	2.6	2.3
Depreciation/Depletion	2.9	2.7	2.7	2.6	2.3
Amortization of Intangibles	-	-	-	-	2.7
Amortization	-	-	-	-	2.7
Deferred Taxes	0.0	0.3	0.1	0.4	-
Unusual Items	0.0	-0.1	0.0	-0.1	-
Other Non-Cash Items	-0.2	0.7	-0.9	6.3	6.0
Non-Cash Items	-0.2	0.6	-0.9	6.3	6.0
Accounts Receivable	-11.1	-8.4	-2.6	-3.5	-6.0
Inventories	1.9	-1.4	-6.4	1.9	-3.5
Other Assets	0.2	-0.4	0.3	-0.2	0.2
Accounts Payable	7.5	0.8	1.0	-2.8	2.3
Other Operating Cash Flow	-7.3	-6.0	-5.1	-	-
Changes in Working Capital	-8.8	-15.3	-12.8	-4.7	-7.1
Cash from Operating Activities	31.3	24.3	16.7	22.4	20.4
Purchase of Fixed Assets	-2.1	-3.6	-5.5	-2.9	-2.7
Capital Expenditures	-2.1	-3.6	-5.5	-2.9	-2.7
Sale of Fixed Assets	0.0	0.1	0.0	0.1	-
Sale/Maturity of Investment	-	-	-	0.0	-
Purchase of Investments	-	-	-	-	-0.1
Other Investing Cash Flow	-11.3	0.5	-0.9	-0.2	-0.7
Other Investing Cash Flow Items, Total	-11.3	0.6	-0.9	-0.1	-0.8
Cash from Investing Activities	-13.4	-3.0	-6.5	-3.0	-3.5
Cash Dividends Paid - Common	-12.9	-13.4	-12.0	-10.8	-8.4
Total Cash Dividends Paid	-12.9	-13.4	-12.0	-10.8	-8.4
Short Term Debt, Net	0.1	-	0.0	0.0	0.1
Long Term Debt Reduction	-	-	-	-	-0.5
Long Term Debt, Net	-	-	-	-	-0.5
Issuance (Retirement) of Debt, Net	0.1	-	0.0	0.0	-0.4
Cash from Financing Activities	-12.8	-13.4	-12.0	-10.8	-8.8
Net Change in Cash	5.0	7.9	-1.8	8.7	8.1
Net Cash - Beginning Balance	43.6	36.0	38.5	28.7	20.1
Net Cash - Ending Balance	48.6	43.9	36.7	37.5	28.3
Cash Taxes Paid	7.3	6.0	5.1	4.9	4.5

