MIRA INFORM REPORT

Report Date :

09.02.2011

IDENTIFICATION DETAILS

Name :	NAGGARI CO FOR INTERNATIONAL TRADE

Registered Office :	Industrial Zone, El Manshia El Gedida, El Kabari, Alexandria,

Country :	Egypt

Financials (as on) :	31.12.2011

Date of Incorporation :	1976

Com. Reg. No.:	13979

Legal Form :	Limited Liability Partnership

Line of Business :	Distributors of Egyptian vegetables, fruit and nuts.

No. of Employees :	11

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 : NAGGARI CO FOR INTERNATIONAL TRADE

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1976

Commercial Registration Number : 13979

Issued Capital : £E 100,000

Paid up Capital : £E 100,000

Total Workforce : 11

Activities : Distributors of Egyptian vegetables, fruit and nuts.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 150,000

COMPANY NAME

NAGGARI CO FOR INTERNATIONAL TRADE

ADDRESS

Registered & Physical Address

Location : Industrial Zone, El Manshia El Gedida, El Kabari

Town : Alexandria

Country : Egypt

Telephone : (20-3) 3621168 / 4963938 / 3613938

Facsimile : (20-3) 3625184 / 4955184

Mobile : (20-122) 2159162

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Alexandria.

KEY PRINCIPALS

Name Position

· Atef Ahmed Al Naggari Managing Partner

· Tamer Atef Ahmed Al Naggari General Manager

· Soha Bokhary Export Manager

· Sherine Mohamed Attia Factory Manager

LEGAL FORM & OWNERS

Date of Establishment : 1976

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 13979

Issued Capital : £E 100,000

Paid up Capital : £E 100,000

Name of Shareholder (s)

· Atef Ahmed Al Naggari

· Members of Mr Atef Ahmed Al Naggari’s family

OPERATIONS

Activities: Engaged in the distribution of Egyptian vegetables, fruit and nuts.

Export Countries: Saudi Arabia, France, United States of America, Italy, Cyprus, Turkey and Greece.

Operating Trend: Steady

Subject has a workforce of 11 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pounds (£E)

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

Total Sales £E 13,410,000 £E 13,500,000

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

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

BANKERS

· Bank of Alexandria

19 Salah Salem Street

El Gomrok, Mansheya

Alexandria

Tel: (20-3) 4827995

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 company 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.49.06
UK Pound	1	Rs.78.08
Euro	1	Rs.65.15

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.