MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	GLOBAL SPECIALITY CHEMICALS LTD

Registered Office :	Hamriyah Free Zone, P O Box 41528, Sharjah

Country :	United Arab Emirates

Financials (as on) :	31.12.2011

Date of Incorporation :	20.09.2001

Legal Form :	Limited Liability Company

Line of Business :	Manufacturers and blenders of chemicals

No. of Employees :	20

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 :	Satisfactory
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 : GLOBAL SPECIALITY CHEMICALS LTD

Country of Origin : Sharjah, United Arab Emirates

Legal Form : Limited Liability Company

Registration Date : 20^th September 2001

Trade Licence Number : 380

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 20

Activities : Manufacturers and blenders of chemicals

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

GLOBAL SPECIALITY CHEMICALS LTD

company ADDRESS

Registered & Physical Address

Location : Hamriyah Free Zone

PO Box : 41528

Town : Sharjah

Country : United Arab Emirates

Telephone : (971-6) 5263934

Facsimile : (971-6) 5263935

Mobile : (971-50) 5496056

Email : gschem@emirates.net.ae / sales@gscme.com

Premises

Subject operates from a small suite of offices and a factory that are rented and located in the Hamriyah Free Zone of Sharjah.

KEY PRINCIPALS

Name Nationality Position

· Allam Gir Kashmiri Indian Managing Director

· Adnan Ahsan - Assistant General Manager

· Arshad Mirhas - Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 20^th September 2001

Legal Form : Limited Liability Company

Trade Licence No. : 380

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s)

· Allam Gir Kashmiri

OPERATIONS

Activities: Engaged in the manufacture and blending of chemicals for the construction, leather, paint, sugar, textile and water treatment industries.

Import Countries: United Kingdom, United States of America, China, India, Pakistan and Saudi Arabia,

Export Countries: GCC countries, Pakistan, Iran, Egypt, Kenya, Ethiopia, Sudan, Sri Lanka and India

Operating Trend: Steady

Subject has a workforce of 20 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 11,380,000 UAE Dh 12,000,000

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

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

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.56.02
UK Pound	1	Rs.86.89
Euro	1	Rs.67.84

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.