MIRA INFORM REPORT

Report Date :

06.10.2012

IDENTIFICATION DETAILS

Name :	AJMAN CITY CENTER
Registered Office :	Sheikh Zayed Road PO Box 2758 Ajman
Country :	United Arab Emirates
Date of Incorporation :	28.04.1998
Com. Reg. No.:	15031, Ajman
Legal Form :	Limited Liability Company - LLC
Line of Business :	Operation of a shopping mall including restaurants and cinema, and the leasing of shop spaces.
No. of Employees :	120

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
Payment Behaviour :	Regular
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)
UAE	A2	A2

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

UAE - 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 : AJMAN CITY CENTER

Country of Origin : Ajman, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 28^th April 1998

Commercial Registration Number : 15031, Ajman

Trade Licence Number : 25722

Chamber Membership Number : 22272

Issued Capital : UAE Dh 10,000,000

Paid up Capital : UAE Dh 10,000,000

Total Workforce : 120

Activities : Operation of a shopping mall including restaurants and cinema, and the

leasing of shop spaces.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

AJMAN CITY CENTER

ADDRESS

Registered & Physical Address

Location : Sheikh Zayed Road

PO Box : 2758

Town : Ajman

Country : United Arab Emirates

Telephone : (971-6) 7431431 / 7432888

Facsimile : (971-6) 6734351

Premises

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

KEY PRINCIPALS

Name Position

· Jassim Al Khaja General Manager

· Nada Al Malaki Leasing Manager

LEGAL FORM & OWNERS

Date of Establishment : 28^th April 1998

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 15031, Ajman

Trade Licence No. : 25722 (Expires 23/04/2013)

Chamber Member No. : 22272

Issued Capital : UAE Dh 10,000,000

Paid up Capital : UAE Dh 10,000,000

Name of Shareholder (s) Percentage

· Majid Al Futtaim Properties 100%

Dubai

United Arab Emirates

Tel: (971-4) 2061111

OPERATIONS

Activities: Engaged in the operation of a shopping mall including restaurants and cinema, and the leasing of shop spaces.

Subject is the largest shopping mall in Ajman developed by Majid Al Futtaim Properties. It originally

opened in December 1998 with 46 stores and has since added a further 22 stores, and increased its total

retail area to over 37,000 sqm. It houses a 6-screen CineStar cinema, 16 multi- cuisine restaurants and

food outlets and a family entertainment centre called Magic Planet.

Subject has a workforce of 120 employees.

FINANCIAL DATA

Companies registered in Ajman, 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 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

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

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.