MIRA INFORM REPORT

Report Date :

1^st March, 2007

IDENTIFICATION DETAILS

Name :	F. MOUAWAD

Registered Office :	Pelikaanstraat 62, 2018 Antwerpen Be

Country :	Belgium

Financials (as on) :	31.12.2005

Date of Incorporation :	28.10.2004

Com. Reg. No.:	73014, KBO – BCE

Legal Form :	Private company with limited liability

Line of Business :	Wholesale of miscellaneous intermediate products.

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 :	2500 EUR

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Company Name & Address

F. MOUAWAD

PELIKAANSTRAAT 62

2018 ANTWERPEN BE

Tel. Number +32-3-2342488

Business founded

28 October 2004

Business registered

28 October 2004 - Private company with limited liability

Business last updated

31 December 2005

Registration number

73014, KBO – BCE

Value Added Tax number

BE869936679

Judicial form

Private company with limited liability

Activities

Wholesale of miscellaneous intermediate products

Payment experience

No complaints have been registered

Credit opinion

Maximum credit limit : 2500 EUR is advised

Cash situation (balance sheet analysis) : Normal

Profitability (balance sheet analysis) : Medium

Commitments (regarding contractual obligations) : Currently fulfilled

Payment defaults : None

Employees (Business)

1 2

Total share capital

31 December 2005 EUR 20000,00

Bank

RESERVED N°

Boardmembers

MOUAWAD FADI Manager

Management

BAASIRI KINDA Partner

MOUAWAD FADI Partner

The business owns or partly owns one or more pieces of land and buildings? Yes(Property)

PER, period regarding TUn, TRn, TXn, CPI or CPN: 00 0000 - 31 December 2005 in EUR 5.093.322,00
Not consolidated profit and loss turnover of the business:

PER, period that the financial account covers for not consolidated balance sheet.: 00 0000 - 31 December 2005 in EUR
Total assets incl. prepaid expenses and accrued income	1.469.149,-
Total fixed assets	36.881,-
Total tangible fixed assets	34.501,-
Plant, machinery and equipment	2.669,-
Total financial fixed assets	2.380,-
Total Current assets	1.432.268,-
Inventories and work in progress (incl. prepayments)	163.721,-
Accounts receivable (trade)	1.128.369,-
Cash in hand and at bank	140.003,-
Total accrued income and prepaid expenses	175,-
Total equity, provisions, liabilities, accrued expenses and deferred income	1.469.149,-
Total equity (Shareholders' funds)	26.124,-
Issued (subscribed) capital	20.000,-
Profit reserves	5.804,-
Legal reserves	320,-
Total liabilities	1.443.025,-
Total current liabilities	1.443.025,-
Current accounts payable (trade)	1.439.278,-
Income and social tax liabilities	3.747,-

PER, period that the financial account covers for not consolidated profit and loss account.: 00 0000 - 31 December 2005 in EUR
Main revenue (sales/turnover)	5.093.322,-
Cost of goods sold (operational format)	5.056.807,-
Personnel costs	937,-
Depreciation	5.419,-
Operating profit or loss	41.363,-
Financial income	328.417,-
Financial expenses	-360.525,-
Result of ordinary operations	9.255,-
Extraordinary result	9.255,-
Taxes	-3.131,-
Net profit or loss	6.124,-
Borrowing ratio	5523,75 %
Current ratio	99,25 %
Profit margin.	0,91 %
Quick ratio	87,89 %
Return on assets	25,53 %
Return on equity.	23,44 %
Solidity or equity ratio	1,77 %

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