MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	ARAB COMPANY FOR MEDICAL PRODUCTS (ARAB COMED)

Registered Office :	El Obour City, Block 13025, Plot No. 10, Cairo Ismailia Road, Al Salam, PO Box 3009, Cairo

Country :	Egypt

Financials (as on) :	31.12.2012

Date of Incorporation :	11.07.2000

Com. Reg. No.:	2035, Cairo

Legal Form :	Limited Liability Partnership

Line of Business :	Production of veterinary pharmaceuticals and feed additives

No. of Employees :	100

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 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Egypt

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 backtracked on economic reforms, drastically increasing 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 were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.

Source : CIA

SUMMARY

Company Name : ARAB COMPANY FOR MEDICAL PRODUCTS (ARAB COMED)

Also Known As : ARAB MEDICAL PRODUCTION

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 11^th July 2000

Commercial Registration Number : 2035, Cairo

Tax Card Number : 205-134-572

Issued Capital : £E 20,000,000

Paid up Capital : £E 20,000,000

Total Workforce : 100

Activities : Production of veterinary pharmaceuticals and feed additives.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

ARAB COMPANY FOR MEDICAL PRODUCTS (ARAB COMED)

ALSO KNOWN AS

ARAB MEDICAL PRODUCTION

Company ADDRESS

Registered & Physical Address

Location : El Obour City, Block 13025, Plot No. 10

Street : Cairo Ismailia Road

Area : Al Salam

PO Box : 3009

Town : Cairo

Country : Egypt

Telephone : (20-2) 46101215 / 46101216 / 46101217

Facsimile : (20-2) 46101214

Premises

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Cairo.

KEY PRINCIPALS

Name Position

· Dr Mohamed El Shehabi Managing Partner

· Ahmed El Shehabi Partner

· Hassan Sakr Partner

· Emad Bedir Partner

· Adel Bedir Partner

· Hossam Bedir Partner

· Tamer El Shehabi Partner

· Emad Ragab Finance Manager

· Hossam Sherif Purchasing Manager

LEGAL FORM & OWNERS

Date of Establishment : 11^th July 2000

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 2035, Cairo

Issued Capital : £E 20,000,000

Paid up Capital : £E 20,000,000

Name of Partner (s)

· Dr Mohamed El Shehabi

· Ahmed El Shehabi

· Hassan Sakr

· Emad Bedir

· Adel Bedir

· Hossam Bedir

· Tamer El Shehabi

OPERATIONS

Activities: Engaged in the production of veterinary pharmaceuticals and feed additives.

Import Countries: Spain, France, Germany, Austria and China.

Brand Names: ARAB COMED

Export Countries: Saudi Arabia, Jordan, Sudan and the United Arab Emirates.

Operating Trend: Steady

Subject has a workforce of 100 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pounds (£E)

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

Total Sales £E 27,546,184 £E 32,349,848

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

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

BANKERS

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

Acc No. 11000400657

· Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 25931002

Fax: (20-2) 25912306

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.60.13
UK Pound	1	Rs.89.52
Euro	1	Rs.76.89

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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