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	138.6	128.4	108.7	95.2	87.3
Total Revenue	138.6	128.4	108.7	95.2	87.3
Cost of Sales	106.1	95.6	81.2	71.6	64.2
General & Administrative Expenses	2.3	2.3	2.0	1.7	1.5
Depreciation	-	0.1	0.1	-	-
Provisions	0.3	1.0	1.9	2.4	1.5
Goodwill Amortization	-	-	-	-	2.7
Other Operting Income	-5.6	-4.6	-3.2	-2.6	-
Board of Directors Remunertaion	0.2	0.1	0.1	0.1	0.1
Provision for Decline in Value	-	0.0	0.0	-	-
Total Operating Expense	103.3	94.5	82.2	73.3	70.2
Finance Charges	-1.3	-1.1	-0.9	-0.6	-0.7
Interest Income	2.4	2.3	2.0	1.7	1.2
Previous Years Expenses	-	-	0.0	0.0	-0.2
Compensation from Other	0.6	1.1	0.4	-	-
Sale of Waste	0.1	0.1	0.1	-	-
Other Income	0.0	0.0	0.0	0.5	3.5
Capital Gains/Losses	0.0	0.1	0.0	0.0	-
Foreign Currency Adjustment	0.3	0.0	-0.3	-0.3	0.0
Net Income Before Taxes	37.4	36.3	27.7	23.2	21.0
Provision for Income Taxes	7.7	7.7	6.2	5.3	4.5
Net Income After Taxes	29.7	28.6	21.6	17.9	16.5
Net Income Before Extra. Items	29.7	28.6	21.6	17.9	16.5
Net Income	29.7	28.6	21.6	17.9	16.5
Income Available to Com Excl ExtraOrd	29.7	28.6	21.6	17.9	16.5
Income Available to Com Incl ExtraOrd	29.7	28.6	21.6	17.9	16.5
Basic Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Basic EPS Excluding ExtraOrdinary Items	0.95	0.91	0.69	0.57	0.53
Basic EPS Including ExtraOrdinary Items	0.95	0.91	0.69	0.57	0.53
Diluted Net Income	29.7	28.6	21.6	17.9	16.5
Diluted Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Diluted EPS Excluding ExtraOrd Items	0.95	0.91	0.69	0.57	0.53
Diluted EPS Including ExtraOrd Items	0.95	0.91	0.69	0.57	0.53
DPS-Common Stock	0.37	0.35	0.35	-	0.26
Gross Dividends - Common Stock	11.7	11.0	10.9	-	-
Normalized Income Before Taxes	37.4	36.2	27.7	23.2	21.0
Inc Tax Ex Impact of Sp Items	7.7	7.7	6.2	5.3	4.5
Normalized Income After Taxes	29.7	28.5	21.6	17.9	16.5
Normalized Inc. Avail to Com.	29.7	28.5	21.6	17.9	16.5
Basic Normalized EPS	0.95	0.91	0.69	0.57	0.53
Diluted Normalized EPS	0.95	0.91	0.69	0.57	0.53
Depreciation Expense	2.9	2.7	2.7	2.6	2.3
Finance Charges	1.3	1.1	0.9	0.6	0.7
Amortization of Intangibles	0.0	0.0	-	-	2.7
Advertising	-	0.5	0.5	-	-
Rent	-	0.0	0.0	-	-
Current Tax	7.7	7.4	6.1	-	-
Current Tax - Total	7.7	7.4	6.1	-	-
Deferred Tax	0.0	0.3	0.1	-	-
Deferred Tax - Total	0.0	0.3	0.1	-	-
Income Tax - Total	7.7	7.7	6.2	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate	5.805	5.48475	5.51125	5.51625	5.71125
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	47.2	44.4	36.3	38.3	28.4
Receivables, Net	-	-	-	35.0	-
Customers	21.0	18.7	14.9	-	13.8
Notes Receivable	37.5	33.9	29.4	-	20.6
Deposits With Others	0.0	0.0	0.0	0.0	-
Provision for Doubtful Amounts	-4.8	-4.8	-4.4	-	-4.0
Other Debit Balances	6.2	4.5	4.1	6.4	6.4
Raw & Chemical Materials	6.7	5.9	6.0	4.2	5.6
Packing Materials	3.0	3.4	3.3	3.4	2.5
Spare Parts & Fuel	1.8	1.0	0.8	0.6	1.4
Finished Goods	10.3	14.3	12.4	9.1	0.8
Work-in-Progress	0.6	1.1	1.6	0.6	9.9
Letters of Credit	2.2	2.5	2.1	2.3	2.0
Total Current Assets	131.9	125.0	106.5	99.9	87.3
Long Term Investments	0.0	0.0	0.0	0.0	0.1
Fixed Assets, Net	-	-	-	28.7	-
Land	7.7	7.3	7.3	-	7.1
Buildings	18.8	19.8	19.7	-	15.3
Machinery & Equipment	24.4	25.2	22.1	-	18.4
Motor Vehicles	1.5	1.4	1.4	-	1.1
Tools	2.9	2.6	2.5	-	1.8
Furniture & Fixtures	1.1	1.1	1.0	-	0.9
Computers	0.5	0.6	0.5	-	0.4
Accumulated Depreciation	-26.9	-25.5	-23.1	-	-17.4
Construction in Progress	13.8	3.1	3.6	2.6	2.3
Goodwill, Gross	-	-	-	-	21.9
Goodwill Amortization	-	-	-	-	-21.9
Total Assets	175.8	160.7	141.6	131.2	117.2
Provisions	6.6	7.1	6.6	7.8	7.5
Due to Banks	0.1	0.0	0.0	0.0	0.0
Suppliers & Notes Payable	28.4	21.1	12.3	12.1	11.4
Suppliers Credit	-	-	0.6	0.7	0.4
Dividends Payable	-	-	0.4	0.4	0.8
Other Payables & Credit Balances	-	-	7.0	6.8	9.7
Other Liabilities	-	-	6.6	4.9	-
Tax Payables	8.1	8.3	-	-	-
Total Current Liabilities	43.2	36.4	33.5	32.7	29.8
Deferred Income Tax	0.8	0.8	0.5	0.5	-
Total Liabilities	44.1	37.3	34.1	33.1	29.8
Share Capital	54.0	57.1	56.9	56.8	54.9
Reserves	45.7	34.2	25.9	19.5	12.8
Retained Earnings	3.2	3.1	3.5	3.5	3.1
Net Profit of the Period	28.8	28.9	21.3	18.3	16.6
Total Equity	131.7	123.4	107.5	98.1	87.3
Total Liabilities & Shareholders' Equity	175.8	160.6	141.6	131.2	117.2
S/O-Common Stock	31.3	31.3	31.3	31.3	31.3
Total Common Shares Outstanding	31.3	31.3	31.3	31.3	31.3
Goodwill Amortization	-	22.8	22.7	-	21.9
Full Time Employees	-	1,583	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	37.4	36.0	27.6	17.9	16.5
Depreciation	2.9	2.7	2.7	2.6	2.3
Depreciation Adjustment	-	-	-	0.0	0.1
Provisions	0.3	1.0	1.9	2.4	1.5
Deferred Income Tax	0.0	0.3	0.1	0.4	-
Expired Provisions	-	0.0	0.0	0.0	-
Slow Moving Inventory Provisions	-0.1	-0.1	0.0	-0.1	0.0
End of Service Indemnity Provision	0.0	0.0	0.0	0.0	0.0
Letigations Provisions	-0.1	-0.1	-3.1	-0.9	-0.1
Doubtful Debts Provisions	0.0	0.0	0.0	0.0	0.0
Capital Gain	-	-	0.0	-0.1	-
Capital Losses	0.0	-0.1	0.0	0.0	-
Foreign Currency Adjustments	-0.3	0.0	0.3	-	-
Decline in Value of Assets	0.0	0.0	0.0	-	-
Amortization	-	-	-	-	2.7
Income Tax	-	-	-	4.9	4.5
Inventory	1.9	-1.4	-6.4	1.9	-3.5
Income Tax Paid	-7.3	-6.0	-5.1	-	-
Change in Letters of Credit	0.2	-0.4	0.3	-0.2	0.2
Accounts & Notes Receivable	-11.1	-8.4	-2.6	-3.5	-6.0
Accounts & Notes Payable	7.5	0.8	1.0	-2.8	2.3
Cash From Operating Activities	31.3	24.3	16.7	22.4	20.4
Capital Expenditure	-2.1	-3.6	-5.5	-2.9	-2.7
Purchase of Investments	-	-	-	-	-0.1
Sale of Invest	-	-	-	0.0	-
Disposal of Fixed Assets	0.0	0.1	0.0	0.1	-
Construction in Progress	-11.3	0.5	-0.9	-0.2	-0.7
Cash From Investing Activities	-13.4	-3.0	-6.5	-3.0	-3.5
Due to Banks	0.1	-	-	0.0	0.1
Repayment of Medium Term Loans	-	-	-	-	-0.5
Dividends Paid	-12.9	-13.4	-12.0	-10.8	-8.4
Change in bank's Margins	-	-	0.0	0.0	-
Cash From Financing Activities	-12.8	-13.4	-12.0	-10.8	-8.8
Net Change in Cash	5.0	7.9	-1.8	8.7	8.1
Net Cash Beginning Balance	43.6	36.0	38.5	28.7	20.1
Net Cash Ending Balance	48.6	43.9	36.7	37.5	28.3
Cash Taxes Paid	7.3	6.0	5.1	4.9	4.5

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	-	-	138.6	9.51%	13.27%	11.34%
Operating Income1	-	-	35.3	5.80%	17.14%	17.32%
Income Available to Common Excl Extraord Items1	-	-	29.7	5.25%	18.32%	14.68%
Basic EPS Excl Extraord Items1	-	-	0.95	5.25%	18.32%	14.68%
Capital Expenditures2	1.0	510.46%	2.1	-40.76%	-9.57%	-9.33%
Cash from Operating Activities2	1.8	-75.88%	31.3	30.58%	11.62%	14.16%
Free Cash Flow	0.9	-88.29%	28.3	43.09%	14.11%	18.13%
Total Assets3	174.8	11.53%	175.8	15.79%	12.12%	11.70%
Total Liabilities3	56.3	11.86%	44.1	25.13%	11.84%	14.08%
Total Long Term Debt3	0.0	-	0.0	-	-	-
Total Common Shares Outstanding3	31.3	0.00%	31.3	0.00%	0.00%	0.00%
1-ExchangeRate: EGP to USD Average for Period	Â	Â	5.635256	Â	Â	Â
2-ExchangeRate: EGP to USD Average for Period	5.872992	Â	5.635256	Â	Â	Â
3-ExchangeRate: EGP to USD Period End Date	5.959500	Â	5.805000	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	23.45%	25.51%	25.23%	24.77%	26.41%
Operating Margin	25.47%	26.37%	24.36%	23.03%	19.62%
Pretax Margin	26.99%	28.26%	25.52%	24.37%	24.09%
Net Profit Margin	21.40%	22.26%	19.84%	18.77%	18.92%
Financial Strength
Current Ratio	3.05	3.43	3.18	3.06	2.93
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.00	0.00	0.00	0.00
Management Effectiveness
Return on Assets	17.58%	19.11%	15.60%	14.48%	15.09%
Return on Equity	23.19%	25.01%	20.70%	19.40%	19.89%
Efficiency
Receivables Turnover	2.46	2.69	2.51	2.45	2.57
Inventory Turnover	4.01	3.55	3.46	3.40	3.12
Asset Turnover	0.82	0.86	0.79	0.77	0.80

