MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	EL SAFA ORGANISATION FOR IMPORT EXPORT

Registered Office :	12 Orabi Street El Tawfikiya Cairo

Country :	Egypt

Financials (as on) :	31.12.2010

Date of Incorporation :	21.03.1995

Com. Reg. No.:	918458, Cairo

Legal Form :	Sole Proprietorship

Line of Business :	Distributors of automotive spare parts.

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$ 100,000
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 – 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 : EL SAFA ORGANISATION FOR IMPORT EXPORT

Country of Origin : Egypt

Legal Form : Sole Proprietorship

Registration Date : 21^st March 1995

Commercial Registration Number : 918458, Cairo

Tax Card Number : 100-295-185

Invested Capital : £E 40,000

Total Workforce : 8

Activities : Distributors of automotive spare parts.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 100,000

Person Interviewed : Salama Hishmat Barakat, Assistant General Manager

COMPANY NAME

EL SAFA ORGANISATION FOR IMPORT EXPORT

ADDRESS

Registered & Physical Address

Street : 12 Orabi Street

Area : El Tawfikiya

Town : Cairo

Country : Egypt

Telephone : (20-2) 25771640

Facsimile : (20-2) 25771640

Mobile : (20-12) 2718462 / (20-10) 5183622

Premises

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

KEY PRINCIPALS

Name Position

· Nady Barakat Salama Proprietor & General Manager

· Salama Hishmat Barakat Assistant General Manager

LEGAL FORM & OWNERS

Date of Establishment : 21^st March 1995

Legal Form : Sole Proprietorship

Commercial Reg. No. : 918458, Cairo

Tax Card No. : 100-295-185

Invested Capital : £E 40,000

Mr Nady Barakat Salama is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the import and distribution of automotive spare parts, including braking system components, nuts, bolts and wheel hubs.

Import Countries: India

International Suppliers:

· Telco India

· Cainik India

· Litlight India

· Ganjan India

· Gabriel India Ltd India

Brand Names: MANN, IVECO and MERCEDES BENZ

Operating Trend: Steady

Subject has a workforce of 8 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pound (£E)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales £E 6,800,000 £E 7,410,000

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

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

BANKERS

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

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 business 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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

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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