MIRA INFORM REPORT

Report Date :

11.04.2012

IDENTIFICATION DETAILS

Name :	EDREES FOR IMPORT AND EXPORT
Registered Office :	109 Abdel Kader Taha Street, Sahel, Shobra, Cairo
Country :	Egypt
Financials (as on) :	31.12.2011
Year of Establishment :	1980
Com. Reg. No.:	285
Legal Form :	Sole Proprietorship
Line of Business :	Distributors of general foodstuffs
No. of Employees :	15

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

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Egypt	a2	a2

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

SUMMARY

Company Name : EDREES FOR IMPORT AND EXPORT

Country of Origin : Egypt

Legal Form : Sole Proprietorship

Start Date : 1980

Registration Date : 16^th January 2008

Commercial Registration Number : 285

Tax Card Number : 113-419-123

Invested Capital : £E 50,000

Total Workforce : 15

Activities : Distributors of general foodstuffs.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 150,000

COMPANY NAME

EDREES FOR IMPORT AND EXPORT

company ADDRESS

Registered & Physical Address

Street : 109 Abdel Kader Taha Street

Area : Sahel, Shobra

Town : Cairo

Country : Egypt

Telephone : (20-2) 24330080

Facsimile : (20-2) 22058158

Mobile : (20-111) 2156055 / (20-122) 2156055

Premises

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

Branch Office (s)

Location Description

· 5 Ibn Moussa Street Warehouse premises

Sahel, Shobra

Cairo

Tel: (20-2) 24330081

Fax: (20-2) 24330080

· 29 Dates Market Showroom premises

Obour City

Cairo

KEY PRINCIPALS

Name Position

· Jamal Edrees Abbass Proprietor & General Manager

· Heba Mohamed Administration Executive

LEGAL FORM & OWNERS

Date of Establishment : 1980, however subject was registered on 16^th January 2008.

Legal Form : Sole Proprietorship

Commercial Reg. No. : 285

Tax Card No. : 113-419-123

Invested Capital : £E 50,000

Mr Jamal Edrees Abbass is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the import and distribution of general foodstuffs, including dried raisins, peaches and coconuts.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 15 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pound (£E)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales £E 12,100,000 £E 12,250,000

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

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

BANKERS

· Misr Bank

1311 Nile Street

Sahel, Shobra

Cairo

Acc No. 109001000

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.51.20
UK Pound	1	Rs.81.50
Euro	1	Rs.67.15

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.