Market Valuation USD (mil)
P/E (TTM)	5.12	.	Enterprise Value2	104.9
Price/Sales (TTM)	1.10	.	Enterprise Value/Revenue (TTM)	0.79
Price/Book (MRQ)	1.22	.	Enterprise Value/EBITDA (TTM)	2.90
Market Cap as of 29-Aug-20111	145.3	.
1-ExchangeRate: EGP to USD on 29-Aug-2011	5.953250
2-ExchangeRate: EGP to USD on 31-Mar-2011	5.959500

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	3.05	3.43	3.18	3.06	2.93
Quick/Acid Test Ratio	2.48	2.66	2.40	2.44	2.18
Working Capital1	88.6	88.6	73.0	67.2	57.5
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.00	0.00	0.00	0.00	0.00
Long Term Debt/Total Capital	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital	0.00	0.00	0.00	0.00	0.00
Payout Ratio	39.38%	38.49%	50.74%	-	49.60%
Effective Tax Rate	20.71%	21.22%	22.25%	22.96%	21.49%
Total Capital1	131.8	123.4	107.5	98.1	87.4
Efficiency
Asset Turnover	0.82	0.86	0.79	0.77	0.80
Inventory Turnover	4.01	3.55	3.46	3.40	3.12
Days In Inventory	90.91	102.80	105.47	107.26	117.14
Receivables Turnover	2.46	2.69	2.51	2.45	2.57
Days Receivables Outstanding	148.54	135.61	145.33	148.81	142.07
Revenue/Employee2	-	82,125	-	-	-
Operating Income/Employee2	-	21,652	-	-	-
EBITDA/Employee2	-	23,354	-	-	-
Profitability
Gross Margin	23.45%	25.51%	25.23%	24.77%	26.41%
Operating Margin	25.47%	26.37%	24.36%	23.03%	19.62%
EBITDA Margin	27.55%	28.44%	26.87%	25.73%	25.41%
EBIT Margin	25.47%	26.37%	24.36%	23.03%	19.62%
Pretax Margin	26.99%	28.26%	25.52%	24.37%	24.09%
Net Profit Margin	21.40%	22.26%	19.84%	18.77%	18.92%
COGS/Revenue	76.55%	74.49%	74.77%	75.23%	73.59%
SG&A Expense/Revenue	1.80%	1.94%	2.00%	1.97%	1.92%
Management Effectiveness
Return on Assets	17.58%	19.11%	15.60%	14.48%	15.09%
Return on Equity	23.19%	25.01%	20.70%	19.40%	19.89%
Valuation
Free Cash Flow/Share2	0.90	0.67	0.35	0.64	0.57
Operating Cash Flow/Share 2	0.97	0.78	0.53	0.73	0.66
1-ExchangeRate: EGP to USD Period End Date	5.805	5.48475	5.51125	5.51625	5.71125
2-ExchangeRate: EGP to USD Average for Period	5.805	5.48475	5.51125	5.51625	5.71125

Current Market Multiples
Market Cap/Earnings (TTM)	5.12
Market Cap/Equity (MRQ)	1.22
Market Cap/Revenue (TTM)	1.10
Market Cap/EBIT (TTM)	4.34
Market Cap/EBITDA (TTM)	4.01
Enterprise Value/Earnings (TTM)	3.70
Enterprise Value/Equity (MRQ)	0.89
Enterprise Value/Revenue (TTM)	0.79
Enterprise Value/EBIT (TTM)	3.14
Enterprise Value/EBITDA (TTM)	2.90

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	138.6	128.4	108.7	95.2	87.3
Revenue	138.6	128.4	108.7	95.2	87.3
Total Revenue	138.6	128.4	108.7	95.2	87.3
Cost of Revenue	106.1	95.6	81.2	71.6	64.2
Cost of Revenue, Total	106.1	95.6	81.2	71.6	64.2
Gross Profit	32.5	32.7	27.4	23.6	23.0
Selling/General/Administrative Expense	2.3	2.3	2.0	1.7	1.5
Labor & Related Expense	0.2	0.1	0.1	0.1	0.1
Total Selling/General/Administrative Expenses	2.5	2.5	2.2	1.9	1.7
Depreciation	-	0.1	0.1	-	-
Amortization of Intangibles	-	-	-	-	2.7
Depreciation/Amortization	-	0.1	0.1	-	2.7
Other Operating Expense	-5.3	-3.7	-1.3	-0.2	1.5
Other Operating Expenses, Total	-5.3	-3.7	-1.3	-0.2	1.5
Total Operating Expense	103.3	94.5	82.2	73.3	70.2
Operating Income	35.3	33.9	26.5	21.9	17.1
Interest Expense - Non-Operating	-1.3	-1.1	-0.9	-0.6	-0.7
Interest Expense, Net Non-Operating	-1.3	-1.1	-0.9	-0.6	-0.7
Interest Income - Non-Operating	2.4	2.3	2.0	1.7	1.2
Investment Income - Non-Operating	0.3	0.0	-0.3	-0.3	0.0
Interest/Investment Income - Non-Operating	2.7	2.3	1.7	1.4	1.2
Interest Income (Expense) - Net Non-Operating Total	1.4	1.2	0.7	0.8	0.6
Gain (Loss) on Sale of Assets	0.0	0.1	0.0	0.0	-
Other Non-Operating Income (Expense)	0.7	1.2	0.5	0.5	3.4
Other, Net	0.7	1.2	0.5	0.5	3.4
Income Before Tax	37.4	36.3	27.7	23.2	21.0
Total Income Tax	7.7	7.7	6.2	5.3	4.5
Income After Tax	29.7	28.6	21.6	17.9	16.5
Net Income Before Extraord Items	29.7	28.6	21.6	17.9	16.5
Net Income	29.7	28.6	21.6	17.9	16.5
Income Available to Common Excl Extraord Items	29.7	28.6	21.6	17.9	16.5
Income Available to Common Incl Extraord Items	29.7	28.6	21.6	17.9	16.5
Basic/Primary Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Basic EPS Excl Extraord Items	0.95	0.91	0.69	0.57	0.53
Basic/Primary EPS Incl Extraord Items	0.95	0.91	0.69	0.57	0.53
Diluted Net Income	29.7	28.6	21.6	17.9	16.5
Diluted Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Diluted EPS Excl Extraord Items	0.95	0.91	0.69	0.57	0.53
Diluted EPS Incl Extraord Items	0.95	0.91	0.69	0.57	0.53
Dividends per Share - Common Stock Primary Issue	0.37	0.35	0.35	-	0.26
Gross Dividends - Common Stock	11.7	11.0	10.9	-	-
Interest Expense, Supplemental	1.3	1.1	0.9	0.6	0.7
Depreciation, Supplemental	2.9	2.7	2.7	2.6	2.3
Total Special Items	0.0	-0.1	0.0	0.0	-
Normalized Income Before Tax	37.4	36.2	27.7	23.2	21.0
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	-
Inc Tax Ex Impact of Sp Items	7.7	7.7	6.2	5.3	4.5
Normalized Income After Tax	29.7	28.5	21.6	17.9	16.5
Normalized Inc. Avail to Com.	29.7	28.5	21.6	17.9	16.5
Basic Normalized EPS	0.95	0.91	0.69	0.57	0.53
Diluted Normalized EPS	0.95	0.91	0.69	0.57	0.53
Amort of Intangibles, Supplemental	0.0	0.0	-	-	2.7
Rental Expenses	-	0.0	0.0	-	-
Advertising Expense, Supplemental	-	0.5	0.5	-	-
Normalized EBIT	35.3	33.9	26.5	21.9	17.1
Normalized EBITDA	38.2	36.5	29.2	24.5	22.2
Current Tax - Domestic	7.7	7.4	6.1	-	-
Current Tax - Total	7.7	7.4	6.1	-	-
Deferred Tax - Domestic	0.0	0.3	0.1	-	-
Deferred Tax - Total	0.0	0.3	0.1	-	-
Income Tax - Total	7.7	7.7	6.2	-	-

