MIRA INFORM REPORT

Report Date :

1^st March, 2007

IDENTIFICATION DETAILS

Name :	AUTO ANCILLARIES MANUFACTURING COMPANY FZC
Registered Office :	Roundabout No. 9, Umm Al Quwain Road, Hamriyah Free Zone, PO Box: 41680, Sharjah, United Arab Emirates.
Country :	United Arab Emirates
Date of Incorporation :	15.04.2001
Legal Form :	Free Zone Company - FZC
Line of Business :	Engaged in the manufacture of leaf springs, U-bolts, under carriage components and other automotive products.

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$ 250,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

SUMMARY

Company Name	AUTO ANCILLARIES MANUFACTURING COMPANY FZC
Country of Origin	Sharjah, United Arab Emirates
Legal Form	Free Zone Company - FZC
Registration Date	15^th April 2001
Trade Licence Number	205
Membership Number	800079
Issued Capital	UAE Dh 550,000
Paid up Capital	UAE Dh 550,000
Total Workforce	65
Line of Business	Manufacturers of leaf springs, U-bolts, under carriage components and other automotive products.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

AUTO ANCILLARIES MANUFACTURING COMPANY FZC

ADDRESS

Registered & Physical Address

Location : Roundabout No. 9

Street : Umm Al Quwain Road

Area : Hamriyah Free Zone

PO Box : 41680

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 5263452

Facsimile : (971-6) 5263155

Email : auto_anc@emirates.net.ae

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Hamriyah Free Zone Area of Sharjah.

KEY PRINCIPALS

Name Nationality Position

· Baljeet Kaur Obroi Indian Managing Director

· Harmit Kaur Obroi Indian Director

· Rajbery Singh Indian Director

· Parasad Krishina - Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 15^th April 2001

Legal Form : Free Zone Company - FZC

Trade Licence No. : 205 (Expires 31^st December 2007)

Membership No. : 800079

Issued Capital : UAE Dh 550,000

Paid up Capital : UAE Dh 550,000

Name of Shareholder (s)

· Baljeet Kaur Obroi

· Harmit Kaur Obroi

· Rajbery Singh

AFFILIATED COMPANIES

· Time Machine Holdings Corp

British Virgin Islands

· Kobe Suspensions Co

India

· Bolton India

India

· Auto Ancillaries Ltd

Kenya

· Auto Ancillaries (PVT) Ltd

Botswana

LINE OF BUSINESS

Operations : Engaged in the manufacture of leaf springs, U-bolts, under carriage components and other automotive products.

Import Countries : Brazil, Turkey, India, South Korea and Japan.

Operating Trend : Steady

Subject has a workforce of 65 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 11,800,000 UAE Dh 12,470,000

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

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

Established in 2001, subject is involved in the manufacture of leaf springs, U-bolts, under carriage components and other automotive products.

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$ 250,000

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