MIRA INFORM REPORT

Report Date :

28^th February, 2007

IDENTIFICATION DETAILS

Name :	BLACK ROSE TRADING LLC
Registered Office :	Real Estate Department Building, Al Faheidi Street, Al Souq Al Kabir, P O Box 28939, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2005
Date of Incorporation :	26.04.1998
Com. Reg. No.:	52184
Legal Form :	Limited Liability Company - LLC
Line of Business :	Import and distribution of ready made garments and textiles, footwear, handbags and leather products, suitcases and travel requisites, perfumes and cosmetics, imitation jewellery, giftware, toys and games.

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$ 100,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name	BLACK ROSE TRADING LLC
Country of Origin	Dubai, United Arab Emirates
Legal Form	Limited Liability Company - LLC
Registration Date	26^th April 1998
Commercial Registration Number	52184, Dubai
Trade Licence Number	505121
Membership Number	49270
Issued Capital	UAE Dh 300,000
Paid up Capital	UAE Dh 300,000
Total Workforce	5
Line of Business	Distributors of ready made garments, footwear, luggage, perfumes and toys.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

BLACK ROSE TRADING LLC

ADDRESS

Registered & Physical Address

Building : Real Estate Department Building

Street : Al Faheidi Street

Area : Al Souq Al Kabir

PO Box : 28939

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3537755 / 2264498

Facsimile : (971-4) 3536261 / 2251093

Email : info@blackrose.co.ae

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Harish Gobindram Bulchandani Indian Managing Director

· Kailash Harish Bulchandani Indian Director

· Ali Humaid Obaid Abed Al Shamsi Emirati Director

· Vishwas Hedaoo - Administration Manager

LEGAL FORM & OWNERS

Date of Establishment : 26^th April 1998

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

Commercial Reg. No. : 52184, Dubai

Trade Licence No. : 505121 (Expires 20^th April 2007)

Membership No. : 49270

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Ali Humaid Obaid Abed Al Shamsi 51%

· Harish Gobindram Bulchandani 25%

· Kailash Harish Bulchandani 24%

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 300,000, 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.

Non UAE Participation

The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.

It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.

Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.

AFFILIATED COMPANIES

· Royal Apple Trading

Real Estate Department Building

Al Rifaa Street

PO Box: 48958

Dubai

Tel: (971-4) 3334622 / 3536261

Fax: (971-4) 3200571

LINE OF BUSINESS

Operations : Engaged in the import and distribution of ready made garments and textiles, footwear, handbags and leather products, suitcases and travel requisites, perfumes and cosmetics, imitation jewellery, giftware, toys and games.

Import Countries : Korea, Indonesia, China and Europe.

International Suppliers:

· Dream Impact Korea

· OTC Sehan Indonesia

· Shaoxing Ltd China

Operating Trend : Steady

Subject has a workforce of 5 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 3,050,000 UAE Dh 3,215,000

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

BANKERS

· Habib Bank Ltd

Murshid Bazaar

PO Box : 888

Dubai

Tel : (971-4) 2221281

Fax : (971-4) 2284631

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Established in 1998, subject is owned and managed by Mr Harish Gobindram Bulchandani and Mr Ali Humaid Obaid Abed Al Shamsi, who are Indian nationals operating in Dubai under the local sponsorship of Mr Ali Humaid Obaid Abed Al Shamsi.

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

Maximum suggested credit figure: US$ 100,000

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