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010
Filed Currency	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.872992	5.758342	5.698427	5.605376
Net Sales	30.3	37.8	34.8	34.7
Revenue	30.3	37.8	34.8	34.7
Total Revenue	30.3	37.8	34.8	34.7
Cost of Revenue	23.5	29.2	26.4	26.4
Cost of Revenue, Total	23.5	29.2	26.4	26.4
Gross Profit	6.8	8.6	8.4	8.3
Selling/General/Administrative Expense	0.7	0.6	0.6	0.5
Labor & Related Expense	0.1	0.0	0.0	0.0
Total Selling/General/Administrative Expenses	0.8	0.7	0.6	0.6
Amortization of Intangibles	-	0.0	-	0.0
Depreciation/Amortization	-	0.0	-	0.0
Other Unusual Expense (Income)	-	0.0	0.0	0.0
Unusual Expense (Income)	-	0.0	0.0	0.0
Other Operating Expense	-	0.3	0.0	-
Other, Net	-1.4	-1.5	-1.3	-1.4
Other Operating Expenses, Total	-1.4	-1.2	-1.3	-1.4
Total Operating Expense	22.9	28.7	25.7	25.5
Operating Income	7.4	9.2	9.1	9.2
Interest Expense - Non-Operating	-0.2	-0.4	-0.3	-0.3
Interest Expense, Net Non-Operating	-0.2	-0.4	-0.3	-0.3
Interest Income - Non-Operating	0.6	0.6	0.5	0.5
Investment Income - Non-Operating	0.3	0.2	0.0	0.1
Interest/Investment Income - Non-Operating	0.9	0.8	0.6	0.6
Interest Income (Expense) - Net Non-Operating Total	0.7	0.4	0.2	0.3
Gain (Loss) on Sale of Assets	-	0.0	0.0	0.0
Other Non-Operating Income (Expense)	0.2	0.2	0.2	0.2
Other, Net	0.2	0.2	0.2	0.2
Income Before Tax	8.2	9.8	9.5	9.7
Total Income Tax	1.7	2.2	1.9	1.9
Income After Tax	6.6	7.6	7.6	7.7
Net Income Before Extraord Items	6.6	7.6	7.6	7.7
Net Income	6.6	7.6	7.6	7.7
Income Available to Common Excl Extraord Items	6.6	7.6	7.6	7.7
Income Available to Common Incl Extraord Items	6.6	7.6	7.6	7.7
Basic/Primary Weighted Average Shares	31.3	31.3	31.3	31.3
Basic EPS Excl Extraord Items	0.21	0.24	0.24	0.25
Basic/Primary EPS Incl Extraord Items	0.21	0.24	0.24	0.25
Diluted Net Income	6.6	7.6	7.6	7.7
Diluted Weighted Average Shares	31.3	31.3	31.3	31.3
Diluted EPS Excl Extraord Items	0.21	0.24	0.24	0.25
Diluted EPS Incl Extraord Items	0.21	0.24	0.24	0.25
Dividends per Share - Common Stock Primary Issue	0.00	0.36	0.00	0.00
Gross Dividends - Common Stock	0.0	11.4	0.0	0.0
Interest Expense, Supplemental	0.2	0.4	0.3	0.3
Depreciation, Supplemental	0.7	0.7	0.7	0.7
Total Special Items	-	0.0	0.0	0.0
Normalized Income Before Tax	8.2	9.8	9.5	9.7
Effect of Special Items on Income Taxes	-	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.7	2.2	1.9	1.9
Normalized Income After Tax	6.6	7.6	7.6	7.7
Normalized Inc. Avail to Com.	6.6	7.6	7.6	7.7
Basic Normalized EPS	0.21	0.24	0.24	0.25
Diluted Normalized EPS	0.21	0.24	0.24	0.25
Amort of Intangibles, Supplemental	-	0.0	-	-
Normalized EBIT	7.4	9.2	9.1	9.2
Normalized EBITDA	8.1	9.9	9.8	9.9

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate	5.805	5.48475	5.51125	5.51625	5.71125
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	47.2	44.4	36.3	38.3	28.4
Cash and Short Term Investments	47.2	44.4	36.3	38.3	28.4
Accounts Receivable - Trade, Gross	21.0	18.7	14.9	-	13.8
Provision for Doubtful Accounts	-4.8	-4.8	-4.4	-	-4.0
Trade Accounts Receivable - Net	16.3	13.9	10.5	35.0	9.8
Notes Receivable - Short Term	37.5	33.9	29.4	-	20.6
Other Receivables	6.2	4.5	4.2	6.4	6.4
Total Receivables, Net	60.0	52.4	44.0	41.4	36.7
Inventories - Finished Goods	10.3	14.3	12.4	9.1	0.8
Inventories - Work In Progress	0.6	1.1	1.6	0.6	9.9
Inventories - Raw Materials	6.7	5.9	6.0	4.2	5.6
Inventories - Other	7.0	7.0	6.2	6.3	5.8
Total Inventory	24.7	28.2	26.2	20.1	22.2
Total Current Assets	131.9	125.0	106.5	99.9	87.3
Buildings	18.8	19.8	19.7	-	15.3
Land/Improvements	7.7	7.3	7.3	-	7.1
Machinery/Equipment	30.0	30.3	27.0	-	22.2
Construction in Progress	14.4	3.6	4.1	2.6	2.8
Property/Plant/Equipment - Gross	70.7	61.1	58.1	2.6	47.2
Accumulated Depreciation	-26.9	-25.5	-23.1	-	-17.4
Property/Plant/Equipment - Net	43.9	35.6	35.0	31.3	29.8
Goodwill - Gross	-	-	-	-	21.9
Accumulated Goodwill Amortization	-	-	-	-	-21.9
Goodwill, Net	-	-	-	-	0.0
LT Investments - Other	0.0	0.0	0.0	0.0	0.1
Long Term Investments	0.0	0.0	0.0	0.0	0.1
Total Assets	175.8	160.7	141.6	131.2	117.2
Accounts Payable	28.4	21.1	12.3	12.1	11.4
Payable/Accrued	-	-	7.6	7.5	10.2
Notes Payable/Short Term Debt	0.1	0.0	0.0	0.0	0.0
Dividends Payable	-	-	0.4	0.4	0.8
Deferred Income Tax - Current Liability	8.1	8.3	-	-	-
Other Current Liabilities	6.6	7.1	13.2	12.7	7.5
Other Current liabilities, Total	14.8	15.3	13.6	13.1	8.2
Total Current Liabilities	43.2	36.4	33.5	32.7	29.8
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.1	0.0	0.0	0.0	0.0
Deferred Income Tax - LT Liability	0.8	0.8	0.5	0.5	-
Deferred Income Tax	0.8	0.8	0.5	0.5	-
Total Liabilities	44.1	37.3	34.1	33.1	29.8
Common Stock	54.0	57.1	56.9	56.8	54.9
Common Stock	54.0	57.1	56.9	56.8	54.9
Retained Earnings (Accumulated Deficit)	77.7	66.2	50.7	41.3	32.5
Total Equity	131.7	123.4	107.5	98.1	87.3
Total Liabilities & Shareholders’ Equity	175.8	160.6	141.6	131.2	117.2
Shares Outstanding - Common Stock Primary Issue	31.3	31.3	31.3	31.3	31.3
Total Common Shares Outstanding	31.3	31.3	31.3	31.3	31.3
Employees	-	1,583	-	-	-
Accumulated Goodwill Amortization Suppl.	-	22.8	22.7	-	21.9

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate	5.9595	5.805	5.693	5.696	5.506
Cash & Equivalents	40.2	47.2	41.5	34.2	51.9
Cash and Short Term Investments	40.2	47.2	41.5	34.2	51.9
Accounts Receivable - Trade, Gross	21.0	21.0	21.3	22.4	18.7
Provision for Doubtful Accounts	-4.6	-4.8	-4.6	-4.6	-4.8
Trade Accounts Receivable - Net	16.4	16.3	16.7	17.8	13.9
Notes Receivable - Short Term	33.2	37.5	34.1	29.2	32.1
Other Receivables	9.6	6.2	5.8	6.0	6.1
Total Receivables, Net	59.2	60.0	56.7	53.1	52.1
Inventories - Finished Goods	11.2	10.3	14.0	14.6	15.2
Inventories - Work In Progress	2.2	0.6	0.9	1.1	1.5
Inventories - Raw Materials	6.8	6.7	6.5	7.2	5.7
Inventories - Other	8.3	7.0	6.4	6.2	8.0
Total Inventory	28.6	24.7	27.8	29.1	30.4
Total Current Assets	128.0	131.9	125.9	116.4	134.4
Buildings	-	18.8	19.1	19.1	19.8
Land/Improvements	-	7.7	7.8	7.8	7.3
Machinery/Equipment	-	30.0	30.3	29.7	30.4
Construction in Progress	17.2	14.4	9.9	8.6	3.9
Property/Plant/Equipment - Gross	17.2	70.7	67.2	65.2	61.3
Accumulated Depreciation	-	-26.9	-26.7	-26.0	-48.8
Property/Plant/Equipment - Net	46.7	43.9	40.5	39.3	12.5
Goodwill - Gross	-	-	-	-	22.7
Goodwill, Net	-	-	-	-	22.7
LT Investments - Other	0.0	0.0	0.0	0.0	0.0
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Total Assets	174.8	175.8	166.5	155.7	169.6
Accounts Payable	39.8	28.4	0.4	29.1	46.6
Payable/Accrued	-	-	30.2	-	-
Notes Payable/Short Term Debt	0.0	0.1	0.0	0.0	0.0
Dividends Payable	-	-	1.8	-	-
Deferred Income Tax - Current Liability	9.3	8.1	-	-	-
Other Current Liabilities	6.4	6.6	6.7	6.8	7.0
Other Current liabilities, Total	15.8	14.8	8.5	6.8	7.0
Total Current Liabilities	55.5	43.2	39.1	35.9	53.7
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	0.1	0.0	0.0	0.0
Deferred Income Tax - LT Liability	0.8	0.8	0.8	0.8	0.8
Deferred Income Tax	0.8	0.8	0.8	0.8	0.8
Total Liabilities	56.3	44.1	39.9	36.7	54.5
Common Stock	52.6	54.0	55.0	55.0	56.9
Common Stock	52.6	54.0	55.0	55.0	56.9
Retained Earnings (Accumulated Deficit)	65.9	77.7	71.6	63.9	58.2
Total Equity	118.5	131.7	126.6	118.9	115.2
Total Liabilities & Shareholders’ Equity	174.8	175.8	166.5	155.7	169.6
Shares Outstanding - Common Stock Primary Issue	31.3	31.3	31.3	31.3	31.3
Total Common Shares Outstanding	31.3	31.3	31.3	31.3	31.3
Accumulated Goodwill Amortization Suppl.	-	-	-	-	22.7

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	37.4	36.0	27.6	17.9	16.5
Depreciation	2.9	2.7	2.7	2.6	2.3
Depreciation/Depletion	2.9	2.7	2.7	2.6	2.3
Amortization of Intangibles	-	-	-	-	2.7
Amortization	-	-	-	-	2.7
Deferred Taxes	0.0	0.3	0.1	0.4	-
Unusual Items	0.0	-0.1	0.0	-0.1	-
Other Non-Cash Items	-0.2	0.7	-0.9	6.3	6.0
Non-Cash Items	-0.2	0.6	-0.9	6.3	6.0
Accounts Receivable	-11.1	-8.4	-2.6	-3.5	-6.0
Inventories	1.9	-1.4	-6.4	1.9	-3.5
Other Assets	0.2	-0.4	0.3	-0.2	0.2
Accounts Payable	7.5	0.8	1.0	-2.8	2.3
Other Operating Cash Flow	-7.3	-6.0	-5.1	-	-
Changes in Working Capital	-8.8	-15.3	-12.8	-4.7	-7.1
Cash from Operating Activities	31.3	24.3	16.7	22.4	20.4
Purchase of Fixed Assets	-2.1	-3.6	-5.5	-2.9	-2.7
Capital Expenditures	-2.1	-3.6	-5.5	-2.9	-2.7
Sale of Fixed Assets	0.0	0.1	0.0	0.1	-
Sale/Maturity of Investment	-	-	-	0.0	-
Purchase of Investments	-	-	-	-	-0.1
Other Investing Cash Flow	-11.3	0.5	-0.9	-0.2	-0.7
Other Investing Cash Flow Items, Total	-11.3	0.6	-0.9	-0.1	-0.8
Cash from Investing Activities	-13.4	-3.0	-6.5	-3.0	-3.5
Cash Dividends Paid - Common	-12.9	-13.4	-12.0	-10.8	-8.4
Total Cash Dividends Paid	-12.9	-13.4	-12.0	-10.8	-8.4
Short Term Debt, Net	0.1	-	0.0	0.0	0.1
Long Term Debt Reduction	-	-	-	-	-0.5
Long Term Debt, Net	-	-	-	-	-0.5
Issuance (Retirement) of Debt, Net	0.1	-	0.0	0.0	-0.4
Cash from Financing Activities	-12.8	-13.4	-12.0	-10.8	-8.8
Net Change in Cash	5.0	7.9	-1.8	8.7	8.1
Net Cash - Beginning Balance	43.6	36.0	38.5	28.7	20.1
Net Cash - Ending Balance	48.6	43.9	36.7	37.5	28.3
Cash Taxes Paid	7.3	6.0	5.1	4.9	4.5

