MIRA INFORM REPORT

Report Date :

11.05.2012

IDENTIFICATION DETAILS

Name :	EMIRATES TRADING AGENCY LLC (ETA)

Registered Office :	Ascon House, Salahuddine Al Ayoubi Street, Deira, P O Box 5239, Dubai

Country :	United Arab Emirates

Date of Incorporation :	14.06.1983

Com. Reg. No.:	40307, Dubai

Legal Form :	Limited Liability Company

Line of Business :	Subject is engaged in Trading & Shipping Division, Automotive Division, Contracting Division, General Trading Division and Manufacturing Division

No. of Employees :	1,200

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 :	Good

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 : EMIRATES TRADING AGENCY LLC (ETA)

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 14^th June 1983

Commercial Registration Number : 40307, Dubai

Trade Licence Number : 201682

Chamber Membership Number : 10643

Issued Capital : UAE Dh 45,500,000

Paid up Capital : UAE Dh 45,500,000

Total Workforce : 1,200

Activities : Subject operates several divisions (see below for details)

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

EMIRATES TRADING AGENCY LLC (ETA)

company ADDRESS

Registered & Physical Address

Building : Ascon House

Street : Salahuddine Al Ayoubi Street

Area : Deira

PO Box : 5239

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2140107 / 2713333 / 2729335 / 2716655 / 7073131 / 7073317

Facsimile : (971-4) 2140105 / 2729863 / 2729319 / 2729761 / 2682574

Email : eta@eta-ascon.com

Premises

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Dubai.

Branch Office (s)

Location Description

· Khalifa Bin Howeidah Building Rented office premises

Al Falah Street

PO Box: 3532

Abu Dhabi

Tel: (971-2) 6774420

Fax: (971-2) 6723053

KEY PRINCIPALS

Name Position

· Abdullah Al Ghurair Chairman

· B S Abdul Rahman Vice Chairman

· Sayyed Mohamed Salahuddin Managing Director

· Abdul Rahman Saif Al Ghurair Deputy Managing Director

· Saif Ahmed Majed Al Ghurair Director

· Abdul Aziz Abdullah Al Ghurair Director

· Easa Abdullah Al Ghurair Director

· P S M Sayyed Abdul Khadir Director

· N D S Sathak Ansari Director

· Khalid Abdullah Al Ghurair Director

· Arif Buhary Rahman Director

· Khatib Ibrahim Finance Manager

· Saymor Khan Administration Manager

· Nour El Haq Manager – Trading & Shipping Division

· Ismail Sayed Manager – Construction Division

· A K Agrawal Manager – Mechanical Division

· M Tangle Manager – Power Division

· P H Habibullah Manager – Automotive Division

· G S Bukhari Manager – Coastal Works Division

LEGAL FORM & OWNERS

Date of Establishment : 14^th June 1983

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 40307, Dubai

Trade Licence No. : 201682

Chamber Member No. : 10643

Issued Capital : UAE Dh 45,500,000

Paid up Capital : UAE Dh 45,500,000

Name of Shareholder (s)

· Al Ghurair Investment

United Arab Emirates

· Amana For Investment

United Arab Emirates

· Khalid Abdullah Al Ghurair

AFFILIATED COMPANIES

Subject is a member of the Al Ghurair Group, which has a turnover over in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified range of interests spanning real estate, finance and industry, with specialist operations in banking, trading and shipping.

Some of the very successful industries that it operates today in the United Arab Emirates, include the National Flour Mills Co Ltd, National Cement Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National Mosaic Tiles, Arabian Packaging Co and Al Ghurair Publishing and Printing. In the banking sector, the Ghurairs are owners of the UAE’s largest private bank, the Dubai-based Mashreq Bank, which is one of the Group’s most successful ventures and operates from branches both within and outside the UAE.

The Al Ghurair Group is active in London, New York, Cairo, Khartoum, Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.

In real estate the Al Ghurair Centre has become a prominent landmark in Dubai. It was built at a cost of more than US $ 150 million and is now home to most of the city’s top retailers.

