MIRA INFORM REPORT

Report Date :

28^th February, 2007

IDENTIFICATION DETAILS

Name :	ALIA WOOD PRESSING
Registered Office :	Ajman New Industrial Area, PO Box: 20818, Ajman, United Arab Emirates.
Country :	United Arab Emirates
Date of Incorporation :	27.01.1998
Com. Reg. No.:	14459, Ajman
Legal Form :	Mouassasa Khassa (Sole Proprietorship)
Line of Business :	Engaged in the manufacture of wooden doors, veneer and laminate pressing.

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$ 200,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

SUMMARY

Company Name	ALIA WOOD PRESSING
Country of Origin	Ajman, United Arab Emirates
Legal Form	Sole Proprietorship
Registration Date	27^th January 1998
Commercial Registration Number	14459, Ajman
Membership Number	25554
Invested Capital	UAE Dh 500,000
Total Workforce	25
Line of Business	Manufacturers of wooden doors, veneer and laminate pressing.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

ALIA WOOD PRESSING

ADDRESS

Registered & Physical Address

Location : Ajman New Industrial Area

PO Box : 20818

Town : Ajman

Country : United Arab Emirates

Telephone : (971-6) 7431442

Facsimile : (971-6) 7431464

Mobile : (971-50) 6390752

Email : aliawoodpressing@hotmail.com

Premises

Subject operates from a small suite of offices and a factory that are rented and located in the Industrial Area of Ajman.

KEY PRINCIPALS

Name Nationality Position

· Kashef Mahoud Pakistani Proprietor & General Manager

· Issa Abdullah Emirati Local Sponsor

LEGAL FORM & OWNERS

Date of Establishment : 27^th January 1998

Legal Form : Mouassasa Khassa (Sole Proprietorship)

Commercial Reg. No. : 14459, Ajman

Membership No. : 25554

Invested Capital : UAE Dh 500,000

Mr Kashef Mahoud is the sole proprietor of the business.

Note to the Legal Form

Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.

LINE OF BUSINESS

Operations : Engaged in the manufacture of wooden doors, veneer and laminate pressing.

Import Countries : Europe and the Far East.

Operating Trend : Steady

Subject has a workforce of 25 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 8,700,000 UAE Dh 9,500,000

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

BANKERS

· Commercial Bank of Dubai

Baniyas Street

PO Box : 1709

Deira

Dubai

Tel : (971-4) 2227121 / 2253222

Fax : (971-4) 2220943 / 2254565

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Established in 1998, subject is owned and managed by Mr Kashef Mahoud, a Pakistani national who operates in Ajman under the local sponsorship of Mr Issa Abdullah.

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$ 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