IDENTIFICATION DETAILS

Name :	EURL AHRAS PROSEC

Registered Office :	Street - 23 Base Equipee, Dar El Beida, Algiers, Algeria

Date of Incorporation :	November 2004

Com. Reg. No.:	04B0502491

Legal Form :	Entreprise Unipersonnelle a Responsabilite Limitee (single shareholder limited liability company)

Line of Business :	Importers, wholesalers and retailers of industrial equipment and industrial tools for the petroleum industry.

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 :	Regular

Litigation :	Clear

CO. NAME

EURL AHRAS PROSEC

ADDRESS

Street          : 23 Base Equipee
Area            : Dar El Beida
Town           : Algiers
Country     : Algeria
Telephone   : (213 21) 505 656 / 508 383
Fax              : (213 21) 506 964

SENIOR COMPANY PERSONNEL

Name Position

Mohammed Rafik Adjal Managing Director

Total Employees : 12

PAYMENTS

No complaints have been heard regarding payments from local suppliers or banks.

We consider it is acceptable to deal with subject for SMALL amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Algerian importers.

Opinion on maximum credit : AD 2,500,000

Trade risk assessment : Normal

Opinion on the credit figure of EURO 100,000 :

The above figure is higher than normally seen in one amount, however could prove admissible in a short series of transactions provided the total indebtedness is strictly monitored.

PRINCIPAL BANKERS

NAME         : B.N.P. / PARIBAS EL DJAZAIR
Branch        : 10, Rue Abou Nouas, Hydra
Town           : Algiers
Telephone   : (213 21) 603 942 / 603 929
Fax              : (213 21) 603 929
Account No : 07000000831001-11

FINANCIAL INFORMATION

Balance sheets are not available. However, the subject interviewed offered the following information :

Value of current contracts : EURO 1,700,00 - 2005 - approx

Sales Turnover               : EURO 1,050,000 - 2005 - exact
                                      : EURO 1,000,000 - 2006 - exact *

Net Profit                        : not given

Financial year end 31 December.

* 4 month period January - April 2006.

LEGAL STATUS AND HISTORY

Date Started         : November 2004

C.R. No.                : 04B0502491

Fiscal ID               : 000441019002359

Capital                  : AD 21,000,000

Entreprise Unipersonnelle a Responsabilite Limitee (single shareholder limited liability company) with the following sole shareholder :

Mohammed Rafik Adjal

Affiliated companies of EURl Ahras Prosec :

Subsidiaries

SARL Ahras Lis Industry             90 %

ACTIVITIES

The Company is involved in the following activities :

Importers, wholesalers and retailers of industrial equipment and industrial tools for the petroleum industry.

Imports from USA, UK and other European countries.

Distributors for BP.

FACILITIES

The Company has the following facilities :

Office premises located at the heading address and shoroom at Hassi Messaoud, Ourgla.

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