MIRA INFORM REPORT

Report Date :

25.07.2011

IDENTIFICATION DETAILS

Name :	KNIGHTSBRIDGE CHEMICALS FZE

Formerly Known As :	Nimir Specialty Chemicals FZE

Registered Office :	Hamriyah Free Zone, Plot No ID-03/04, P.O. Box : 41671, Sharjah

Country :	United Arab Emirates

Date of Incorporation :	31.08.2002

Legal Form :	Free Zone Establishment

Line of Business :	Manufacturers and distributors of polyester resins

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 :	Dh 1,500,000

Status :	Moderate

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 Arab Emirates

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

COMPANY NAME

Knightsbridge Chemicals FZE (Correct)

Nimir Specialty Chemicals FZE (Requested)

COMPANY ADDRESS

Area : Hamriyah Free Zone, Plot No ID-03/04

P.O. Box : 41671

Town : Sharjah

Country : United Arab Emirates

Telephone : (971 6) 526 3922 / (971 50) 481 0742 (Mobile)

Fax : (971 6) 526 3923

E-Mail : nsc@nimir.com / cristobal.bucu@nimir.com

Formerly known as : Nimir Specialty Chemicals FZE

SENIOR COMPANY PERSONNEL

Name Position

1. Lui Mar Aguiler Plant Manager

2. Mohammed Afzal Financial Manager

3. Cristobal Bucu Administration Officer

Total Employees : 70

PAYMENTS

No complaints have been heard regarding payments from local suppliers

or banks.

Subject is a member of the Knightsbridge Group (sales in the region

of US$ 60 million) and one of the leading regional manufacturers of

unsaturated polyester resins (UPR).

Associations inspire confidence and we consider it is acceptable to

deal with subject for MEDIUM amounts.

Opinion on maximum credit : Dh 1,500,000

Trade risk assessment : Normal

PRINCIPAL BANKERS

NAME : ABU DHABI COMMERCIAL BANK

Branch : Al Mina Road

P.O. Box : 4377

Town : Sharjah

Telephone: (971 6) 554 2211

Fax : (971 6) 536 9511

The company also has an account with :

Habib Bank AG Zurich

Immigration Road,

Al Qasmiyah

PO Box 1166

Sharjah

Telephone : (971 6) 568 4464 / 573 0004

Fax : (971 6) 568 5958

FINANCIAL INFORMATION

Private companies in United Arab Emirates are not required to

publish or disclose balance sheets. However, the subject

interviewed offered the following information (latest available) * :

Sales Turnover : Dh 57,000,000 - 2005 - exact

: Dh 60,000,000 - 2006 - exact

: Dh 82,000,000 - 2007 - exact

Net Profit : Dh 6,000,000 - 2005 - exact

: Dh 7,500,000 - 2006 - exact

: Dh 10,000,000 - 2007 – exact

* Subject’s Financial Manager is currently away on prolonged holiday and during his absence staff are not authorised to divulge any financial information regarding the company.

The following is the consolidated information (latest available) :

Sales Turnover : US DLRS 60,000,000 - 2005 - exact

: US DLRS 54,000,000 - 2006 - exact

: US DLRS 63,000,000 - 2007 - exact

Net Profit : not given but stated to be profitable

Financial year ends 31 December.

* 2009-2010 financial results could not be obtained at present as subject’s Financial Manager is currently on holiday.

LEGAL STATUS AND HISTORY

Date Started : 31 August 2002

History : Subject was established in Sharjah on 31 August 2002 under the name Nimir Specialty Chemicals FZE. In January 2004 subject commenced commercial production. On 27 February 2011, subject changed its name to Knightsbridge Chemicals FZE, its present style.

Trade License No. : 0356 (expiry date : 30 August 2011)

Capital : Dh 500,000

Free Zone Establishment (single shareholder limited liability

company) with the following shareholders :

Knightsbridge Chemicals Limited (NCCL) 100%

Sofia House

1st Floor, 48 Church Street

Hamilton HM12

Bermuda

(subsidiary of Knightsbridge Investments Ltd, Bermuda)

* According to Hamriyah Free Zone Authority, which was established

by an Emiry decree in November 12, 1995, Free Zone Establishment

(FZE) incorporated in Hamriyah Free Zone is a single shareholder

limited liability company. A Free Zone Company (FZC) can have

multiple shareholders (maximum 5 shareholders) who can be either

foreign individuals or a corporate body. The minimum capital

requirement for incorporating a Free Zone Establishment (FZE) or Free

zone Company (FZC) is Dhs.150,000 (Approximately US$ 40,000).

