MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	MEDITERRANEAN CHEMICAL & SUPPLIES LTD.

Registered Office :	Suite 1, 2/F, International House, 16 Bell Lane

Country :	Gibraltar

Date of Incorporation :	01.11.1989

Com. Reg. No.:	34708

Legal Form :	Private Company Limited By Shares

Line of Business :	Trading of general goods

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Usually Correct

Litigation :	----

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)

Gibraltar

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

REGISTERED NAME & COMPANY SUMMARY

IDENTIFICATION
Given
Subject Name:	Mediterranean Chemical & Supplies Ltd.
Address:	Regal House, Queensway P O Box 246,
Country:	Gibraltar

Verified
Subject Name:	MEDITERRANEAN CHEMICAL AND SUPPLIES LIMITED
Other Style:	MC&S
Address:	Suite 1, 2/F, International House 16 Bell Lane	Postal address:	PO Box 872
Town:	Gibraltar
Country:	Gibraltar
Telephone:	+350 (2) 24142384 (SOCHEMA in Egypt)
Mobile phone:	+350 108171500 (Mr Mohamad Melrisai)
Fax:	+350 (2) 24142267 (SOCHEMA in Egypt)
Website:	www.sochema.com
Remarks:	The given address belongs to a law firm DENTON FOX & GIBBONS.


EXECUTIVE SUMMARY

Date registered:	01-11-1989
Legal form:	Private Company Limited By Shares
Authorised Capital:	GBP 2,000
Main activities:	Trading of general goods
Employees:	400 in the Group
REGISTRY DATA
Key Facts
Date registered:	01-11-1989
Legal form:	Private Company Limited By Shares
Registration no:	34708
Registry auth.	Companies House Gibraltar
Registry status:	Live/Active

DIRECTORS/MANAGEMENT

MANAGEMENT & STAFF
Key Managers
Name:	Sherif El Ashram
Job Title:	Director

Name:	Tarek El Ashram
Job Title:	Director

Staff
No of employees	400 in the Group


BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Sherif El Ashram
Board function:	Director
Date appointed:	23/03/2007
Address:	11 Hassan Allam Street, El Marghany, Heliopolis, Cairo, Egypt

Name:	Tarek El Ashram
Board function:	Director
Date appointed:	26/03/2007
Address:	11 Hassan Allam, El Marghany, Heliopolis, Cairo, Egypt

Name:	STEADFAST CORPORATE SERVICES LIMITED
Board function:	Company Secretary
Date appointed:	19/01/2000
Address:	Suite 1, International House, 16 Bell Lane Po Box 872 Gibraltar

NEGATIVE INFORMATION

LEGAL FILINGS

Bankruptcy Filings:	None
Court Judgements:	None
Tax Liens:	None
Other:	None

SHARE & SHARE CAPITAL INFORMATION

SHARE CAPITAL
Composition
Authorised:	GBP 2,000
Number/type:	2,000
Share value:	GBP 1
Issued:	GBP 100
Paid-up:	GBP 100


Shareholders/Owners

How Listed	Full List

Composition
Name:	FG MANAGEMENT LIMITED
No. of shares:	99
Address:	PO Box 326 4-8 Hope Street Douglas IM99 2LR Isle of Man

Name:	FG SERVICES LIMITED
No. of shares:	1
Address:	PO Box 326 4-8 Hope Street Douglas IM99 2LR Isle of Man

Comments	The above shareholders are nominee subscribers to the Company's share capital.

PAYMENT INFORMATION

PAYMENTS

Debt Collections / Judgements	No negative information was found.

Payment Experience
Payment Behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

GROUP STRUCTURE & AFFILIATED COMPANIES

CORPORATE AFFILIATIONS
Structure
Name:	SOCHEMA SUDAN CO LTD
Affiliation type:	Associate
Address:	El Ghaili Free Zone Khartoum Sudan

Name:	SOFIPACK S.A.E
Affiliation type:	Associate
Address:	11 Hassan Allam Street, off El Merghany Street, off El Merghany Street, Heliopolis Egypt

Name:	SOFIPLAST SAE
Affiliation type:	Associate
Address:	11 Hassan Allam Street, off El Merghany Street, off El Merghany Street, Heliopolis Egypt

Comments	Other companies of the SOCHEMA Group should also be considered as affiliates of the Subject.

FINANCIAL INFORMATION

FINANCIAL ACCOUNTS
Description
Required to file:	Yes, however not filed
Source:	N/A

Comments	The Subject's financial statements were not available in the course of our investigation. External sources reported that the company has annual turnover of USD 60,000,000.

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in trading of general goods. The Subject is the importation and sourcing arm of Sochema Group. The main fields of activities are plastic raw materials, industrial and chemical materials Yarn Cotton, Polyester, Poy, Viscose. The Company provides an effective marketing and distribution channel for Egypt, Sudan and Libya. Their end users consist of companies engaged in manufacture of: Textile and Yarn (cotton yarn, Polyester spun, POY, Viscose, Poly/cotton, polyesters filaments, etc. Foam and Polyurethane Industries (conventional and polymeric polyol and TDI ) Paints & Ink Industries Dye Intermediates & Dyestuff Industries Pharmaceutical and Cosmetics Industries PVC Industries (PVC resins, DOP, PA ) Glass and Ceramic industries Pharmaceutical industries Plastic industries (PP, PE, ABS, SAN )


PROPERTY & ASSETS

Premises	The Subject's registered office is located at the heading address. Egypt group office: 11 Hassan Allam Street, off El Merghany Street, off El Merghany Street, Heliopolis Egypt

NOTES & COMMENTS

INVESTIGATIVE NOTES

Sources:

Interviews and material provided by the Subject

Official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

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.