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.872992	5.635256	5.593302	5.540439	5.473866
Net Income/Starting Line	8.2	37.4	27.6	18.1	8.4
Depreciation	0.7	2.9	2.2	1.4	0.7
Depreciation/Depletion	0.7	2.9	2.2	1.4	0.7
Deferred Taxes	-	0.0	-	-	0.0
Unusual Items	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	-0.3	-0.2	-0.3	-0.1	0.0
Non-Cash Items	-0.3	-0.2	-0.3	-0.1	0.0
Accounts Receivable	-0.7	-11.1	-6.4	-2.8	0.0
Inventories	-4.2	1.9	-1.5	-3.0	-1.3
Other Assets	-0.5	0.2	0.9	1.0	-1.0
Accounts Payable	-1.4	7.5	4.7	3.3	1.3
Other Operating Cash Flow	0.0	-7.3	-7.3	-7.4	0.0
Changes in Working Capital	-6.8	-8.8	-9.6	-8.8	-1.0
Cash from Operating Activities	1.8	31.3	19.9	10.6	8.1
Purchase of Fixed Assets	-1.0	-2.1	-1.9	-1.3	-0.2
Capital Expenditures	-1.0	-2.1	-1.9	-1.3	-0.2
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow	-3.8	-11.3	-6.6	-5.2	-0.2
Other Investing Cash Flow Items, Total	-3.8	-11.3	-6.6	-5.2	-0.2
Cash from Investing Activities	-4.8	-13.4	-8.5	-6.6	-0.4
Cash Dividends Paid - Common	-3.1	-12.9	-12.9	-13.0	0.0
Total Cash Dividends Paid	-3.1	-12.9	-12.9	-13.0	0.0
Short Term Debt, Net	-0.1	0.1	-	0.0	-
Issuance (Retirement) of Debt, Net	-0.1	0.1	-	0.0	-
Cash from Financing Activities	-3.2	-12.8	-12.9	-13.0	0.0
Net Change in Cash	-6.1	5.0	-1.5	-8.9	7.7
Net Cash - Beginning Balance	46.9	43.6	43.7	44.1	44.5
Net Cash - Ending Balance	40.8	48.6	42.2	35.2	52.2
Cash Taxes Paid	0.0	7.3	7.3	7.4	0.0

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	138.6	128.4	108.7	95.2	87.3
Total Revenue	138.6	128.4	108.7	95.2	87.3
Cost of Sales	106.1	95.6	81.2	71.6	64.2
General & Administrative Expenses	2.3	2.3	2.0	1.7	1.5
Depreciation	-	0.1	0.1	-	-
Provisions	0.3	1.0	1.9	2.4	1.5
Goodwill Amortization	-	-	-	-	2.7
Other Operting Income	-5.6	-4.6	-3.2	-2.6	-
Board of Directors Remunertaion	0.2	0.1	0.1	0.1	0.1
Provision for Decline in Value	-	0.0	0.0	-	-
Total Operating Expense	103.3	94.5	82.2	73.3	70.2
Finance Charges	-1.3	-1.1	-0.9	-0.6	-0.7
Interest Income	2.4	2.3	2.0	1.7	1.2
Previous Years Expenses	-	-	0.0	0.0	-0.2
Compensation from Other	0.6	1.1	0.4	-	-
Sale of Waste	0.1	0.1	0.1	-	-
Other Income	0.0	0.0	0.0	0.5	3.5
Capital Gains/Losses	0.0	0.1	0.0	0.0	-
Foreign Currency Adjustment	0.3	0.0	-0.3	-0.3	0.0
Net Income Before Taxes	37.4	36.3	27.7	23.2	21.0
Provision for Income Taxes	7.7	7.7	6.2	5.3	4.5
Net Income After Taxes	29.7	28.6	21.6	17.9	16.5
Net Income Before Extra. Items	29.7	28.6	21.6	17.9	16.5
Net Income	29.7	28.6	21.6	17.9	16.5
Income Available to Com Excl ExtraOrd	29.7	28.6	21.6	17.9	16.5
Income Available to Com Incl ExtraOrd	29.7	28.6	21.6	17.9	16.5
Basic Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Basic EPS Excluding ExtraOrdinary Items	0.95	0.91	0.69	0.57	0.53
Basic EPS Including ExtraOrdinary Items	0.95	0.91	0.69	0.57	0.53
Diluted Net Income	29.7	28.6	21.6	17.9	16.5
Diluted Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Diluted EPS Excluding ExtraOrd Items	0.95	0.91	0.69	0.57	0.53
Diluted EPS Including ExtraOrd Items	0.95	0.91	0.69	0.57	0.53
DPS-Common Stock	0.37	0.35	0.35	-	0.26
Gross Dividends - Common Stock	11.7	11.0	10.9	-	-
Normalized Income Before Taxes	37.4	36.2	27.7	23.2	21.0
Inc Tax Ex Impact of Sp Items	7.7	7.7	6.2	5.3	4.5
Normalized Income After Taxes	29.7	28.5	21.6	17.9	16.5
Normalized Inc. Avail to Com.	29.7	28.5	21.6	17.9	16.5
Basic Normalized EPS	0.95	0.91	0.69	0.57	0.53
Diluted Normalized EPS	0.95	0.91	0.69	0.57	0.53
Depreciation Expense	2.9	2.7	2.7	2.6	2.3
Finance Charges	1.3	1.1	0.9	0.6	0.7
Amortization of Intangibles	0.0	0.0	-	-	2.7
Advertising	-	0.5	0.5	-	-
Rent	-	0.0	0.0	-	-
Current Tax	7.7	7.4	6.1	-	-
Current Tax - Total	7.7	7.4	6.1	-	-
Deferred Tax	0.0	0.3	0.1	-	-
Deferred Tax - Total	0.0	0.3	0.1	-	-
Income Tax - Total	7.7	7.7	6.2	-	-