The Al Ghurair Group comprises the following concerns:

· Al Ghurair Holdings (Private) Ltd

· Gulf Extrusions Ltd

· Arabian Aluminium Company

· Al Ghurair Publishing & Printing House

· Union Mosaic & Marble Company

· Al Ghurair Centre

· Arabian Mix

· National Cement Company Ltd

· Arabian Packing Company

· Gulf Utensils

· Gulf Import & Export Co

· House of Perfume

· Computer Intelligence and Communications Ltd

· Gulf Confectionery & Biscuit Company

· Oman Insurance Co Limited

· Mashreq Bank

· Al Ghurair Enterprises

· Al Ghurair Exchange

· National Flour Mills Company Ltd

· National Concrete Company Ltd

· Masafi Mineral Water Co LLC

· Associated Construction & Investment Co LLC (ASCON)

· Al Ghurair Fieness Perry & Partners

· Pak Arab Traders

· Al Ghurair Real Estate

· Al Khaleej Sugar Co WLL

· Central Electric Equipment Co LLC (CEEC)

· National Oman Marble Company

· Rawda Quarries Ltd

· Ghurair Tarmac

· Oman Finance Company

· Ghurair Crown (Engineering) Ltd

· Al Ghurair Industries (Pvt) Ltd

OPERATIONS

Activities: Subject’s operations are performed through the following divisions:

· Trading & Shipping Division

Under this division, subject is engaged in many aspects of the shipping industry. The Division has evolved into a multifaceted global enterprise with a turnover exceeding US$ 700 million, handling more than 15 million tons of various commodities.

Its operations are performed by the following 5 departments:

Brokering : The company is a leading broker for dry cargo chartering and Sale and

Purchase (S&P) of dry bulk carrier vessels, with 1,500 chartering fixtures and S&P deals to its credit. This department has its own ship brokerage office, Western Shipping & Trading Limited in London as well as a branch in Bangkok. It is an active member of the Baltic Exchange as well as being a member of BIMCO (Baltic and International Maritime Council). Western Shipping also undertakes shipping consultancy and post-fixture management on behalf of ETA and select clients.

Chartering : The chartering department commenced operations in the mid-1970s with a 3,000 ton affreightment contract. The department today oversees the movement of over 8 million tons of cargo, of which 5 million tons are moved in vessels under its own charter.

Operations & The operations department handles all loading, discharging and

Agency : coordination with ports and customs transport and delivery. The department also undertakes ships agency in Dubai and provides ship owners and charterers with comprehensive services such as bunkering, protecting agency, crew changes, emergency repairs and surveys.

Projects & The projects department specialise in the development of new business

Development : concepts. It is currently engaged in the deployment of floating cranes in Indian ports. Recently in collaboration with Shipping & Trading Associates LLC, the department acquired the floating crane Diamond of Vizag. The crane will be deployed in a variety of situations, such as the lightening of the panamax, discharging to feeder vessels at anchorage directly from the mother vessel, as well as fast loading and discharging at berths without shore handling facilities.

This department also handles asset finance matters and feasibility studies on various projects for the shipping division.

Ship The Ship Management department currently operates 6 dry bulk cargo

Management : vessels ranging from 7,000 dwt to 67,000 dwt and a floating crane. This department provides ship owners with a comprehensive vessel management programme including, pre-acquisition vessel inspection, surveys, technical advise, crewing and total vessel management.

In October 1998, ANZ Investment Bank arranged a $ 5.4 million, five year Murabaha Islamic financing facility for ETA. The funds were used for the purchase of a 64,286 dwt dry bulk carrier, named Pearl of Kuwait.

· Automotive Division

This division is also known as the “Computerised Auto Repair & Services Division (C.A.R.S)” and provides car servicing and computerised engine tuning, as well as car body components and car accessories, such as batteries, tyres and headlights.

· Contracting Division

Under this division, subject provides contracting services for electro-mechanical projects as well as power and control systems. Its operations are performed by the following :

Electro The Electro-mechanical department specialises in building projects

Mechanical requiring advanced engineering skills and technical expertise. Its

Dept. : activities cover the supply and installation of air-conditioning units,

electrical, sanitary, plumbing, fire alarm and security systems. The department’s past contracts include residential, commercial and industrial buildings, hospitals, universities, airports, as well as electrical power, communication and defence projects. It has also contributed to major landmarks in the cities of Dubai and Abu Dhabi such as Ruler’s Diwan, Etisalat Building, Citi Bank Regional Head Office in Dubai, Municipality head office in Abu Dhabi, the Dubai International Airport, the Forte Grant Hotel in Abu Dhabi and Jumeirah Beach Hotel.

