MIRA INFORM REPORT

Report Date :

23^rd February, 2007

IDENTIFICATION DETAILS

Name :	AL FELAIJ TRADING & CONTRACTING
Registered Office :	Al Felaij Factory Building, Office No. 2622, Street No. 4429, Wadi Kabir Industrial Area, PO Box: 2266, Muscat 112, Sultanate of Oman
Country :	Sultanate of Oman
Date of Incorporation :	1978
Com. Reg. No.:	1/06585/8
Legal Form :	Mouassasa Khassa (Sole Proprietorship)
Line of Business :	Engaged in the following divisions: · Plastic Division · Jewellery Division

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 500,000:
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name	AL FELAIJ TRADING & CONTRACTING
Country of Origin	Sultanate of Oman
Legal Form	Sole Proprietorship
Registration Date	1978
Commercial Registration Number	1/06585/8
Membership Number	397
Invested Capital	RO 465,000
Total Workforce	250
Line of Business	Operations are performed through subject’s
	divisions (see below for details).
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

AL FELAIJ TRADING & CONTRACTING

ADDRESS

Registered & Physical Address

Building : Al Felaij Factory Building, Office No. 2622

Street : Street No. 4429

Area : Wadi Kabir Industrial Area

PO Box : 2266

Town : Muscat 112

Country : Sultanate of Oman

Telephone : (968-24) 814481

Facsimile : (968-24) 811352

Email : alfelaij@omantel.net.om

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Muscat.

KEY PRINCIPALS

· Sayed Abdullah Hamid Mohamed Proprietor

· Shahid Bashir General Manager

· Bilal Ghulam Mohamed Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 1978, full production began in January 1982.

Legal Form : Mouassasa Khassa (Sole Proprietorship)

Commercial Reg. No. : 1/06585/8

Membership No. : 397

Invested Capital : RO 465,000

Mr Sayed Abdullah Hamid Mohamed is the sole proprietor of the business.

LINE OF BUSINESS

Operations : Subject’s operations are performed through the following divisions:

· Plastic Division

Manufacturers of plastic products, including audio cassettes.

· Jewellery Division

Operators of a jewellery showroom located at Al Araimi Complex, 1^st Floor, Shop No. S-16, Qurum.

Import Countries : Europe and the Far East.

Operating Trend : Steady

Subject has a workforce of approximately 250 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : Riyal Omani (RO)

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

Total Revenue RO 4,600,000 RO 4,900,000

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

BANKERS

· Central Bank of Oman

Central Business District

PO Box : 4161

Muscat

Tel : (968-24) 702222

Fax : (968-24) 702253 / 788513

· National Bank of Oman Limited (SAOG)

PO Box : 3751, Ruwi

Muscat

Tel : (968-24) 734414 / 734411

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Established in 1978, subject is owned and managed by Mr Sayed Abdullah Hamid Mohamed who is well respected in the local business community.

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.

Opinion on the credit figure of US$ 500,000:

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