MIRA INFORM REPORT

Report Date :

29.08.2012

IDENTIFICATION DETAILS

Name :	AQUA CREATIONS LTD.

Formerly Known As :	ALEBY & CO. LTD.

Registered Office :	29 Ben Zvi Rd., Tel Aviv 6810310

Country :	Israel

Date of Incorporation :	04.01.1994

Legal Form :	Private Limited Company

Line of Business :	Manufacturers, exporters and marketers of unique designed lighting fixtures, as well as furniture

No. of Employees :	55 employees

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 :	Unknown
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)

Israel

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

Company name & address

AQUA CREATIONS LTD.

Telephone 972 3 515 12 22

Fax 972 3 515 12 23

29 Ben Zvi Rd.

TEL AVIV 6810310-ISRAEL

HISTORY & LEGAL FORMATION

A private limited company, incorporated as per file No. 51-191251-1 on the 04.01.1994.

Originally registered under the name ALEBY & CO. LTD., which changed to the present one on the 17.02.1997.

SHARE CAPITAL

Authorized share capital NIS 22,900.00, divided into:-

22,900 ordinary shares of NIS 1.00 each,

of which 211 shares amounting to NIS 211.00 were issued.

SHARE HOLDERS

1. Albi Serfaty, 47.4%,

2. Ms. Ayala Serfaty, wife of Albi, 47.4%,

3. Yuval Levi, 5.2%.

DIRECTORS

1. Albi Serfaty, General Manager,

2. Ms. Ayala Serfaty, Designer.

BUSINESS

Manufacturers, exporters and marketers of unique designed lighting fixtures, as well as furniture, of very high end.

Also carries out lighting and furniture interior design projects.

99% of subject’s sales are exports, worldwide.

Operating from rented premises (offices, plant and warehouse), on an area of 6,000 sq. meters, in 29 Ben Zvi Road, Tel Aviv.

Having 55 employees.

MEANS

Work is according to orders

Financial data not forthcoming.

There are 3 charges for an unlimited amounts registered on company’s assets (financial assets and a vehicle), in favor of Bank Leumi Le’Israel Ltd. (last charge placed April 2010 on a vehicle).

saleS

Sales figures not forthcoming.

OTHER COMPANIES

AQUA CREATIONS INC., a U.S. marketing subsidiary.

According to a report from August 2008 subject has a subsidiary in Chinghai, China.

BANKERS

Bank Leumi Le’Israel Ltd., Gordon Branch (No. 804), Tel Aviv.

CHARACTER AND REPUTATION

Nothing unfavorable learned.

Subject's General Manager, Mr. Albi Serfaty, refused to disclose financial data.

Ms. Ayala Serfaty is world renown designer of sculptural lighting elements. Her (and subject’s) articles are presented in leading museums, galleries and other public places around the world.

In July 2007, it was reported that subject filed a request to the Court to prevent local leading furniture chain ID Design, from selling subject’s lampshades in their stores, as subject is the sole marketer of the designed lighting elements.

SUMMARY

Notwithstanding the refusal to disclose financial data, considered good for trade engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.78
UK Pound	1	Rs.88.04
Euro	1	Rs.69.62

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%)

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.