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.872992	5.758342	5.698427	5.605376	5.473866
Net Sales	30.3	37.8	34.8	34.7	31.1
Total Revenue	30.3	37.8	34.8	34.7	31.1
Cost of Sales	23.5	29.2	26.4	26.4	24.0
General & Administrative Expenses	0.7	0.6	0.6	0.5	0.6
Goodwill Amortization	-	0.0	-	0.0	0.0
Board of Directors Remuneration	0.1	0.0	0.0	0.0	0.1
Other Operating Income	-1.4	-1.5	-1.3	-1.4	-1.3
Provisions	-	0.3	0.0	-	-
Unusual Income	-	0.0	0.0	0.0	0.0
Total Operating Expense	22.9	28.7	25.7	25.5	23.3
Finance Charges	-0.2	-0.4	-0.3	-0.3	-0.3
Interest Income	0.6	0.6	0.5	0.5	0.7
Compensations from Others	0.1	0.2	0.1	0.2	0.1
Sale of Wastes	0.0	0.0	0.0	0.0	0.0
Other Income	0.0	0.0	0.0	0.0	0.0
Capital Gains/Losses	-	0.0	0.0	0.0	0.0
Foreign Currency Adjustment	0.3	0.2	0.0	0.1	0.0
Net Income Before Taxes	8.2	9.8	9.5	9.7	8.4
Provision for Income Taxes	1.7	2.2	1.9	1.9	1.7
Net Income After Taxes	6.6	7.6	7.6	7.7	6.7
Net Income Before Extra. Items	6.6	7.6	7.6	7.7	6.7
Net Income	6.6	7.6	7.6	7.7	6.7
Income Available to Com Excl ExtraOrd	6.6	7.6	7.6	7.7	6.7
Income Available to Com Incl ExtraOrd	6.6	7.6	7.6	7.7	6.7
Basic Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Basic EPS Excluding ExtraOrdinary Items	0.21	0.24	0.24	0.25	0.21
Basic EPS Including ExtraOrdinary Items	0.21	0.24	0.24	0.25	0.21
Diluted Net Income	6.6	7.6	7.6	7.7	6.7
Diluted Weighted Average Shares	31.3	31.3	31.3	31.3	31.3
Diluted EPS Excluding ExtraOrd Items	0.21	0.24	0.24	0.25	0.21
Diluted EPS Including ExtraOrd Items	0.21	0.24	0.24	0.25	0.21
DPS-Common Stock	0.00	0.36	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	11.4	0.0	0.0	0.0
Normalized Income Before Taxes	8.2	9.8	9.5	9.7	8.4
Inc Tax Ex Impact of Sp Items	1.7	2.2	1.9	1.9	1.7
Normalized Income After Taxes	6.6	7.6	7.6	7.7	6.7
Normalized Inc. Avail to Com.	6.6	7.6	7.6	7.7	6.7
Basic Normalized EPS	0.21	0.24	0.24	0.25	0.21
Diluted Normalized EPS	0.21	0.24	0.24	0.25	0.21
Depreciation Expense	0.7	0.7	0.7	0.7	0.7
Finance Charges	0.2	0.4	0.3	0.3	0.3
Amortization of Intangibles	-	0.0	-	-	-
Advertising Exp	-	-	-	-	0.2

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate	5.805	5.48475	5.51125	5.51625	5.71125
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	47.2	44.4	36.3	38.3	28.4
Receivables, Net	-	-	-	35.0	-
Customers	21.0	18.7	14.9	-	13.8
Notes Receivable	37.5	33.9	29.4	-	20.6
Deposits With Others	0.0	0.0	0.0	0.0	-
Provision for Doubtful Amounts	-4.8	-4.8	-4.4	-	-4.0
Other Debit Balances	6.2	4.5	4.1	6.4	6.4
Raw & Chemical Materials	6.7	5.9	6.0	4.2	5.6
Packing Materials	3.0	3.4	3.3	3.4	2.5
Spare Parts & Fuel	1.8	1.0	0.8	0.6	1.4
Finished Goods	10.3	14.3	12.4	9.1	0.8
Work-in-Progress	0.6	1.1	1.6	0.6	9.9
Letters of Credit	2.2	2.5	2.1	2.3	2.0
Total Current Assets	131.9	125.0	106.5	99.9	87.3
Long Term Investments	0.0	0.0	0.0	0.0	0.1
Fixed Assets, Net	-	-	-	28.7	-
Land	7.7	7.3	7.3	-	7.1
Buildings	18.8	19.8	19.7	-	15.3
Machinery & Equipment	24.4	25.2	22.1	-	18.4
Motor Vehicles	1.5	1.4	1.4	-	1.1
Tools	2.9	2.6	2.5	-	1.8
Furniture & Fixtures	1.1	1.1	1.0	-	0.9
Computers	0.5	0.6	0.5	-	0.4
Accumulated Depreciation	-26.9	-25.5	-23.1	-	-17.4
Construction in Progress	13.8	3.1	3.6	2.6	2.3
Goodwill, Gross	-	-	-	-	21.9
Goodwill Amortization	-	-	-	-	-21.9
Total Assets	175.8	160.7	141.6	131.2	117.2
Provisions	6.6	7.1	6.6	7.8	7.5
Due to Banks	0.1	0.0	0.0	0.0	0.0
Suppliers & Notes Payable	28.4	21.1	12.3	12.1	11.4
Suppliers Credit	-	-	0.6	0.7	0.4
Dividends Payable	-	-	0.4	0.4	0.8
Other Payables & Credit Balances	-	-	7.0	6.8	9.7
Other Liabilities	-	-	6.6	4.9	-
Tax Payables	8.1	8.3	-	-	-
Total Current Liabilities	43.2	36.4	33.5	32.7	29.8
Deferred Income Tax	0.8	0.8	0.5	0.5	-
Total Liabilities	44.1	37.3	34.1	33.1	29.8
Share Capital	54.0	57.1	56.9	56.8	54.9
Reserves	45.7	34.2	25.9	19.5	12.8
Retained Earnings	3.2	3.1	3.5	3.5	3.1
Net Profit of the Period	28.8	28.9	21.3	18.3	16.6
Total Equity	131.7	123.4	107.5	98.1	87.3
Total Liabilities & Shareholders' Equity	175.8	160.6	141.6	131.2	117.2
S/O-Common Stock	31.3	31.3	31.3	31.3	31.3
Total Common Shares Outstanding	31.3	31.3	31.3	31.3	31.3
Goodwill Amortization	-	22.8	22.7	-	21.9
Full Time Employees	-	1,583	-	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate	5.9595	5.805	5.693	5.696	5.506
Cash & Equivalents	40.2	47.2	41.5	34.2	51.9
Customers	21.0	21.0	21.3	22.4	18.7
Notes Receivable	33.2	37.5	34.1	29.2	32.1
Provision for Doubtful Amounts	-4.6	-4.8	-4.6	-4.6	-4.8
Deposits with Others	0.0	0.0	0.0	0.0	0.0
Other Debit Balances	9.6	6.2	5.8	6.0	6.0
Raw & Chemical Materials	6.8	6.7	6.5	7.2	5.7
Packing Materials	3.7	3.0	3.3	3.2	3.3
Spare Parts & Fuel	2.0	1.8	1.7	1.5	3.0
Work-in-Progress	2.2	0.6	0.9	1.1	1.5
Finished Goods	11.2	10.3	14.0	14.6	15.2
Letters of Credit	2.6	2.2	1.5	1.4	3.5
Provision for Slow Moving Inventory	-	-	-	-	-1.7
Total Current Assets	128.0	131.9	125.9	116.4	134.4
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Fixed Assets, Net	29.5	-	-	-	-
Land	-	7.7	7.8	7.8	7.3
Buildings	-	18.8	19.1	19.1	19.8
Machinery & Equipment	-	24.4	24.8	24.4	25.1
Motor Vehicles	-	1.5	1.6	1.5	1.5
Tools	-	2.9	2.8	2.8	2.6
Furniture & Fixtures	-	1.1	1.1	1.1	1.1
Computers	-	0.5	0.5	0.6	0.6
Accumulated Depreciation	-	-26.9	-26.7	-26.0	-48.8
Construction in Progress	17.2	13.8	9.4	8.0	3.3
Goodwill	-	-	-	-	22.7
Total Assets	174.8	175.8	166.5	155.7	169.6
Provisions	6.4	6.6	6.7	6.8	7.0
Due to Banks	0.0	0.1	0.0	0.0	0.0
Suppliers & Notes Payable	39.8	28.4	0.4	29.1	46.6
Supliers Credit	-	-	16.5	-	-
Dividends Payable	-	-	1.8	-	-
Other Payables & Credit Balances	-	-	13.7	-	-
Tax Payables	9.3	8.1	-	-	-
Total Current Liabilities	55.5	43.2	39.1	35.9	53.7
Deferred Tax Liabilities	0.8	0.8	0.8	0.8	0.8
Total Liabilities	56.3	44.1	39.9	36.7	54.5
Share Capital	52.6	54.0	55.0	55.0	56.9
Reserves	57.7	45.7	46.6	46.6	48.2
Retained Earnings	1.7	3.2	3.3	3.3	3.3
Net Profit of the Period	6.5	28.8	21.7	14.1	6.7
Total Equity	118.5	131.7	126.6	118.9	115.2
Total Liabilities & Shareholders' Equity	174.8	175.8	166.5	155.7	169.6
S/O-Common Stock	31.3	31.3	31.3	31.3	31.3
Total Common Shares Outstanding	31.3	31.3	31.3	31.3	31.3
Goodwill Amortization	-	-	-	-	22.7

