MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	AL SALOMI FOR FRITS AND GLAZES

Registered Office :	Building No. 1 Ministers Square, Division 1156, Heliopolis Cairo

Country :	Egypt

Financials (as on) :	31.12.2011

Year of Establishment :	2009

Com. Reg. No.:	34079

Legal Form :	Limited Liability Partnership

Line of Business :	Manufacturers of enamels, glazes and vitreous colourings

No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Egypt

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

SUMMARY

Company Name : AL SALOMI FOR FRITS AND GLAZES

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 2009

Commercial Registration Number : 34079

Issued Capital : £E 250,000

Paid up Capital : £E 250,000

Total Workforce : 20

Activities : Manufacturers of enamels, glazes and vitreous colourings

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

AL SALOMI FOR FRITS AND GLAZES

ADDRESS

Registered & Physical Address

Building : Building No. 1

Area : Ministers Square, Division 1156, Heliopolis

Town : Cairo

Country : Egypt

Telephone : (20-2) 22669024

Facsimile : (20-2) 22669026

Premises

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

KEY PRINCIPALS

Name Position

· Fouad Soliman Managing Partner

· Kirolos Fouad Soliman Partner

· Sameh Mosaad Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 2009

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 34079

Issued Capital : £E 250,000

Paid up Capital : £E 250,000

Name of Partner (s)

· Fouad Soliman

· Kirolos Fouad Soliman

OPERATIONS

Activities: Engaged in the manufacture of enamels, glazes and vitreous colourings used in the production of

ceramics.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 20 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 7,100,000 £E 7,870,000

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

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

BANKERS

· National Societe General Banque

7 El Sayed El Merghany Street

Heliopolis

Cairo

Tel: (20-2) 24175372

Fax: (20-2) 24164898

· Industrial Development & Workers Bank of Egypt

110 El Galaa Street

Cairo

Tel: (20-2) 25772468

Fax: (20-2) 25751227

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

The above credit figure is higher than transactions previously seen and a measure of caution would be prudent.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Report Prepared by :

PRL

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.