MIRA INFORM REPORT

Report Date :

13.04.2011

IDENTIFICATION DETAILS

Name :	ENVAC MIDDLE EAST FZE
Registered Office :	Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 18053, Dubai
Country :	United Arab Emirates
Date of Incorporation :	05.02.2006
Legal Form :	Free Zone Establishment
Line of Business :	Distributors of cleaning equipment and environmental protection equipment

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 :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United Arab Emirates	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : ENVAC MIDDLE EAST FZE

Country of Origin : Dubai, United Arab Emirates

Legal Form : Free Zone Establishment - FZE

Registration Date : 5^th February 2006

Trade Licence Number : 4320

Chamber Membership Number : 104358

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Total Workforce : 4

Activities : Distributors of cleaning equipment and environmental protection

equipment.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 150,000

COMPANY NAME

ENVAC MIDDLE EAST FZE

company ADDRESS

Registered & Physical Address

Street : Sheikh Zayed Road

Area : Jebel Ali Free Zone

PO Box : 18053

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 8871734

Facsimile : (971-4) 8871735

Email : info@envac.ae

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Bernt Erik Hederen Swedish Managing Director

LEGAL FORM & OWNERS

Date of Establishment : 5^th February 2006

Legal Form : Free Zone Establishment - FZE

Trade Licence No. : 4320 (Expires 04/02/2012)

Chamber Member No. : 104358

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Name of Shareholder (s) Percentage

· Bernt Erik Hederen 100%

AFFILIATED COMPANIES

· Envac Dubai LLC

PO Box: 213452

Dubai

Tel: (971-4) 3415250

Fax: (971-4) 3415251

OPERATIONS

Activities: Engaged in the import and distribution of cleaning equipment and environmental protection equipment.

Import Countries: Europe and the Far East.

Subject has a workforce of 4 employees.

FINANCIAL DATA

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

· Emirates Bank International Ltd

Baniyas Road

Deira

PO Box: 2923

Dubai

Tel: (971-4) 3160316

Fax: (971-4) 2264302

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that the details you provided (PO Box 213452, Dubai, Tel 971-4 3415250, Fax 971-4 3415251) belong to “Envac Dubai LLC” which is a separate legal entity to the subject.

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.72.26
Euro	1	Rs.63.90

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	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.