MIRA INFORM REPORT

Report Date :

17.10.2012

IDENTIFICATION DETAILS

Name :	HANALICO FOR FOOD INDUSTRY
Registered Office :	Maarouf Tower, 7^th Floor, Suite No. 74, 33B Ramsis Street, Cairo
Country :	Egypt
Year of Establishment :	2008
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Providers of rice milling services
No. of Employees :	150 employees

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Egypt	A2	A2

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

Egypt - ECONOMIC OVERVIEW

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

Source : CIA

SUMMARY

Company Name : HANALICO FOR FOOD INDUSTRY

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 2008

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Total Workforce : 150

Activities : Providers of rice milling services

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

HANALICO FOR FOOD INDUSTRY

company ADDRESS

Registered & Physical Address

Building : Maarouf Tower, 7^th Floor, Suite No. 74

Street : 33B Ramsis Street

Town : Cairo

Country : Egypt

Telephone : (20-2) 25799781 / 44651021

Facsimile : (20-2) 25799785 / 25799784

Premises

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

Branch Office (s)

Location Description

· 1^st Industrial Zone, Block 13002 Mill premises

Ismailia Road

El Obour City

Cairo

Tel: (20-2) 44665632 / 44665633

Fax: (20-2) 44665631

KEY PRINCIPALS

Name Position

· Seif El Din Abed Ali Chairman

· Mufaddal Seif El Din Abed Ali Managing Director

LEGAL FORM & OWNERS

Date of Establishment : 2008

Legal Form : Egyptian Joint Stock Company

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Name of Shareholder (s)

· Seif El Din Abed Ali

· Mufaddal Seif El Din Abed Ali

AFFILIATED COMPANIES

· SMQ Enterprises Ltd

Maarouf Building, 7^th Floor, Suite No. 74

33B Ramsis Street

Down Town

Cairo

Tel: (20-2) 25799780 / 25799781 / 25799782

Fax: (20-2) 25799784 / 25799785

· Wahba for Food Industries

33B Ramsis Street

Down Town

Cairo

· Muffaddal for Food Industries

33B Ramsis Street

Down Town

Cairo

OPERATIONS

Activities: Engaged in the provision of rice milling services.

Subject has a workforce of 150 employees.

FINANCIAL DATA

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Arab Banking Corporation

PO Box: 781

Cairo

Tel: (20-2) 25745488 / 25780417

Fax: (20-2) 25780416

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.82
UK Pound	1	Rs.84.96
Euro	1	Rs.68.61

INFORMATION DETAILS

Report Prepared by :

MNL

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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