MIRA INFORM REPORT

Report Date :

3^rd March, 2007

IDENTIFICATION DETAILS

Name :	AL SAHEEH FURNITURE TRADING
Registered Office :	Industrial Area No. 2, PO Box: 28936 & 35721, Sharjah, United Arab Emirates.
Country :	United Arab Emirates
Date of Incorporation :	29.03.2003
Com. Reg. No.:	44730, Sharjah
Legal Form :	Mouassasa Khassa (Sole Proprietorship)
Line of Business :	Engaged in the import and distribution of domestic and laboratory furniture.

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 :	Regular
Litigation :	Clear

SUMMARY

Company Name	AL SAHEEH FURNITURE TRADING
Country of Origin	Sharjah, United Arab Emirates
Legal Form	Sole Proprietorship
Registration Date	29^th March 2003
Commercial Registration Number	44730, Sharjah
Trade Licence Number	518776
Membership Number	58074
Invested Capital	UAE Dh 50,000
Total Workforce	30
Line of Business	Distributors of domestic and laboratory furniture.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

AL SAHEEH FURNITURE TRADING

ADDRESS

Registered & Physical Address

Location : Industrial Area No. 2

PO Box : 28936 & 35721

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 5420709

Facsimile : (971-6) 5431939 / 5420709

Email : joy_t@emirates.net.ae

Premises

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

KEY PRINCIPALS

· Jassim Ghulam Abdul Karim Ali Proprietor & General Manager

· Joy Thomas Assistant General Manager

LEGAL FORM & OWNERS

Date of Establishment : 29^th March 2003

Legal Form : Mouassasa Khassa (Sole Proprietorship)

Commercial Reg. No. : 44730, Sharjah

Trade Licence No. : 518776 (Expires 26^th March 2007)

Membership No. : 58074

Invested Capital : UAE Dh 50,000

Mr Jassim Ghulam Abdul Karim Ali 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 import and distribution of domestic and laboratory furniture.

Import Countries : Europe and the Far East.

Operating Trend : Steady

Subject has a workforce of 30 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 9,800,000

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

BANKERS

· Abu Dhabi Commercial Bank

Mina Road

PO Box : 4377

Sharjah

Tel : (971-6) 5737000

Fax : (971-6) 5725331

Acc No. 252208020001

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Established in 2003, subject is owned and managed by Mr Jassim Ghulam Abdul Karim Ali who is well respected in the local business community.

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

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