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2006
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.635256	5.553364	5.443245	5.644572	5.741257
Auditor	El-Maazawy Accountants & Auditors	Mohamed Abd El-Salam El-Maazawy	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors	El-Maazawy Accountants & Auditors
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	37.4	36.0	27.6	17.9	16.5
Depreciation	2.9	2.7	2.7	2.6	2.3
Depreciation Adjustment	-	-	-	0.0	0.1
Provisions	0.3	1.0	1.9	2.4	1.5
Deferred Income Tax	0.0	0.3	0.1	0.4	-
Expired Provisions	-	0.0	0.0	0.0	-
Slow Moving Inventory Provisions	-0.1	-0.1	0.0	-0.1	0.0
End of Service Indemnity Provision	0.0	0.0	0.0	0.0	0.0
Letigations Provisions	-0.1	-0.1	-3.1	-0.9	-0.1
Doubtful Debts Provisions	0.0	0.0	0.0	0.0	0.0
Capital Gain	-	-	0.0	-0.1	-
Capital Losses	0.0	-0.1	0.0	0.0	-
Foreign Currency Adjustments	-0.3	0.0	0.3	-	-
Decline in Value of Assets	0.0	0.0	0.0	-	-
Amortization	-	-	-	-	2.7
Income Tax	-	-	-	4.9	4.5
Inventory	1.9	-1.4	-6.4	1.9	-3.5
Income Tax Paid	-7.3	-6.0	-5.1	-	-
Change in Letters of Credit	0.2	-0.4	0.3	-0.2	0.2
Accounts & Notes Receivable	-11.1	-8.4	-2.6	-3.5	-6.0
Accounts & Notes Payable	7.5	0.8	1.0	-2.8	2.3
Cash From Operating Activities	31.3	24.3	16.7	22.4	20.4
Capital Expenditure	-2.1	-3.6	-5.5	-2.9	-2.7
Purchase of Investments	-	-	-	-	-0.1
Sale of Invest	-	-	-	0.0	-
Disposal of Fixed Assets	0.0	0.1	0.0	0.1	-
Construction in Progress	-11.3	0.5	-0.9	-0.2	-0.7
Cash From Investing Activities	-13.4	-3.0	-6.5	-3.0	-3.5
Due to Banks	0.1	-	-	0.0	0.1
Repayment of Medium Term Loans	-	-	-	-	-0.5
Dividends Paid	-12.9	-13.4	-12.0	-10.8	-8.4
Change in bank's Margins	-	-	0.0	0.0	-
Cash From Financing Activities	-12.8	-13.4	-12.0	-10.8	-8.8
Net Change in Cash	5.0	7.9	-1.8	8.7	8.1
Net Cash Beginning Balance	43.6	36.0	38.5	28.7	20.1
Net Cash Ending Balance	48.6	43.9	36.7	37.5	28.3
Cash Taxes Paid	7.3	6.0	5.1	4.9	4.5

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	EGP	EGP	EGP	EGP	EGP
Exchange Rate (Period Average)	5.872992	5.635256	5.593302	5.540439	5.473866
Net Income	8.2	37.4	27.6	18.1	8.4
Depreciation	0.7	2.9	2.2	1.4	0.7
Provision	0.0	0.3	0.0	-	0.0
Deferred Tax	-	0.0	-	-	0.0
Slow Moving Inventory Provisions	0.0	-0.1	-	0.0	0.0
End of Service Indemnity Provision	0.0	0.0	0.0	-	0.0
Letigations Provisions	-	-0.1	-0.1	-	0.0
Doubtful Debts Provisions	0.0	0.0	0.0	0.0	0.0
Capital Gain	0.0	-	0.0	-	0.0
Capital Losses	-	0.0	-	-	-
Foreign Currency Losses	-0.3	-0.3	-0.1	-0.1	0.0
Decrease in Value of Assets	-	0.0	0.0	0.0	-
Inventory	-4.2	1.9	-1.5	-3.0	-1.3
Paid Income Tax	0.0	-7.3	-7.3	-7.4	0.0
Change in Letters of Credit	-0.5	0.2	0.9	1.0	-1.0
Accounts & Notes Receivable	-0.7	-11.1	-6.4	-2.8	0.0
Accounts & Notes Payable	-1.4	7.5	4.7	3.3	1.3
Cash From Operating Activities	1.8	31.3	19.9	10.6	8.1
Capital Expenditure	-1.0	-2.1	-1.9	-1.3	-0.2
Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Construction in Progress	-3.8	-11.3	-6.6	-5.2	-0.2
Cash From Investing Activities	-4.8	-13.4	-8.5	-6.6	-0.4
Due to Banks	-0.1	0.1	-	0.0	-
Dividends Paid	-3.1	-12.9	-12.9	-13.0	0.0
Cash From Financing Activities	-3.2	-12.8	-12.9	-13.0	0.0
Net Change in Cash	-6.1	5.0	-1.5	-8.9	7.7
Net Cash Beginning Balance	46.9	43.6	43.7	44.1	44.5
Net Cash Ending Balance	40.8	48.6	42.2	35.2	52.2
Cash Taxes Paid	0.0	7.3	7.3	7.4	0.0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.89
UK Pound	1	Rs.75.31
Euro	1	Rs.65.64

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.