MIRA INFORM REPORT

Report Date :

17.05.2007

IDENTIFICATION DETAILS

Name :	BELTEXCO LIMITED

Registered Office :	Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 16969, Dubai

Country :	United Arab Emirates

Date of Incorporation :	16^th March 1991

Legal Form :	Branch of a Foreign Registered Corporation

Line of Business :	Engaged in the manufacture of PVC and latex dipped lined gloves and other industrial safety 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 :	US$ 200,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUMMARY

Company Name : BELTEXCO LIMITED

Country of Origin : China

Legal Form : Branch of a Foreign Registered Corporation

Registration Date : 16^th March 1991

Trade Licence Number : 575

Membership Number : 20665

Total Workforce : 240

Line of Business : Manufacturers of PVC and latex dipped lined gloves and other

industrial safety products.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

BELTEXCO LIMITED

ADDRESS

Registered & Physical Address

Street : Sheikh Zayed Road

Area : Jebel Ali Free Zone

PO Box : 16969

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 8815733 / 8860027

Facsimile : (971-4) 8816306 / 8860028

Email : beltexco@emirates.net.ae

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Jebel Ali Free Zone Area of Dubai.

KEY PRINCIPALS

Name Nationality Position

· Mustafa Moosa Qassim Somji Tanzanian General Manager

LEGAL FORM & OWNERS

Date of Establishment : 16^th March 1991

Legal Form : Subject is the United Arab Emirates registered branch of Beltexco Limited, a

Limited Liability Company incorporated in China.

Beltexco Limited in the United Arab Emirates, operates as a Branch of a

Foreign Registered Corporation.

A Branch of a Foreign Registered Corporation is not a legal entity in its own right.

Responsibility for payments lays in the hands of the company where it is originally

registered.

Under these circumstances, we strongly advise that any international trade credit should

only be written under the name of the main company where the subject holds its

registered office, in this case China.

Trade Licence No. : 575 (Expires 14^th November 2007)

Membership No. : 20665

LINE OF BUSINESS

Operations : Engaged in the manufacture of PVC and latex dipped lined gloves and other industrial safety products.

Import Countries : Europe and China.

Subject has a workforce of approximately 240 employees.

FINANCIAL HIGHLIGHTS

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Mashreq Bank Plc

Deira Branch

PO Box : 1250

Dubai

Tel : (971-4) 2229131 / 2221134

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 150,000

Established in 1991, subject is involved in the manufacture of PVC and latex dipped lined gloves and other industrial safety products.

Any credit amount that is to be offered to this company should be written under the name of “Beltexco Limited” and directed to the companies head office address in China.

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