MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	SMQ ENTERPRISES LTD
Registered Office :	Marouf Building, 7^th Floor, Suite No. 74, 333B Ramsis Street, Cairo
Country :	Egypt
Financials (as on) :	31.12.2011
Year of Establishment :	1991
Legal Form :	Limited Liability Company
Line of Business :	Distributors and transporters of general foodstuff products
No. of Employees :	25 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:

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 – 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 : SMQ ENTERPRISES LTD

Country of Origin : Egypt

Legal Form : Limited Liability Company

Registration Date : 1991

Issued Capital : £E 250,000

Paid up Capital : £E 250,000

Total Workforce : 25

Activities : Distributors and transporters of general foodstuff products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Hesham Abdulaziz, Finance Manager

COMPANY NAME

SMQ ENTERPRISES LTD

company ADDRESS

Registered & Physical Address

Building : Marouf Building, 7^th Floor, Suite No. 74

Street : 333B Ramsis Street

Town : Cairo

Country : Egypt

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

Facsimile : (20-2) 25799784 / 25799785

Email : hamzaali@intouch.com / saif@habbahabba.com

Premises

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

KEY PRINCIPALS

Name Position

· Saif Eddine Abed Alim Managing Director

· Hamza Ali Saif Eddine Director

· Kutub Saif Eddine General Manager

· Mohan D’Silva Commercial Manager

· Hesham Abdulaziz Finance Manager

· Fayez Hussain Administration Executive

LEGAL FORM & OWNERS

Date of Establishment : 1991

Legal Form : Limited Liability Company

Issued Capital : £E 250,000

Paid up Capital : £E 250,000

Name of Shareholder (s)

· Saif Eddine Abed Alim

· Hamza Ali Saif Eddine

· Muffaddal Group

Cairo

AFFILIATED COMPANIES

· Wahba for Food Industries

333B Ramsis Street

Cairo

· Muffaddal for Food Industries

333B Ramsis Street

Cairo

OPERATIONS

Activities: Engaged in the import, distribution and transportation of general foodstuff products.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 25 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 15,500,000 £E 16,325,000

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

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

BANKERS

· HSBC Bank Egypt

Aboul Feda Building

3 Aboul Feda Street

Zamalek

Cairo

Tel: (20-2) 27359186 / 23579286

Fax: (20-2) 27364010 / 27361457

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.58
UK Pound	1	Rs.86.60
Euro	1	Rs.68.94

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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