MIRA INFORM REPORT

Report Date :

23.08.2007

IDENTIFICATION DETAILS

Name :	GULF IMPORT & EXPORT CO LLC (GIEX)

Registered Office :	National Flour Mills Co Building, Al Shindagha Street, Al Souq Al Kabir, P O Box 5326, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2006

Date of Incorporation :	22^nd February 1984

Com. Reg. No.:	9809, Dubai

Legal Form :	Limited Liability Company – LLC

Line of Business :	Engaged in the import and distribution of general foodstuff products, including beans, pulses, barley, grain, flour, rice, sugar and animal feeds.

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$ 400,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUMMARY

Company Name : GULF IMPORT & EXPORT CO LLC (GIEX)

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 22^nd February 1984

Commercial Registration Number : 9809, Dubai

Trade Licence Number : 201744

Membership Number : 1651

Issued Capital : UAE Dh 30,000,000

Paid up Capital : UAE Dh 30,000,000

Total Workforce : 230

Line of Business : Distributors of general foodstuff products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

GULF IMPORT & EXPORT CO LLC (GIEX)

ADDRESS

Registered & Physical Address

Building : National Flour Mills Co Building

Street : Al Shindagha Street

Area : Al Souq Al Kabir

PO Box : 5326

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3939633 / 2215875

Facsimile : (971-4) 3939655 / 2223299

Email : giexmgmt@giexdubai.co.ae

Premises

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

Branch Office (s)

Location Description

· PO Box : 16808 Warehouse premises

Jebel Ali Free Zone

Dubai

Tel: (971-4) 8816800

Fax: (971-4) 8816519

KEY PRINCIPALS

Name Nationality Position

· Essa Abdullah Ahmed Al Ghurair Emirati Managing Director

· Mohamed Abdullah Ahmed Al Ghurair Emirati Director

· Abdulla Bin Ahmed Al Ghurair Emirati Director

LEGAL FORM & OWNERS

Date of Establishment : 22^nd February 1984

Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

Commercial Reg. No. : 9809, Dubai

Trade Licence No. : 201744

Membership No. : 1651

Issued Capital : UAE Dh 30,000,000

Paid up Capital : UAE Dh 30,000,000

Name of Shareholder (s) Percentage

· Abdulla Bin Ahmed Al Ghurair 73%

· Mohamed Abdullah Ahmed Al Ghurair 15%

· Essa Abdullah Ahmed Al Ghurair 12%

Note to the Legal Form

A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.

This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.

Non UAE Participation

The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.

It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.

Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.

AFFILIATED COMPANIES

Subject is a member of the Al Ghurair Group, which has a turnover over in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified range of interests spanning real estate, finance and industry, with specialist operations in banking, trading and shipping.

Some of the very successful industries that it operates today in the United Arab Emirates, include the National Flour Mills Co Ltd, National Cement Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National Mosaic Tiles, Arabian Packaging Co and Al Ghurair Publishing and Printing. In the banking sector, the Ghurairs are owners of the UAE’s largest private bank, the Dubai-based Mashreq Bank, which is one of the Group’s most successful ventures and operates from branches both within and outside the UAE.

The Al Ghurair Group is active in London, New York, Cairo, Khartoum, Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.

In real estate the Al Ghurair Centre has become a prominent landmark in Dubai. It was built at a cost of more than US$ 150 million and is now home to most of the city’s top retailers.

The Al Ghurair Group comprises the following concerns:

· Al Ghurair Holdings (Private) Ltd

· Gulf Extrusions Ltd

· Arabian Aluminium Company

· Al Ghurair Publishing & Printing House

· Union Mosaic & Marble Company

· Al Ghurair Centre

· Arabian Mix

· National Cement Company Ltd

· Arabian Packing Company

· Gulf Utensils

· E.T.A P.C.S. Switchgear Manufacturing LLC

· House of Perfume

· Computer Intelligence and Communications Ltd

· Gulf Confectionery & Biscuit Company

· Oman Insurance Co Limited

· Mashreq Bank

· Al Ghurair Enterprises

· Al Ghurair Exchange

· National Flour Mills Company Ltd

· National Concrete Company Ltd

· Masafi Mineral Water Co LLC

· Associated Construction & Investment Co LLC (ASCON)

· Al Ghurair Fieness Perry & Partners

· Pak Arab Traders

· Al Ghurair Real Estate

· Al Khaleej Sugar Co WLL

· Central Electric Equipment Co LLC (CEEC)

· National Oman Marble Company

· Rawda Quarries Ltd

· Ghurair Tarmac

· Oman Finance Company

· Ghurair Crown (Engineering) Ltd

· Al Ghurair Industries (Pvt) Ltd

LINE OF BUSINESS

Operations : Engaged in the import and distribution of general foodstuff products, including beans, pulses, barley, grain, flour, rice, sugar and animal feeds.

Import Countries : Europe and the Far East.

Brand Names : BUSTAN

Operating Trend : Steady

Subject has a workforce of approximately 230 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/05 : Year Ending 31/12/06 :

Total Revenue UAE Dh 49,300,000 UAE Dh 51,650,000

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

BANKERS

· Mashreq Bank Plc

PO Box : 9271

Dubai

Tel : (971-4) 2229131 / 2221134

Acc No. 0493114260

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 150,000:

Established in 1984, subject is involved in the import and distribution of general foodstuff products and belongs to the Al Ghurair Group.

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.

Maximum suggested credit figure: US$ 400,000

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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