MIRA INFORM REPORT

Report Date :

23^rd February, 2007

IDENTIFICATION DETAILS

Name :	DUKE TRADING ESTABLISHMENT
Registered Office :	Industrial Area, PO Box: 23151, Sharjah, United Arab Emirates.
Country :	United Arab Emirates
Date of Incorporation :	05.07.1994
Com. Reg. No.:	25623, Sharjah
Legal Form :	Mouassasa Khassa (Sole Proprietorship)
Line of Business :	Engaged in the import and distribution of structural steel.

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

Maximum Credit Limit :	US$ 200,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name	DUKE TRADING ESTABLISHMENT
Country of Origin	Sharjah, United Arab Emirates
Legal Form	Sole Proprietorship
Registration Date	5^th July 1994
Commercial Registration Number	25623, Sharjah
Trade Licence Number	118107
Membership Number	34816
Invested Capital	UAE Dh 100,000
Total Workforce	20
Line of Business	Distributors of structural steel.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

DUKE TRADING ESTABLISHMENT

ADDRESS

Registered & Physical Address

Location : Industrial Area

PO Box : 23151

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 5341146

Facsimile : (971-6) 5341332

Email : duketrdg@emirates.net.ae

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Sharjah.

KEY PRINCIPALS

Name Nationality Position

· Browsani Nand Indian Proprietor & General Manager

· Abdullah Al Ansari Emirati Local Sponsor

· Vimal A Sahityani Indian General Manager

LEGAL FORM & OWNERS

Date of Establishment : 5^th July 1994

Legal Form : Mouassasa Khassa (Sole Proprietorship)

Commercial Reg. No. : 25623, Sharjah

Trade Licence No. : 118107

Membership No. : 34816

Invested Capital : UAE Dh 100,000

Mr Browsani Nand is the sole proprietor of the business.

Note to the Legal Form

Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.

LINE OF BUSINESS

Operations : Engaged in the import and distribution of structural steel.

Import Countries : Europe and the Far East.

Operating Trend : Steady

Subject has a workforce of 20 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : United Arab Emirates Dirham (UAE Dh)

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

Total Revenue UAE Dh 6,800,000 UAE Dh 7,100,000

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

BANKERS

· National Bank of Sharjah

Al Boorj Avenue

PO Box : 4

Sharjah

Tel : (971-6) 5547747

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Established in 1994, subject is owned and managed by Mr Browsani Nand, an Indian national who operates in Sharjah under the local sponsorship of Mr Abdullah Al Ansari.

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.

Maximum suggested credit figure: US$ 200,000

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
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