MIRA INFORM REPORT

Report Date :

08.12.2011

IDENTIFICATION DETAILS

Name :	ELTEK VALERE MEA DMCC

Registered Office :	Saba Tower 1, 14^th Floor, Office No. 1401, Jumeirah Lakes Towers, P O Box 18119, Dubai

Country :	United Arab Emirates

Date of Incorporation :	08.04.2010

Com. Reg. No.:	2226, Dubai

Legal Form :	Free Zone Company

Line of Business :	Distributors of power generation, transmission and distribution equipment and telecommunication equipment

No. of Employees :	5 Persons

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 40,000
Status :	Small Company
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United Arab Emirates

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

SUMMARY

Company Name : ELTEK VALERE MEA DMCC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Free Zone Company – FZ LLC

Registration Date : 8^th April 2010

Commercial Registration Number : 2226, Dubai

Trade Licence Number : 31342

Chamber Membership Number : 181739

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 5

Activities : Distributors of power generation, transmission and distribution

equipment and telecommunication equipment.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 40,000

COMPANY NAME

ELTEK VALERE MEA DMCC

company ADDRESS

Registered & Physical Address

Location : Saba Tower 1, 14^th Floor, Office No. 1401, Jumeirah Lakes Towers

PO Box : 18119

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 4404966

Facsimile : (971-4) 4404965

Email : quincy.dsouza@eltekvalere.com / salesmea@eltekvalere.com

Premises

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

KEY PRINCIPALS

Name Position

· Jansigurd Rowsen General Manager

· Stephen Leonard Operations Manager

LEGAL FORM & OWNERS

Date of Establishment : 8^th April 2010

Legal Form : Free Zone Company – FZ LLC

Commercial Reg. No. : 2226, Dubai

Trade Licence No. : 31342 (Expires 07/04/2012)

Chamber Member No. : 181739

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Eltek Valere AS 100%

3036 Drammen

Norway

Tel : (47) 32203200

Fax : (47) 32203210

AFFILIATED COMPANIES

· Eltek Valere FZCO

Jebel Ali Free Zone

Dubai

Tel : (971-4) 8871176

Fax : (971-4) 8871175

OPERATIONS

Activities: Engaged in the import and distribution of power generation, transmission and distribution equipment and telecommunication equipment.

Import Countries: Europe and the Far East.

Subject has a workforce of 5 employees.

FINANCIAL DATA

Subject is a newly formed business and as a result financial information is not currently available.

BANKERS

· National Bank of Dubai

Baniyas Street

PO Box : 777

Dubai

Tel : (971-4) 2222241

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.45
UK Pound	1	Rs.80.38
Euro	1	Rs.69.12

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