MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	SAFICO TRADING AND INVESTMENT CO

Registered Office :	Post Commercial Building, 44 El Gomhoria Street, El Sharq, P O Box 35, Port Said

Country :	Egypt

Year of Establishments:	1976

Com. Reg. No.:	46316, Port Said

Legal Form :	Limited Liability Partnership

Line of Business :	Wholesale of leather products and readymade garments and manufacture of clothing

No. of Employees :	150

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 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 : SAFICO TRADING AND INVESTMENT CO

Also Known As : ABU ALAA STORE (ACTIVE)

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1976

Commercial Registration Number : 46316, Port Said

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Total Workforce : 150

Activities : Wholesale of leather products and readymade garments and

manufacture of clothing.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Abu Zaid Abdul Hafeez Abu Zaid, Managing Partner

COMPANY NAME

SAFICO TRADING AND INVESTMENT CO

ALSO KNOWN AS

ABU ALAA STORE (ACTIVE)

Company ADDRESS

Registered & Physical Address

Building : Post Commercial Building

Street : 44 El Gomhoria Street

Area : El Sharq

PO Box : 35

Town : Port Said

Country : Egypt

Telephone : (20-66) 3352225

Facsimile : (20-66) 3320628

Mobile : (20-122) 3227379 (20-100) 9224223

Email : safico@link.net

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Port Said.

Branch Offices

Subject has 35 stores located throughout Egypt.

KEY PRINCIPALS

Name Position

· Abu Zaid Abdul Hafeez Abu Zaid Managing Partner

· Mohamed Abu Zaid Abdul Hafeez Abu Zaid Partner

· Saif El Nasser Abdul Hafeez Abu Zaid Partner

· Sahreef Abdul Hafeez Abu Zaid Partner

· Mohamed Hassan Sales Manager

· Osam Al Asila Administration Manager

LEGAL FORM & OWNERS

Date of Establishment : 1976

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 46316, Port Said

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Name of Partner (s)

· Abu Zaid Abdul Hafeez Abu Zaid

· Mohamed Abu Zaid Abdul Hafeez Abu Zaid

· Saif El Nasser Abdul Hafeez Abu Zaid

· Sahreef Abdul Hafeez Abu Zaid

OPERATIONS

Activities: Engaged in the wholesale of readymade clothing and leather products, including footwear, handbags and belts and manufacture of clothing.

Import Countries: Italy, Netherlands and France.

Brand Names: ACTIVE

Subject has a workforce of approximately 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

· National Bank of Egypt

Main Branch

El Sharq

Port Said

Tel: (20-66) 3346814

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

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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