MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	ARABIAN PACKAGING COMPANY LLC (APC)

Registered Office :	Saif Ahmed Al Ghurair Building, Salah Al Din Street, Deira, Hor Al Anz, P O Box 10337, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2011

Year of Establishment :	1982

Com. Reg. No.:	40354, Dubai

Legal Form :	Limited Liability Company

Line of Business :	Subject operates through several divisions · Corrugated Boxes Division Flexible Packaging Division

No. of Employees :	375

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – 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 : ARABIAN PACKAGING COMPANY LLC (APC)

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Start Date : 1982

Registration Date : 12^th February 1984

Commercial Registration Number : 40354, Dubai

Trade Licence Number : 300177

Chamber Membership Number : 10476

Issued Capital : UAE Dh 45,000,000

Paid up Capital : UAE Dh 45,000,000

Total Workforce : 375

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

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Iqbal Mohamed, Finance Manager

COMPANY NAME

ARABIAN PACKAGING COMPANY LLC (APC)

company ADDRESS

Registered & Physical Address

Building : Saif Ahmed Al Ghurair Building

Street : Salah Al Din Street

Area : Deira, Hor Al Anz

PO Box : 10337

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2623377

Facsimile : (971-4) 2851972 / 2851973

Mobile : (971-50) 5542864

Email : arabpack@emirates.net.ae / info@arabpack.com

Premises

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

Branch Office (s)

Location Description

· Street No. 215/3 Owned office, warehouse & factory

Al Ramool, Rashidya covering an area of 10,000 square

PO Box: 10337 metres

Dubai

Tel: (971-4) 2858658 / 2854400

Fax: (971-4) 2855578

· Sheikh Zayed Road Rented factory

Jebel Ali Industrial Area No. 2

Tel: (971-4) 8802555 / 8801588

Fax: (971-4) 8802225

KEY PRINCIPALS

Name Position

· Mohamed Saif Al Ghurair Managing Director

· Ahmed Saif Al Ghurair Director

· Abdel Moneim Salem Director

· Peter Pryke General Manager

· Huzifa Mohsin Marketing Manager

· Raul Granada Production Manager

· Wael Balai Sales Manager

· Iqbal Mohamed Finance Manager

· Said Zamir Eldine Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : Subject was established in 1982 and was registered on 12^th February 1984

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 40354, Dubai

Trade Licence No. : 300177

Chamber Member No. : 10476

Issued Capital : UAE Dh 45,000,000

Paid up Capital : UAE Dh 45,000,000

Name of Shareholder (s) Percentage

· Saif Al Ghurair Group Co 99%

· Al Ghurair Private Co 1%

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 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

· Emirates Trading Agency LLC (ETA)

· 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:

· Corrugated Boxes Division

Engaged in the manufacture of corrugated cardboard boxes and die cut trays with a production capacity of 50,000 tonnes per annum.

Drinking cartons accounts for 70 percent of subject’s production capacity. The company’s products are also used

for packaging fruit and vegetables.

· Flexible Packaging Division

Engaged in printing and electronic cylinder engraving. It is capable of printing on a variety of substrates like OPP,

PET, nylon, Alfoil, cellophane and paper.

The division also manufactures and converts all kinds of flexible material - monofilms, laminates (multilayer films),

shrink films, soap wrappers and labels.

Subject was ISO 9002 certified on 16^th March 1996.

Production Capacity: 80,000 tonnes

Import Countries: Canada, South Africa, Russia, Germany, France and Switzerland

Export Countries: Saudi Arabia, Oman, Bahrain, Kuwait, Iran, Pakistan, India, Sudan and various African countries

Operating Trend: Steady

Subject has a workforce of approximately 375 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 324,192,000 UAE Dh 348,769,000

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

The above figures were provided by Mr Iqbal Mohamed, Finance Manager

BANKERS

· Citibank

Al Maktoum Street

Deira

PO Box: 749

Dubai

Tel: (971-4) 5074121

Fax: (971-4) 2238922

· Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

· Bank of Oman Ltd

PO Box: 125

Dubai

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Arabian Packaging Company LLC (APC) has been in business for over 30 years and is well established in the local business community. It has two divisions covering the manufacture of corrugated cardboard boxes and die cut trays, as well as printing and electronic cylinder engraving.

The company is part of the very well known and financially strong Al Ghurair Group that has a diversified range of interests spanning real estate, finance and industry, with specialist operations in banking, trading and shipping.

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.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

MNL

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.