MIRA INFORM REPORT

Report Date :

13.09.2007

IDENTIFICATION DETAILS

Name :	SIMPLEX INFRASTRUCTURES LIMITED

Registered Office :	Ghurair Real Estate Building, 1^st Floor, Office No. 118, Dubai

Country :	United Arab Emirates

Date of Incorporation :	17^th June 2006

Com. Reg. No.:	81580

Legal Form :	Branch of a Foreign Registered Corporation

Line of Business :	Engaged as piling and foundation contractors.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

SUMMARY

Company Name : SIMPLEX INFRASTRUCTURES LIMITED

Country of Origin : India

Legal Form : Branch of a Foreign Registered Corporation

Registration Date : 17^th June 2006

Commercial Registration Number : 81580

Trade Licence Number : 582600

Membership Number : 108561

Issued Capital : UAE Dh 500,000,000

Paid up Capital : UAE Dh 500,000,000

Total Workforce : 100

Line of Business : Piling and foundation contractors.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

SIMPLEX INFRASTRUCTURES LIMITED

ADDRESS

Registered & Physical Address

Location : Ghurair Real Estate Building, 1^st Floor, Office No. 118

Town : Dubai

Country : United Arab Emirates

Premises

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

KEY PRINCIPALS

· Ametafa Joushi General Manager

LEGAL FORM & OWNERS

Date of Establishment : 17^th June 2006

Legal Form : Subject is the United Arab Emirates registered branch of Simplex

Infrastructures Limited, a Limited Liability Company incorporated in India.

Simplex Infrastructures 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 India.

Commercial Reg. No. : 81580

Trade Licence No. : 582600

Membership No. : 108561

Issued Capital : UAE Dh 500,000,000

Paid up Capital : UAE Dh 500,000,000

LINE OF BUSINESS

Operations : Engaged as piling and foundation contractors.

Subject has a workforce of 100 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

· Bank of Baroda

PO Box : 3162

Dubai

Tel : (971-4) 5531955

Fax : (971-4) 5536962

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Investigations undertaken in Dubai did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.

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

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.	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