Power & The power & Control Systems department is engaged in the

Control manufacture, testing and commissioning of low voltage switchgear and

Systems : control panels.

Current Subject was awarded two contracts from the Dubai Electricity & Water

Contracts : Authority (DEWA) for the construction of three 132/33-KV substations and the supply and installation of cabling on the Qusais project. The larger of the contracts (valued at UAE Dh 256 million) calls for the construction of 132-KV at Qusais, Burj Nahar and Nasr Club. It also includes the supply and installation of 80 kilometres of 132-KV cabling. The company’s other contract is for the cabling package associated with the Qusais north substation. Valued at over UAE Dh 90 million the order involves the supply and installation of 132-KV cabling.

In August 1999, ETA announced the award of a turnkey contract to supply and install two 13.8 MW fuel oil generators for Fujairah Cement Industries. The two units are to be supplied by US-based Caterpillar International Power Systems.

ETA has been awarded the mechanical and electrical packages for the retail and apartment areas in the existing Al Ghurair Centre.

· General Trading Division

This division is engaged in the import and distribution of a wide range of general merchandise, specialising in fire fighting equipment, filters and strainers, building materials, clinker and cement, limestone, ores and minerals, fertilisers and chemicals.

· Manufacturing Division

Subject operates a number of production plants that come under the umbrella of the Manufacturing Division, including the following:

New Materials Launched in 1993, New Materials Division introduces new building

Division: materials to the Construction Industry in UAE through extensive foreign collaborations.

A tie-up with the world leader in composite panel manufacturing M/s Mitsubishi Chemical Functional Products, Inc., Japan consolidates the strong technical base of the division in carrying-out the cladding works with Alpolic, Alook-Ex, Stainless Steel and Titanium composite cladding material for both internal and exterior of the buildings.

This department has executed so far cladding works exceeding 450,000 square metres in and around the UAE.

Ascon Marble ASCON Marble and Granite imports quality marble and granite from Italy,

and Granite: Spain, India, and Brazil. It was founded in 1993 and specialises in the field of supply and fixing of marble and granite catering to the needs of builders and contractors. It employs more than 200 craftsmen and 20 staff.

It has recently won a prestigious project in Abu Dhabi, The Conference Palace Hotel, which was worth more than UAE Dh 200,000,000.

Import Countries: United States of America, India, the Far East and Europe

International Suppliers:

· Philips TDS for Computers The Netherlands

· Vassa Controls OY Finland

· Waagner-Biro AG Austria

· Alusuisse Singen GmbH Germany

· Hoppecke Batteries Germany

· Koba Batteries Korea

· Diax (Poppy) Chemicals Ltd Japan

· Mitsubishi Japan

· Gaira Bevel Gears Ltd India

· Titan Watch Company India

· Composite (Superlite) Ltd United States of America

· President Chemicals & Solvent Co United States of America

· Promask Maskin Tape United States of America

· Westinghouse Electric United States of America

· Dover Elevators United States of America

· Trane Co United States of America

· Oracle Corp United States of America

· Dainichi Nippon Cables United States of America

Export Countries: Oman, Bahrain, Saudi Arabia, Iran, Pakistan, CIS, Ghana, and African countries

Subject has a workforce of approximately 1,200 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

· HSBC Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 3535000

· National Bank of Dubai

Baniyas Street Branch

PO Box: 777

Dubai

Tel: (971-4) 2222241

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction July 2005 July 2007

Credit amount 66,000 67,000

Amount overdue 0 0

Payment terms 30 days 180 days

Payment Method Letters of Credit Letters of Credit

Paying record No Complaints No Complaints

Currency Pounds Sterling Pounds Sterling

GENERAL COMMENTS

This is a well established company, part of the Al Ghurair Group which is deemed trustworthy for respecting its financial trade commitments. Payment obligations are reportedly met in a prompt and timely manner and local sources advise that subject is a sound trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.34
UK Pound	1	Rs.86.11
Euro	1	Rs.69.07

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%)

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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.