MIRA INFORM REPORT

Report Date :

07.08.2012

IDENTIFICATION DETAILS

Name :	MIDAS GLOBAL LIMITED

Registered Office :	Hamriyah Free Zone, Plot No. 1K, 42/43 & 44, P O Box: 41580, Sharjah

Country :	United Arab Emirates

Financials (as on) :	31.12.2011

Date of Incorporation :	01.09.2001

Legal Form :	Branch of a Foreign Registered Corporation

Line of Business :	Distributors of ferrous, non-ferrous and scrap metals

No. of Employees :	40

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Branch of a Foreign Registered Corporation
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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 : MIDAS GLOBAL LIMITED

Country of Origin : British Virgin Islands

Legal Form : Branch of a Foreign Registered Corporation

Registration Date : 1^st September 2001

Trade Licence Number : 239

Chamber Membership Number : 800067

Issued Capital : UAE Dh 150,000

Paid up Capital : UAE Dh 150,000

Total Workforce : 40

Activities : Distributors of ferrous, non-ferrous and scrap metals.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : J Sunder, Administration Manager

COMPANY NAME

MIDAS GLOBAL LIMITED

company ADDRESS

Registered & Physical Address

Location : Hamriyah Free Zone, Plot No. 1K, 42/43 & 44

PO Box : 41580

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 5263528

Facsimile : (971-6) 5263529

Mobile : (971-50) 6409650

Email : midas@midas.ae

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Hamriyah Free Zone Area of Sharjah.

KEY PRINCIPALS

Name Position

· Payal Garg Managing Director

· T Ramachandarn Pillai General Manager

· Kapil Garg Finance Manager

· J Sunder Administration Manager

LEGAL FORM & OWNERS

Date of Establishment : 1^st September 2001

Legal Form : Subject is the United Arab Emirates registered branch of Midas Global Ltd (BVI), a Limited Liability Company incorporated in the British Virgin Islands.

Midas Global Limited in the United Arab Emirates, operates as a Branch of a Foreign

Registered Corporation.

A Branch of a Foreign Registered Corporation is not a legal entity in its own

right. Responsibility for payments lays in the hands of the company where it is

originally registered.

Under these circumstances, we strongly advise that any international trade

credit should only be written under the name of the main company where the

subject holds its registered office, in this case the British Virgin Islands.

Trade Licence No. : 239 (Expires 31/08/2012)

Chamber Member No. : 800067

Issued Capital : UAE Dh 150,000

Paid up Capital : UAE Dh 150,000

OPERATIONS

Activities: Engaged in the import and distribution of ferrous, non-ferrous and scrap metals.

Import Countries: Europe and GCC countries.

Operating Trend: Steady

Subject has a workforce of 40 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales UAE Dh 61,600,000 UAE Dh 63,000,000

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr J Sunder, Administration Manager

BANKERS

· HSBC Bank Middle East

PO Box: 25

Sharjah

Tel: (971-6) 5537222

Fax: (971-6) 5537880

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.47
UK Pound	1	Rs.86.60
Euro	1	Rs.68.66

INFORMATION DETAILS

Report Prepared by :

MNL

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%)