MIRA INFORM REPORT

Report Date :

04.10.2011

IDENTIFICATION DETAILS

Name :	MARINE ELECTRICALS FZC

Registered Office :	Saif Zone, P O Box 122041, Sharjah

Country :	United Arab Emirates

Date of Incorporation :	26.10.2010

Legal Form :	Free Zone Company

Line of Business :	Distributors of marine equipment and related products

RATING & COMMENTS

MIRA’s Rating :

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

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

SUMMARY

Company Name : MARINE ELECTRICALS FZC

Country of Origin : Sharjah, United Arab Emirates

Legal Form : Free Zone Company - FZC

Registration Date : 26^th October 2010

Trade Licence Number : 01-04-08664

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Total Workforce : 5

Activities : Distributors of marine equipment and related products.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Shailesh Gavanang, Finance Manager

COMPANY NAME

MARINE ELECTRICALS FZC

company ADDRESS

Registered & Physical Address

Location : Saif Zone

PO Box : 122041

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 5575480

Facsimile : (971-6) 5575490

Premises

Subject operates from a small suite of offices that are rented and located in the Saif Zone Area of Sharjah.

KEY PRINCIPALS

Name Nationality Position

· Venay Krishna Uchil Indian Managing Director

· Venkatesh Krishna Uchil Indian Director

· Shailesh Gavanang - Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 26^th October 2010

Legal Form : Free Zone Company - FZC

Trade Licence No. : 01-04-08664

Issued Capital : UAE Dh 1,000,000

Paid up Capital : UAE Dh 1,000,000

Name of Shareholder (s)

· Venay Krishna Uchil

· Venkatesh Krishna Uchil

AFFILIATED COMPANIES

· KDU Worldwilde Technical Services FZC

PO Box: 1222041

Saif Zone

Sharjah

Tel: (971-6) 5575480

Fax: (971-6) 5575490

Lic. No. 01-04-03099

OPERATIONS

Activities: Engaged in the import and distribution of marine equipment and related products.

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 Sharjah

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

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.49.42
UK Pound	1	Rs.76.72
Euro	1	Rs.65.85

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.