MIRA INFORM REPORT

Report Date :

23.11.2012

IDENTIFICATION DETAILS

Name :	MALSONS TRADING CO LLC

Registered Office :	Dubai Investment Park, Plot No. 598-1174, 51511 Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2011

Date of Incorporation :	01.09.1991

Com. Reg. No.:	40102, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	Distribution of a wide range of general foodstuff products and beverages

No. of Employees :	130

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United Arab Emirates

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

Company Name : MALSONS TRADING CO LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 1^st September 1991

Commercial Registration Number : 40102, Dubai

Trade Licence Number : 225703

Chamber Membership Number : 21884

Issued Capital : UAE Dh 3,000,000

Paid up Capital : UAE Dh 3,000,000

Total Workforce : 130

Activities :Distribution of a wide range of general foodstuff products and beverages

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Subhodh Benipuri, Commercial Manager

COMPANY NAME

MALSONS TRADING CO LLC

ADDRESS

Registered & Physical Address

Location : Dubai Investment Park, Plot No. 598-1174

PO Box : 51511

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 8856688

Facsimile : (971-4) 8856655

Mobile : (971-50) 6442110

Email : malsons@emirates.net.ae

Premises

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

Branch Office (s)

Location Description

· Al Fahim Building Rented showroom

Al Ras Street

Dubai

Tel: (971-4) 2267860 / 3941103 / 3395511

Fax: (971-4) 2268922

· PO Box: 44121 Sales office & warehouse

Abu Dhabi

Tel: (971-2) 6763393

Fax: (971-2) 6729796

· Ras Al Khaimah Sales office & warehouse

Tel: (971-7) 2229556

Fax: (971-7) 2225717

KEY PRINCIPALS

Name Nationality Position

· Sunil Malhotra Indian Managing Director

· Bhupinder Nath Malhotra Indian Director

· Neel Kamal Malhotra Indian Director

· Mohamed Abdul Hassan Al Lauz Emirati Director

· Gagan Malhotra Indian General Manager

· Subhodh Benipuri - Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 1^st September 1991

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 40102, Dubai

Trade Licence No. : 225703 (Expires 18/08/2013)

Chamber Member No. : 21884

Issued Capital : UAE Dh 3,000,000

Paid up Capital : UAE Dh 3,000,000

Name of Shareholder (s) Percentage

· Mohamed Abdul Hassan Al Lauz 51%

· Bhupinder Nath Malhotra 17%

· Sunil Malhotra 16%

· Neel Kamal Malhotra 16%

AFFILIATED COMPANIES

· Ogab & Hamoud Al Malik Trading Co

Safat

Kuwait

Tel: (965) 24710976 / 24718804

Fax: (965) 24718804

· Sabah Electric

Safat

Kuwait

Tel: (965) 24846125 / 24833084

Fax: (965) 24846125

· Ashraf and Malhotra

Safat

Kuwait

Tel: (965) 22445729 / 22431674

Fax: (965) 22448514

· Al Zahem & Malhotra General Trading & Contracting Co WLL

Al Awadi Tower

Ahmed Al Jaber Street

PO Box: 251

Safat

Kuwait

Tel: (965) 22433432 / 22442225

Fax: (965) 22443420

· Unigulf Development

Mohamed Hadi Al Khaja Building

Al Ittihad Square

Al Rigga

PO Box: 2328

Dubai

United Arab Emirates

Tel: (971-4) 2223697 / 2241823

Fax: (971-4) 2281435

Email: info@unigulf.com

OPERATIONS

Activities: Engaged in the distribution of a wide range of general foodstuff products and beverages, including dry

food, rice and spices.

Subject are sole agents for Dabur India Ltd and Indus Food Ltd.

Import Countries: India and Europe

International Suppliers:

· Dabur India Ltd India

· Indus Food Ltd India

Operating Trend: Steady

Subject has a workforce of approximately 130 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 113,500,000 UAE Dh 128,000,000

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

The above figures were provided by Mr Subhodh Benipuri, Commercial Manager

BANKERS

· Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

· Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction September 2002

Credit amount 23,384

Amount overdue 0

Payment terms 30 days

Payment Method Letters of Credit

Paying record No Complaints

Currency Canadian Dollars

GENERAL COMMENTS

Malsons Trading Co LLC has been operating since 1991 and is engaged in the distribution of a wide range of general foodstuff products and beverages. The company are sole agents for a number of well known Indian firms, and the subject enjoys a good reputation for the quality of its products.

During the course of this investigation nothing detrimental was uncovered with regards to the operating history and payment record. The financial situation is healthy and profitable and as such the company are deemed a sound trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.16
UK Pound	1	Rs.88.03
Euro	1	Rs.70.86

INFORMATION DETAILS

Report Prepared by :

NIT

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.