MIRA INFORM REPORT

Report Date :

23^rd February, 2007

IDENTIFICATION DETAILS

Name :	GULF CRAFT INC
Registered Office :	Gulf Craft Building, Sheikh Khalifa Bin Zayed Street, PO Box: 666, Ajman, United Arab Emirates.
Country :	United Arab Emirates
Date of Incorporation :	1982
Com. Reg. No.:	1687, Ajman
Legal Form :	Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Line of Business :	Manufacture of boats and yachts

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 1,200,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name	GULF CRAFT INC
Country of Origin	Ajman, United Arab Emirates
Legal Form	Limited Liability Company - LLC
Registration Date	1982
Commercial Registration Number	1687, Ajman
Issued Capital	UAE Dh 10,000,000
Paid up Capital	UAE Dh 10,000,000
Total Workforce	500
Line of Business	Manufacture of boats and yachts
Financial Condition	Undetermined
Payments	Nothing detrimental uncovered

COMPANY NAME

GULF CRAFT INC

ADDRESS

Registered & Physical Address

Building : Gulf Craft Building

Street : Sheikh Khalifa Bin Zayed Street

PO Box : 666

Town : Ajman

Country : United Arab Emirates

Telephone : (971-6) 7406060

Facsimile : (971-6) 7406062

Email : aci@gulfcraftinc.com

Premises

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

Branch Office (s)

Location Description

· Dubai Sales Office

Tel : (971-4) 2828287

Fax : (971-4) 2828227

KEY PRINCIPALS

· Mohammed Bin Hussein Al Shaali Managing Director

· Dr Jamal Bin Hussein Al Shaali Director

· Erwin Bamps General Manager

· Yousri Ghali Finance Manager

· Ursino Fernandes Commercial Manager

· Atiq Sheikh Administration Manager

LEGAL FORM & OWNERS

Date of Establishment : 1982

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

Commercial Reg. No. : 1687, Ajman

Issued Capital : UAE Dh 10,000,000

Paid up Capital : UAE Dh 10,000,000

Name of Shareholder (s)

· Mohammed Bin Hussein Al Shaali

· Dr Jamal Bin Hussein Al Shaali

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 150,000, 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.

LINE OF BUSINESS

Operations: The company manufactures fibreglass boats and yachts, ranging from 18' to 125', with an annual production of about 600 boats, including Motor yachts and motor cruisers, pleasure yachts and sailing boats.

The company is completing construction of a new factory in Umm Al Quwain.

Subject is ISO 9001 certified.

Import Countries: United Kingdom and the United States of America.

Export Countries: Output is divided one-third for the home market, one-third for GCC countries and one-

third for international export particularly the United States of America, Europe and Australia.

Brand Names: AMBASSADOR, MAJESTY, MILLENIUM, and DOLPHIN.

Subject has a workforce of approximately 500 employees.

FINANCIAL HIGHLIGHTS

Companies registered in Ajman, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Arab Bank Plc

Shaikh Rashid Al Naimi Street

PO Box : 17

Ajman

Tel : (971-6) 7422431

Fax : (971-6) 7426871

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction April 2005

Credit amount 249,620

Amount overdue 0

Payment terms 60 days

Payment Method Letters of Credit

Paying record No Complaints

Currency Canadian Dollars

GENERAL COMMENTS

Established in 1982, Gulf Craft Inc has around 50 percent of the boat construction market in the Gulf region.

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

Maximum suggested credit figure: US$ 1,200,000

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