MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	EGYPTIAN COMPANY FOR TRADE & SUPPLIES (EGYTRAS)
Registered Office :	Building No. 54A, Flat No. 1 El Moga Wara No. 7, Area No. 6, Giza 6^th of October City
Country :	Egypt
Financials (as on) :	31.12.2012
Date of Incorporation :	1994
Com. Reg. No.:	75, Cairo
Legal Form :	Limited Liability Partnership
Line of Business :	Import and distribution of chemicals, colourings and stabilizers.
No. of Employees :	13

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 : EGYPTIAN COMPANY FOR TRADE & SUPPLIES (EGYTRAS)

Also Known As : OSAMA MOHAMED ABDEL FATAH & PARTNERS

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1994

Commercial Registration Number : 75, Cairo

Tax Card Number : 965-475-100

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Total Workforce : 13

Activities : Distributors of chemicals, colourings and stabilizers.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Osama Mohamed Abdel Fatah, Managing Partner

COMPANY NAME

EGYPTIAN COMPANY FOR TRADE & SUPPLIES (EGYTRAS)

ALSO KNOWN AS

OSAMA MOHAMED ABDEL FATAH & PARTNERS

ADDRESS

Registered & Physical Address

Building : Building No. 54A, Flat No. 1

Area : El Moga Wara No. 7, Area No. 6, Giza

Town : 6^th of October City

Country : Egypt

Telephone : (20-2) 24022352

Facsimile : (20-2) 24022352

Mobile : (20-122) 2107579 / 7348884 / (20-100) 8328712

Email : afactco@thewayout.net

Please note that subject’s previous address was, Flat No. 4/5, 4^th Floor, 3A Doctor Mahmoud Ibrahim Street, Nasr City, Cairo.

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of 6^th of October City.

KEY PRINCIPALS

Name Position

· Osama Mohamed Abdel Fatah Managing Partner

· Mina Mohamed Abdel Fatah Partner

· Essam Mohamed Sales Manager

· Marcel Aziz Administration Executive

LEGAL FORM & OWNERS

Date of Establishment : 1994

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 75, Cairo

Tax Card No. : 965-475-100

Issued Capital : £E 500,000

Paid up Capital : £E 500,000

Name of Partner (s)

· Osama Mohamed Abdel Fatah

· Mina Mohamed Abdel Fatah

OPERATIONS

Activities: Engaged in the import and distribution of chemicals, colourings and stabilizers.

Import Countries: Poland, Romania, Germany, France and India.

International Suppliers:

· Ceich Poland

· Gofcrest Romania

· Kiri Dyes & Chemicals India

· Colour Jet India

· Colourtex India

· Monarch International for Trading India

Operating Trend: Steady

Subject has a workforce of 13 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 13,825,000 £E 14,600,000

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

The above figures were provided by Mr Osama Mohamed Abdel Fatah, Managing Partner

BANKERS

· National Bank of Egypt

24 Sherif Street

Cairo

Tel: (20-2) 33924175

Fax: (20-2) 33924143

· Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 25931002

Fax: (20-2) 25912306

· Banque du Caire Barclays Internationale SAE

12 Midan El Sheikh Youssef Street

Garden City

PO Box: 110, Maglis El Shaab

Cairo

Tel: (20-2) 33542195 / 33549415 / 33549422

Fax: (20-2) 33552746

· BNP Paribas

3 Latin America Street

Garden City

Cairo 11511

Tel: (20-2) 27957943

Fax: (20-2) 27952906

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 and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIS

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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