MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	EL TAKADOM ADVANCED CO FOR TRADING
Registered Office :	6 Al Obour Building, 8^th Floor, Flat No. 5, Salah Salem Road, Nasr City, Cairo
Country :	Egypt
Financials (as on) :	31.12.2012
Date of Incorporation :	2002
Com. Reg. No.:	350261, Cairo
Legal Form :	General Partnership
Line of Business :	Engaged in the import and distribution of chemicals and related raw materials, as well as general foodstuff products and tea.
No. of Employees :	50

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Egypt	B1	B1

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 : EL TAKADOM ADVANCED CO FOR TRADING

Country of Origin : Egypt

Legal Form : General Partnership

Registration Date : 2002

Commercial Registration Number : 350261, Cairo

Partners Capital : £E 100,000

Total Workforce : 50

Activities : Import and distribution of chemicals and related raw materials, as well

as general foodstuff products and tea

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Amer Abdulaziz, Sales Manager

COMPANY NAME

EL TAKADOM ADVANCED CO FOR TRADING

ADDRESS

Registered & Physical Address

Building : 6 Al Obour Building, 8^th Floor, Flat No. 5

Street : Salah Salem Road

Area : Nasr City

Town : Cairo

Country : Egypt

Telephone : (20-2) 22604607 / 24036438

Facsimile : (20-2) 22604607

Mobile : (20-100) 1061788

Email : eltakadom@yahoo.com / info@eltakadom.com

Premises

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

KEY PRINCIPALS

Name Position

· Mahmood Hassan Shehada Managing Partner

· Abdullah Abdul Fattah Partner

· Mohamed Shoman General Manager

· Ihab Geyatha Assistant General Manager

· Ahmed Younes Finance Manager

· Amer Abdulaziz Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 2002

Legal Form : General Partnership

Commercial Reg. No. : 350261, Cairo

Partners Capital : £E 100,000

Name of Partner (s)

· Mahmood Hassan Shehada

· Abdullah Abdul Fattah

AFFILIATED COMPANIES

· El Jamhouria Tea Factory

Mina El Qamah

Egypt

· El Takadom Tea Factory

Cairo

· El Takadom Food Industries

Cairo

OPERATIONS

Activities: Engaged in the import and distribution of chemicals and related raw materials, as well as general foodstuff products and tea.

Import Countries: India and Europe

International Suppliers:

· Shah Brother India

· New Tea India

· Anita Export India

· Ampo Export India

Brand Names: El JAMHOURIA

Operating Trend: Steady

Subject has a workforce of 50 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 66,000,000 £E 70,000,000

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

The above figures were provided by Mr Amer Abdulaziz, Sales Manager

BANKERS

· Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction August 2006

Credit amount 100,000

Amount overdue 0

Payment terms 60 days

Payment Method Letters of Credit

Paying record No Complaints

Currency US Dollars

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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

NLM

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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