MIRA INFORM REPORT

Report Date :

28^th February, 2007

IDENTIFICATION DETAILS

Name :	AGRI COMMODITIES & FINANCE FZE
Registered Office :	208/B Twin Towers, Deira, PO Box: 40410, Dubai, United Arab Emirates.
Country :	United Arab Emirates
Date of Incorporation :	2002
Legal Form :	Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Line of Business :	Engaged in the import and distribution of agricultural products, including chemicals and fertilizers.

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$ 150,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

SUMMARY

Company Name	AGRI COMMODITIES & FINANCE FZE
Country of Origin	Dubai, United Arab Emirates
Legal Form	Free Zone Establishment - FZE
Registration Date	2002
Issued Capital	UAE Dh 1,000,000
Paid up Capital	UAE Dh 1,000,000
Total Workforce	4
Line of Business	Distributors of agricultural products.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

AGRI COMMODITIES & FINANCE FZE

ADDRESS

Registered & Physical Address

Location : 208/B Twin Towers

Area : Deira

PO Box : 40410

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2238801

Facsimile : (971-4) 2238861

Email : sales@acfdxb.com

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

· Pheeraj Purohit Managing Director

LEGAL FORM & OWNERS

Date of Establishment : 2002

Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Name of Shareholder (s) Percentage

· Pheeraj Purohit 100%

Note to the Legal Form

A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.

Such establishments must have a capital of at least UAE Dh 1 million and liability will be limited to the amount of paid-up capital. A FZE need only have a single shareholder and is an independent legal entity.

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, i.e. minimum of 51 % equity in the capital.

LINE OF BUSINESS

Operations: Engaged in the import and distribution of agricultural products, including chemicals and fertilizers.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 4 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 3,900,000 UAE Dh 4,480,000

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

BANKERS

· Standard Chartered Bank

Khalid Bin Waleed Street

PO Box : 999

Dubai

Tel : (971-4) 2520455

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Established in 2002, subject is involved in the import and distribution of agricultural products, including chemicals and fertilizers.

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