MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	TECHNOVAA INDUSTRIES LLC

Registered Office :	Dubai Investment Park No. 2 PO Box 2194 Dubai

Country :	United Arab Emirates

Date of Incorporation :	16.10.1993

Com. Reg. No.:	52163, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	Manufacturers of technical packaging films.

No. of Employees :	150

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

UAE

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

UAE - ECONOMIC OVERVIEW

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

Company Name : TECHNOVAA INDUSTRIES LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 16^th October 1993

Commercial Registration Number : 52163, Dubai

Trade Licence Number : 232275

Chamber Membership Number : 28473

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 150

Activities : Manufacturers of technical packaging films.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Venod Nair, Logistics Manager

COMPANY NAME

TECHNOVAA INDUSTRIES LLC

ADDRESS

Registered & Physical Address

Location : Dubai Investment Park No. 2

PO Box : 2194

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 8990000

Facsimile : (971-4) 8990099

Mobile : (971-55) 7085078

Email : novaind@emirates.net.ae / info.technovaa@darvesh.com

Please note that subject’s previous address was, Ras Al Khor Industrial Area No. 1, Dubai. Subject moved to the above address in October 2011.

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Nationality Position

· Talib Hassan Darwish Indian Managing Director

· Hassan Miya Sulaiman Darwish Indian Director

· Hamad Dawood Ali Suhrab Ahli Emirati Director

· Venod Nair - Logistics Manager

· Retan Gelda - Group Financial Controller

· Ashish Desai - Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 16^th October 1993

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 52163, Dubai

Trade Licence No. : 232275 (Expires 13/10/2013)

Chamber Member No. : 28473

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Hamad Dawood Ali Suhrab Ahli 51%

· Talib Hassan Darwish 30%

· Hassan Miya Sulaiman Darwish 19%

AFFILIATED COMPANIES

Subject is a member of the Darvesh Group of Companies, which has extensive and varied operations throughout the Middle East, Far East and Africa. The group is currently planning to extend operations to Myanmar and other CIS countries. The combined annual turnover of the group is in excess of US$ 100 million.

The Darvesh Group of Companies consists of the following concerns:

· Mega Star Trading Co LLC

Mohamed Bin Ali Alamr Building

Ras Al Khor Road

Al Aweer Industrial Area

PO Box: 6512

Dubai

Tel: (971-4) 3332211

Fax: (971-4) 3332667

Email: mega@emirates.net.ae

· Nova Tapes & Stationery Industries LLC

Al Aweer Industrial Area

PO Box: 2194

Dubai

Tel: (971-4) 3337600

Fax: (971-4) 3337411

Email: novaind@emirates.net.ae

· Elegant Furniture Manufacturing LLC

PO Box: 2194

Dubai

Tel: (971-4) 3337667

Fax: (971-4) 3337186

Email: efm@emirates.net.ae

· Nova Home Appliances

PO Box: 2194

Dubai

Tel: (971-4) 3337600

Fax: (971-4) 3337411

· Batavia Eximp & Contracting (S) Pte Ltd (BECS)

Maxwell Road

PO Box: 3544

Singapore 9055

Tel: (65) 2255633

Fax: (65) 2255733

· Associate Lumbers Ltd

Associate House

85 Victoria Road

Mustafa Bazzar

Mumbai 400010

India

Tel: (91-22) 3717777

Fax: (91-22) 3738787

· West African Trading Co (WATCO)

32 Boulevard Latrille

PO Box: 833

Abid

Ivory Coast

Tel: (225) 448859

· General Trading & Contracting Co Ltd (GETCO)

42 Azadliq Prospect, Apt 18

Baku 370007

Azerbaijan

Tel: (994-12) 964209

Fax: (994-12) 964209

· Abou Nabil LLC

Gala Industrial Area, Azaiba

PO Box: 174

Muscat 114

Oman

Tel: (968) 24593249 / 24501820

Fax: (968) 24595278

OPERATIONS

Activities: Engaged in the manufacture of technical packaging films, including polypropylene, cling, stretch, shrink, and surface protection films, BOPP, tissue and foam tapes, fibre drums, reprocessed plastic granules,

paper pallets and computer forms.

Subject’s products include:

PACKAGING FILMS

BLOWN FILMS

ALUMINIUM PROCESSING

PAPER CORES

ADHESIVE TAPES

PAPER PALLETS

COMPUTER FORMS

Import Countries: Europe and GCC countries.

Subject has a workforce of 150 employees.

FINANCIAL DATA

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Emirates National Bank of Dubai

Baniyas Street

PO Box: 777

Dubai

Tel: (971-4) 2222241

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.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

PRL

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.