MIRA INFORM REPORT

Report Date :

27.07.2007

IDENTIFICATION DETAILS

Name :	BIKRAM INDUSTRIES INTERNATIONAL FZC

Registered Office :	Saif Zone, P O Box 8739, Sharjah

Country :	United Arab Emirates

Date of Incorporation :	1^st March 2004

Legal Form :	Free Zone Company – FZC

Line of Business :	Engaged in the provision of interior decoration and building maintenance services.

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$ 150,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUMMARY

Company Name : BIKRAM INDUSTRIES INTERNATIONAL FZC

Country of Origin : Sharjah, United Arab Emirates

Legal Form : Free Zone Company - FZC

Registration Date : 1^st March 2004

Trade Licence Number : 030402154

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Total Workforce : 200

Line of Business : Providers of interior decoration and building maintenance services.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

BIKRAM INDUSTRIES INTERNATIONAL FZC

ADDRESS

Registered & Physical Address

Location : Saif Zone

PO Box : 8739

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 5571118

Facsimile : (971-6) 5571990

Email : bik-ind@emirates.net.ae

Premises

Subject operates from a large suite of offices that are rented and located in the Saif Zone Area of Sharjah.

KEY PRINCIPALS

· Bikram Singh Managing Director

· Gurnam Singh Director

· Paramjeet Singh Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 1^st March 2004

Legal Form : Free Zone Company - FZC

Trade Licence No. : 030402154

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Name of Shareholder (s)

· Bikram Singh

· Gurnam Singh

Note to the Legal Form

A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.

This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.

LINE OF BUSINESS

Operations : Engaged in the provision of interior decoration and building maintenance services.

Subject has a workforce of approximately 200 employees.

FINANCIAL HIGHLIGHTS

Companies registered in Sharjah, 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

· Habib Bank AG Zurich

Immigration Road

PO Box : 1166

Sharjah

Tel : (971-6) 5730004

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Established in 2004, subject acts as providers of interior decoration and building maintenance services.

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$ 150,000

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