MIRA INFORM REPORT

Report Date :

07.07.2012

IDENTIFICATION DETAILS

Name :	PANASIA INTERNATIONAL FZCO
Registered Office :	Dubai Airport Free Zone, Plot No. 5EA817, P O Box 293508, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2011
Date of Incorporation :	01.02.2006
Legal Form :	Free Zone Company
Line of Business :	Distributors of timber
No. of Employees :	04

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
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	A2	A2

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

SUMMARY

Company Name : PANASIA INTERNATIONAL FZCO

Country of Origin : Dubai, United Arab Emirates

Legal Form : Free Zone Company - FZCO

Registration Date : 1^st February 2006

Trade Licence Number : 906

Issued Capital : UAE Dh 500,000

Paid up Capital : UAE Dh 500,000

Total Workforce : 4

Activities : Distributors of timber

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

PANASIA INTERNATIONAL FZCO

company ADDRESS

Registered & Physical Address

Location : Dubai Airport Free Zone, Plot No. 5EA817

PO Box : 293508

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 7017680

Facsimile : (971-4) 7017681

Mobile : (971-50) 5511615 / 8407597

Email : mrugank.mehta@olamnet.com / shefeek.abdulkader@olamnet.com

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Dubai Airport Free Zone.

KEY PRINCIPALS

Name Nationality Position

· Mrugank Kiran Mehta Indian Managing Director

· Anand Dallav - Commercial Manager

· Shafiq Mohamed - Logistics Manager

LEGAL FORM & OWNERS

Date of Establishment: 1^st February 2006

Legal Form : Free Zone Company - FZCO

Trade Licence No. : 906

Issued Capital : UAE Dh 500,000

Paid up Capital : UAE Dh 500,000

Name of Shareholder (s) Percentage

· Olam International  Ltd 80%

Singapore

· Mrugank Kiran Mehta 20%

OPERATIONS

Activities: Engaged in the import and distribution of timber.

Import Countries: Europe and GCC countries.

Export Countries: India and Vietnam

Operating Trend: Steady

Subject has a workforce of 4 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United States Dollars (US$)

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

Total Sales US$ 73,700,000 US$ 76,000,000

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

The above financial figures are based on estimations by our local sources.

BANKERS

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

· DBS Bank Ltd

DBS Building, Tower One

6 Shenton Way

Singapore 068809

Tel: (65) 63272265

Acc No. 0003004989017

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.55.42
UK Pound	1	Rs.86.04
Euro	1	Rs.68.61

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%)

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