MIRA INFORM REPORT

Report Date :

12.01.2011

IDENTIFICATION DETAILS

Name :	SKYLAND INTERNATIONAL LTD.

Registered Office :	1 Ben Gurion Road, B.S.R. Tower 2, Bnei Brak, 51201

Country :	Israel

Date of Incorporation :	26.10.2005

Legal Form :	Private Limited Company

Line of Business :	International Traders, Importers, Marketers and Exporters of Raw Material for the Chemical Industry

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 25,000.
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Company name & address

SKYLAND INTERNATIONAL LTD.

Telephone 972 73 799 78 76

Fax 972 73 799 78 70

1 Ben Gurion Road, B.S.R. Tower 2, BNEI BRAK, 51201 ISRAEL

HISTORY & LEGAL FORMATION

A private limited company, incorporated as per file No. 51-374295-7 on the 26.10.2005.

SHARE CAPITAL

Authorized share capital NIS 100,000.00, divided into -

100,000 ordinary shares of NIS 1.00 each,

of which shares amounting to NIS 100.00 were issued.

SHAREHOLDERS

Subject is fully owned by SKYLAND HOLDINGS LTD., fully owned by Shmuel Gommer.

SOLE DIRECTOR AND GENERAL MANAGER

Shmuel Gommer.

BUSINESS

International traders, importers, marketers and exporters of raw material for the chemical industry.

Sales for export are in relative small amounts.

Trade is mainly with Russia and other former Soviet Republic states.

Amongst clients: TAMBOUR, HADERA PAPER, SOLEL BONEH, CHEMOCRETE, MAKHTESHIM AGAN INDUSTRIES, and more.

All purchase is from import.

Sole local representative of (main ones):

· VOLZHSKY, SOLIKAMSKBUMTRON, POLYPLAST, all of Russia,

· TEMBEC, of Canada.

Operating from owned office premises, on an area of 200 sq. meters, in 1 Ben Gurion Road, B.S.R. Tower 2, Bnei Brak.

Having 2 employees in subject and 7 employees in Group.

MEANS

Work is according to orders

Other financial data not forthcoming.

There are no charges registered on the company's assets.

ANNUAL SALES

2007 sales claimed to be NIS 5,000,000, of which 10% were for export.

2008 sales claimed to be NIS 5,000,000, of which 10% were for export.

Sales for the first 6 months of 2009 claimed to be NIS 4,000,000.

OTHER COMPANIES

· SKYLAND HOLDING LTD., parent company.

· SKYLAND LTD. sister company, established January 2000, international forwarders, mainly from and to the former Soviet Republic states.

BANKERS

Mizrahi Tefahot Bank Ltd., Kikar Hamedina Branch (No. 410), Tel Aviv, account No. 274067.

A check with the Central Banks' database did not reveal any negative information regarding subject's a/m account.

CHARACTER AND REPUTATION

Nothing unfavorable learnt.

Importers of chemicals for the local industry have been enjoying from the growth in the local related industries in the recent years, mainly the plastic, pharmaceutical and chemical branches.

Growth trend is expected to be halted in 2009 in part of the chemical segments, due to the current slow-down in the global markets, resulting from the financial and credit crisis in world market

According to the Central Bureau of Statistics, import of chemical raw materials for the local industries increased in 2008 by 21.5% comparing to 2007, summing up to US$ 4,395.9 million. In the first half of 2009 import of chemical raw materials noted 23% decrease (to US$ 1,650.1 million) comparing to the parallel period in 2008, reflecting the slow down trend in local economy, part of the global recession.

SUMMARY

Good for trade engagements.

Maximum unsecured credit recommended US$ 25,000.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

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%)

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.