MIRA INFORM REPORT

Report Date :

9^th May 2006

IDENTIFICATION DETAILS

Name :	MADHAWDAS GOPALDAS & SONS (MGS)

Registered Office :	Building 28, Block 304 Road 366, 165 Manama, Bahrain

Date of Incorporation :	1926

Com. Reg. No.:	463, Manama

Legal Form :	General Partnership

Line of Business :	Distributors of general foodstuff products.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 100,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUMMARY

Company Name	MADHAWDAS GOPALDAS & SONS (MGS)
Country of Origin	Bahrain
Legal Form	General Partnership
Registration Date	1926
Commercial Registration Number	463, Manama
Partners Capital	BD 10,000
Total Workforce	15
Line of Business	Distributors of general foodstuff products.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

MADHAWDAS GOPALDAS & SONS (MGS)

ADDRESS

Registered & Physical Address

Building : Building 28, Block 304

Street : Road 366

PO Box : 165

Town : Manama

Country : Bahrain

Telephone : (973-17) 210828

Facsimile : (973-17) 212345 / 210828

Email : mgsons@batelco.com.bh

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Manama.

KEY PRINCIPALS

V M Bhatia Managing Partner

K V Bhatia Partner

LEGAL FORM & OWNERS

Date of Establishment : 1926

Legal Form : Sharikat Tadhamun (General Partnership)

Commercial Reg. No. : 463, Manama

Partners Capital : BD 10,000

Name of Partner (s)

V M Bhatia

K V Bhatia

Note to the Legal Form

Bahraini Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.

Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.

There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.

LINE OF BUSINESS

Operations : Engaged in the import and distribution of general foodstuff products.

Import Countries : Europe and GCC countries.

Operating Trend : Steady

Subject has a workforce of 15 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : Bahraini Dinar (BD)

Year Ending 31/12/04 : Year Ending 31/12/05 :

Total Revenue BD 385,000 BD 410,000

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

BANKERS

Future Bank BSC (C)

Government Avenue

PO Box : 785

Manama

Tel : (973-17) 505000

Fax : (973-17) 224402

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 15,000,000:

Established in 1926, subject is involved in the import and distribution of general foodstuff products.

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.

The above credit figure is higher than transactions previously seen and a measure of caution would be prudent.

Maximum suggested credit figure: US$ 100,000

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions