MIRA INFORM REPORT

Report Date :

28.02.2007

IDENTIFICATION DETAILS

Name :	SAUDI EMIRATES PULVERIZATION INDUSTRIES CO (SEPICO)
Registered Office :	Mina Rashid, Ahmed Bin Rashid Free Trade Zone, P O Box 1056, Umm Al Quwain
Country :	United Arab Emirates
Date of Incorporation :	1995
Legal Form :	Private Joint Stock Company
Line of Business :	Engaged in the manufacture of drilling fluid additives.

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$ 300,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name : SAUDI EMIRATES PULVERIZATION INDUSTRIES CO (SEPICO)

Country of Origin : Umm Al Quwain, United Arab Emirates

Legal Form : Private Joint Stock Company

Registration Date : 1995

Trade Licence Number : 1025

Issued Capital : UAE Dh 30,000,000

Paid up Capital : UAE Dh 30,000,000

Total Workforce : 40

Line of Business : Manufacturers of drilling fluid additives.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

SAUDI EMIRATES PULVERIZATION INDUSTRIES CO (SEPICO)

ADDRESS

Registered & Physical Address

Location : Mina Rashid, Ahmed Bin Rashid Free Trade Zone

PO Box : 1056

Town : Umm Al Quwain

Country : United Arab Emirates

Telephone : (971-6) 7652889

Facsimile : (971-6) 7652887

Email : sepicomedchem@emirates.net.ae

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Free Trade Zone Area of Umm Al Quwain.

KEY PRINCIPALS

Name Nationality Position

· Mostafa Taghi Iranian Managing Director

· Sheikh Khalid Bin Rashid Al Mulla Emirati Director

LEGAL FORM & OWNERS

Date of Establishment : 1995

Legal Form : Private Joint Stock Company

Trade Licence No. : 1025

Issued Capital : UAE Dh 30,000,000

Paid up Capital : UAE Dh 30,000,000

Name of Shareholder (s)

· Mostafa Taghi

· Sheikh Khalid Bin Rashid Al Mulla

· Rashid Trading

Saudi Arabia

LINE OF BUSINESS

Operations : Engaged in the manufacture of drilling fluid additives.

Production Capacity : 200,000 tonnes per year.

Import Countries : Europe and the Far East.

Subject has a workforce of 40 employees.

FINANCIAL HIGHLIGHTS

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Bank Melli Iran

PO Box : 459

Al Burj Street

Sharjah

Tel : (971-6) 5912222

Fax : (971-6) 5686535

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Established in 1995, subject is involved in the manufacture of drilling fluid additives.

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$ 300,000

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