MIRA INFORM REPORT

Report Date :

17.04.2012

IDENTIFICATION DETAILS

Name :	TEXMART

Registered Office :	Ajman New Industrial Area, P O Box 20849, Ajman

Country :	United Arab Emirates

Financials (as on) :	31.12.2011

Date of Incorporation :	06.07.1999

Legal Form :	Sole Proprietorship

Line of Business :	Wholesale and retail of textiles, bed linen, fabrics and upholstery materials

No. of Employees :	09

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	US$ 150,000

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 – 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 : TEXMART

Country of Origin : Ajman, United Arab Emirates

Legal Form : Sole Proprietorship

Registration Date : 6^th July 1999

Trade Licence Number : 28103

Chamber Membership Number : 24645

Invested Capital : UAE Dh 60,000

Total Workforce : 9

Activities : Wholesale and retail of textiles, bed linen, fabrics and upholstery

materials

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 150,000

Person Interviewed : Mohamed Moneer Al Islam, Administration Manager

COMPANY NAME

TEXMART

company ADDRESS

Registered & Physical Address

Location : Ajman New Industrial Area

PO Box : 20849

Town : Ajman

Country : United Arab Emirates

Telephone : (971-6) 7482565

Facsimile : (971-6) 7482566

Email : texmart@eim.ae / texmart@emirates.net.ae

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Ajman.

KEY PRINCIPALS

Name Nationality Position

· Abdul Wahab Karar Pakistani Proprietor

· Ahmed Hassan Al Humari Emirati Local Sponsor

· Abdul Majeed Karar - Assistant General Manager

· Mohamed Moneer Al Islam - Administration Manager

LEGAL FORM & OWNERS

Date of Establishment : 6^th July 1999

Legal Form : Sole Proprietorship

Trade Licence No. : 28103 (Expires 02/07/2012)

Chamber Member No. : 24645

Invested Capital : UAE Dh 60,000

Mr Abdul Wahab Karar is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the wholesale and retail of textiles, bed linen, fabrics and upholstery materials.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of 9 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 11,610,000 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

Main Branch

Ajman

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 business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.66
UK Pound	1	Rs.81.80
Euro	1	Rs.67.18

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.