Affiliated companies of Nimir Speciality Chemicals FZE :

Associates

1. Knightsbridge Chemicals Ltd

(formerly known as Nimir Speciality Chemicals Ltd)

9th Floor, Office 1B, Al Attar Business Tower

Sheikh Zayed Road

P.O. Box: 114408

Dubai

Tel: (971 4) 332 9410

Fax: (971 4) 332 9710

2. Nimir Chemicals Pakistan Ltd. (NCPL)

51 Industrial Area Gulberg- II

Lahore 54660

Pakistan

Tel: (92 42) 571 8001-8

Fax: (92 42) 571 8013

3. Industrial Chemicals & Resins LLC

B882, Jebel Ali Industrial Area 2

P.O. Box No. 34398

Dubai

Tel: (971 4) 880 1516

Fax: (971 4) 880 1192

Established in 2000, manufactures a wide range of long,

medium and short oil alkyds as well as thermoplastic resins

and styrenated acrylics for most of the leading paint

manufacturers in the region.

Its local sponsor in Dubai is Galadari & Sons.

4. Nimir Industrial Chemicals Ltd

51 Industrial Area Gulberg- II

Lahore 54660

Pakistan

Tel: (92 42) 571 8001-8

Fax: (92 42) 571 8013

5. International Chemicals Company SAE

19 El Batal Ahmed Abdel Aziz Street

Mohandessen, Giza

Cairo

Egypt

Tel: (20 2) 3345 7818

Fax: (20 2) 3305 3954

Incorporated in 1996 with commercial production starting a year

later. The company is the only manufacturer of sodium tri poly

phosphate (STPP) in Egypt with a production capacity of 24,000

TPA. Over half of its production of STPP is sold to manufacturers

of ceramic tiles in Egypt, with the balance going to leading

detergent producers

6. Nimir Resins Ltd. (NRL)

Located near Lahore, Pakistan.

The oldest company in the Group, one of the leading manufacturers

of paint raw materials in the country and a regular large supplier

to ICI. Its alkyd resin production capacity is the largest in the

country and it also produces acrylic resins, textile finishing

chemicals and industrial adhesives. NRL is a public company and

its shares are traded on the Karachi Stock Exchange.

7. Knightsbridge Investments Ltd

Owns Knightsbridge Chemicals Ltd.

Knightsbridge Investments (Bermuda registered), an investment

vehicle of the Knightsbridge group, acquired oil exploration and

specialty chemicals company Nimir Holdings (London) from two Saudi

Arabia-based investors.

ACTIVITIES

The Company is involved in the following activities :

Manufacturers and distributors of polyester resins (UPR) for the

fibreglass industry, textile processing chemicals (preparation,

printing, coloration, and finishing) for the textile industry plus

polymer emulsions and specialities for the paint industry.

Subject's water based section produces PVA emulsions for decorative

coatings and a wide range of textile chemicals such as binders,

stabilizers, neutralizers, bleaching agents and industrial stain

removers.

List of products :

-UPR (Unsaturated Polyester resin for Fiber Glass Industry

Textile Specialties (Softeners, Complexing Agents, Dispersants,

Binder etc)

-Coating Emulsions and Additives

-Performance Additives for the Water Treatment and Ceramic Industries

Textile Specialty Chemicals:

-Sizing Agents (Acrylic Bases)

-Pretreatments (Hydrogen Peroxide Stablizers)

-Dyeing (washing, Anti Creasing Agent, Dye Fixing Agnet)

-Printing (Acrylic Binder)

-Finishing(Softners, Stiffeners)

Imports worldwide mainly from Europe, USA, Saudi Arabia and China.

Exports to GCC countries, Middle East and CIS countries.

Exports UPR and PVA mostly to other the GCC countries; textile

chemicals are exported to India, Pakistan, Sri Lanka,

Bangladesh, Kenya and Tanzania.

Monthly production capacity : 500 tonnes. Plans are being

prepared for an expansion of the UPR capacity. UPR is an industrial

raw material used in the manufacture of fibreglass products.

For its UPR sales subject has a distribution agreement with United

Trading Company which is a wholly owned subsidiary of the Belhasa

Group.

FACILITIES

The Company has the following facilities :

Rented administrative office and a factory unit with integrated

storage facilities of 10,000 square meter located at heading address.

Until 2004 Subject was located at :

9th Floor, 901-B, Kendah House

Sheikh Zayed Road

Dubai

Telephone : (971 4) 332 9410

Fax : (971 4) 332 9710

SPECIAL NOTE

You enquired on: Nimir Specialty Chemicals Fze. Please note that this name applies to subject's formerly known name. Subject's current registered name is as per heading.

Interviewed : Cristobal Bucu (Administration Officer)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

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.