MIRA INFORM REPORT

Report Date :

20.09.2007

IDENTIFICATION DETAILS

Name :	PUNJ LLOYDS LTD
Registered Office :	Al Ghaith Tower, P O Box – 28907, Abu Dhabi,
Country :	United Arab Emirates
Date of Incorporation :	20.05.2002
Com. Reg. No.:	50175, Abu Dhabi
Legal Form :	Limited Liability Company
Line of Business :	Subject is an engineering construction company providing integrated design, engineering, procurement, construction and project management services for energy industry and infrastructure sector projects.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	US$ 750,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name : PUNJ LLOYDS LTD

Country of Origin : Abu Dhabi, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 20^th May 2002

Commercial Registration Number : 50175, Abu Dhabi

Economic Department Number : 1001273

Membership Number : 92955

Issued Capital : UAE Dh 250,000

Paid up Capital : UAE Dh 250,000

Total Workforce : 1,750

Line of Business : Engineering construction company

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

PUNJ LLOYDS LTD

ADDRESS

Registered & Physical Address

Location : Al Ghaith Tower

PO Box : 28907

Town : Abu Dhabi

Country : United Arab Emirates

Telephone : (971-2) 6261604 / 6261448

Facsimile : (971-2) 6267789

Email : pllme@punjlloyd.com

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Abu Dhabi.

KEY PRINCIPALS

Ravendera Kamfel General Manager

Nichpal Agrawal Assistant General Manager

V. Santosh Procurement Manager

LEGAL FORM & OWNERS

Date of Establishment : 20^th May 2002

Legal Form : Limited Liability Company

Commercial Reg. No. : 50175, Abu Dhabi

Economic Dept. No. : 1001273

Membership No. : 92955

Issued Capital : UAE Dh 250,000

Paid up Capital : UAE Dh 250,000

Name of Shareholder (s)

Punj Lloyds Ltd

78 Institutional Area

Sector 32

Gurgaon 122001

India
Tel: (91-124) 2620123

Fax: (91-124) 2620111

Jamal Mussalam Maktoom Rashid

LINE OF BUSINESS

Operations: Subject is an engineering construction company providing integrated design, engineering, procurement, construction and project management services for energy industry and infrastructure sector projects.

Import Countries: India

Subject has a workforce of approximately 1,750 employees.

FINANCIAL HIGHLIGHTS

Companies registered in Abu Dhabi, 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

Sheikh Khalifa Street

PO Box : 858

Abu Dhabi

Tel: (971-2) 6332300

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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

Punj Lloyds Ltd was established in Abu Dhabi in 2002 and is a leading engineering construction company.

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk and the above credit figure is within subject’s financial means.

Maximum suggested credit figure: US$ 750,000

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.	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