MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	HAMID & KUMAR ENTERPRISES LLC
Registered Office :	Sheikh Zayed Road, Al Quoz Industrial Area, PO Box 50092, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2010
Date of Incorporation :	07.08.1984
Com. Reg. No.:	42920, Dubai
Legal Form :	Limited Liability Company
Line of Business :	Import and Distribution of Fresh and Frozen Foodstuff

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	US$ 600,000
Status :	Satisfactory
Payment Behaviour :	Usually correct
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 : HAMID & KUMAR ENTERPRISES LLC

Doing Business As : H K ENTERPRISES

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Start Date : 1974

Registration Date : 7^th August 1984

Commercial Registration Number : 42920, Dubai

Trade Licence Number : 207249

Chamber Membership Number : 1873

Issued Capital : UAE Dh 4,000,000

Paid up Capital : UAE Dh 4,000,000

Total Workforce : 50

Activities : Import and distribution of fresh and frozen foodstuff.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 600,000

Person Interviewed : Rajpreet Singh Sahni, General Manager

COMPANY NAME

HAMID & KUMAR ENTERPRISES LLC

DOING BUSINESS AS

H K ENTERPRISES

company ADDRESS

Registered & Physical Address

Street : Sheikh Zayed Road

Area : Al Quoz Industrial Area

PO Box : 50092

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3476000 / 3474712

Facsimile : (971-4) 3473981

Mobile : (971-50) 6244921

Email : hkdxb@emirates.net.ae / hkintl@eim.ae

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Dubai.

Branch Office (s)

Location Description

· Sultan Khalifa Al Hatboor Building Office and warehouse premises

Deira

PO Box: 13464

Dubai

Tel: (971-4) 2857900

Fax: (971-4) 2854326

KEY PRINCIPALS

Name Nationality Position

· Harwand Singh Sahni Kumar Indian Managing Director

· Abdul Hamid Abdul Jaafar Emirati Director

· Rajpreet Singh Sahni Indian General Manager

· Jay Parakash - Finance Manager

· Saram Jit Singh - Commercial Manager

· Jay Parasad - Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : Subject’s operations date back to 1974, however it was registered on 7^th August 1984

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 42920, Dubai

Trade Licence No. : 207249 (Expires 07/08/2011)

Chamber Member No. : 1873

Issued Capital : UAE Dh 4,000,000

Paid up Capital : UAE Dh 4,000,000

Name of Shareholder (s) Percentage

· Abdul Hamid Abdul Jaafar 51%

· Harwand Singh Sahni Kumar 49%

AFFILIATED COMPANIES

· Pacific West Ship Co LLC

PO Box: 50092

Dubai

Tel: (971-4) 3472688

OPERATIONS

Activities: Engaged in the import and distribution of fresh and frozen foodstuff, including beef, lamb, mutton, veal,

poultry, seafood, dairy products and dried food.

Import Countries: China, India, Brazil, the United States of America, Denmark, Germany and the United Kingdom

International Suppliers:

· Angus Export United Kingdom

· Bonn Fleish Germany

· Nawaco Denmark

· Datchup Denmark

· Thomex Denmark

· Franqusule Brazil

· Boston Agrex United States of America

· Garber International United States of America

Operating Trend: Steady

Subject has a workforce of 50 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales UAE Dh 37,000,000 UAE Dh 44,000,000

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

The above financial figures were confirmed by Rajpreet Singh Sahni, General Manager

BANKERS

· ABN Amro Bank

Deira Branch

PO Box: 2567

Dubai

Tel: (971-4) 3512200

· National Bank of Dubai

Baniyas Street

PO Box: 777

Dubai

Tel: (971-4) 2222241

· Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

· National Bank of Fujairah

PO Box: 2979

Dubai

Tel: (971-4) 3971700 / 5078300

Fax: (971-4) 3979100 / 3973922

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction April 2001 November 2002 November 2005

Credit amount 400,000 100,000 150,000

Amount overdue 0 0 0

Payment terms 60 days 60 days 60 days

Payment Method Letters of Credit Letters of Credit Letters of Credit

Paying record No Complaints No Complaints No Complaints

Currency Deutsch Marks Euros US Dollars

GENERAL COMMENTS

Commencing operations in 1974, Hamid & Kumar Enterprises LLC is well established in the local foodstuff market, importing and distributing a variety of fresh and frozen foodstuff products. The company deals with a number of well known international organisations and enjoys a good reputation for the quality of its products.

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the subject is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

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.