MIRA INFORM REPORT

Report Date :

30.03.2012

IDENTIFICATION DETAILS

Name :	SAPPHIRE GENERAL TRADING LLC

Registered Office :	Alali Property Investment Building, Al Ras Street, Al Ras, 43277, Dubai

Country :	United Arab Emirates

Financials (as on) :	31/12/2005

Date of Incorporation :	4^th August 1988

Com. Reg. No.:	51060, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	Distributors of ready made garments, footwear, jewellery, perfume, cosmetics and gift items.

No. of Employees :	06

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$ 100,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUMMARY

Company Name	SAPPHIRE GENERAL TRADING LLC
Country of Origin	Dubai, United Arab Emirates
Legal Form	Limited Liability Company - LLC
Registration Date	4^th August 1988
Commercial Registration Number	51060, Dubai
Trade Licence Number	217291
Membership Number	14162
Issued Capital	UAE Dh 300,000
Paid up Capital	UAE Dh 300,000
Total Workforce	6
Line of Business	Distributors of ready made garments, footwear, jewellery, perfume, cosmetics and gift items.
Financial Condition	Fair
Payments	Nothing detrimental uncovered
Operating Trend	Steady

COMPANY NAME

SAPPHIRE GENERAL TRADING LLC

ADDRESS

Registered & Physical Address

Building : Alali Property Investment Building

Street : Al Ras Street

Area : Al Ras

PO Box : 43277

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2350544

Facsimile : (971-4) 2350545

Email : mate@emirates.net.ae

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Nationality Position

Abdul Karim Javeed Hussain Indian Managing Director

Mohamed Hussain Abdul Karim Indian Director

Abdullah Abdul Rahman Mohamed Hussain Emirati Director

LEGAL FORM & OWNERS

Date of Establishment : 4^th August 1988

Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

Commercial Reg. No. : 51060, Dubai

Trade Licence No. : 217291 (Expires 16^th July 2006)

Membership No. : 14162

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

Abdullah Abdul Rahman Mohamed Hussain 51%

Abdul Karim Javeed Hussain 25%

Mohamed Hussain Abdul Karim 24%

Note to the Legal Form

A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.

This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.

Non UAE Participation

The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.

It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.

Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.

LINE OF BUSINESS

Operations : Engaged in the import and distribution of ready made garments, footwear, jewellery, perfume, cosmetics and gift items.

Import Countries : Europe and the Far East.

Operating Trend : Steady

Subject has a workforce of 6 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/04 : Year Ending 31/12/05 :

Total Revenue UAE Dh 3,290,000 UAE Dh 3,475,000

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

BANKERS

Commercial Bank of Dubai

Baniyas Street

PO Box : 1709

Deira

Dubai

Tel : (971-4) 2227121 / 2253222

Fax : (971-4) 2220943 / 2254565

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Established in 1988, subject is involved in the import and distribution of ready made garments, footwear, jewellery, perfume, cosmetics and gift items.

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.51.15
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

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.