MIRA INFORM REPORT

Report Date :

17.08.2011

IDENTIFICATION DETAILS

Name :	DRTS ENTERPRISES LTD
Registered Office :	7979 Stromesa Ct Suite A, San Diego, California, 92126
Country :	United Srates
Year of Establishment :	1994
Legal Form :	Limited Company
Line of Business :	Drip irrigation machinery and technology

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 :	USD 165,000
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United States	A1	A1

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

GEOPOLITICS - UNITED STATES
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Normal	Currency: USD Branch Situation:Stable

IDENTIFICATION
Legal Name:	Drts Enterprises Ltd
Legal Address	7979 Stromesa Ct Suite A, San Diego, California, 92126, USA
Telephone:	+1 858 270 7244	ID :	C1934155
Fax:	+1 858 566 3747	Legal Form:	Limited Company
Email:	info@drts.com	Registered in:	California
Website:	www.drts.com	Date Created:	1994
Manager:	Doron Mamo, President	Date Incorporated:	April 27th 1995
Staff:	20	Stock:	NA
		Value:	NA
Activity:	Drip irrigation machinery and technology

BANKS
Name of the Bank	Union Bank
BUSINESS
HISTORY
	This company was created in the year 1994.
PRINCIPAL ACTIVITY
	Drip irrigation machinery and technology to independent drip irrigation manufacturers large and small. Turnkey production lines for a variety of drip irrigation products. They export and install in the following countries: Australia Bulgaria Chile China Ecuador Egypt Greece Hungary India Italy Jordan Kuwait Mexico Morocco Saudi Arabia South Africa Spain Tunisia Turkey Turkmenistan
Products/Services description:
	The company sells dripper insertion equipment, dripper perforation equipment, drip tubing coiling equipment, as well as a variety of inline drip emitters such as PC drippers, flat drippers, turbulent flow emitters and non-leakage (CNL) drippers. Also, production lines for producing drip tape, cylindrical dripper tubing, and thin walled flat dripper tubing. They provide as well, quality control equipment such as a fully automatic dripper flowtester capable of testing drip tubing or only drippers for injection and assembly quality control.
Sales are:
	Wholesale, Retail
Clients:
	Independent drip irrigation manufacturers large and small.
Operations area:
	National, International
The company export to Australia, Bulgaria, Chile, China, Ecuador, Egypt, Greece, Hungary, India, Italy, Jordan, Kuw
The subject employs 20 employee(s)
PAYMENTS
	regular
Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a privately held company. Doron Mamo is the main shareholder.
Management:
	Doron Mamo, President Revi Mamo, CFO Mary Joe, Accountant
Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted Revi Mamo, CFO, who provided us with the following data:
Currency		DATE
USD		2010
Turnover		10,000,000
The cash flow is		NORMAL

Comments on the financial data: For the year 2008 there is a turnover determined in the range of USD 620,000. As it was not confirmed by the company itself, we suggest avoiding any credit consideration regarding that information. Mr. Revi Mamo, CFO, kindly provided an estimated figure for the most recent period ended (2010).

Legal Fillings

There are 3 UCCs files listed with the Secretary of State of California.

There are no legal filings listed with the District Court.

For information:

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating
Local credit bureau gave a Correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	Drts Enterprises Ltd is a small sized US company as it currently has a staff of 20 employees. It was incorporated for business in 1994. Therefore, it has more than 16 years of experience. The company provides drip irrigation machinery and technology to independent drip irrigation manufacturers. There were no legal filings found against the company or its legal representatives. The income per employee remains pretty fair for the company’s size. Credit line may be considered for USD 165,000-.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	NORMAL

APPENDIX
Person Interviewed
	Revi Mamo
Position
	CFO
Comments
	We have reached the operator who provided us the shareholder information and an email address for us to ask for further information. Then, we contacted Revi Mamo by email and he provided us with the following data: Address Employees Sales for 2010 Banks Payments to suppliers

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.24
UK Pound	1	Rs.73.88
Euro	1	Rs.65.06

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
--	NB	New Business	--

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%)

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