MIRA INFORM REPORT

Report Date :

24.04.2013

IDENTIFICATION DETAILS

Name :	TRADE LINE LLC

Registered Office :	Al Ghurair Centre, 8^th Floor, Office No. 839, : Al Rigga Street, Al Muraqqabat, PO Box 55409, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2009

Date of Incorporation :	17.10.1989

Com. Reg. No.:	43778, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	Subject’s operations are performed through the following divisions Trading Division Shipping & Chartering Division

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

SUMMARY

Company Name : TRADE LINE LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 17^th October 1989

Commercial Registration Number : 43778, Dubai

Trade Licence Number : 221023

Chamber Membership Number : 17295

Issued Capital : UAE Dh 3,000,000

Paid up Capital : UAE Dh 3,000,000

Total Workforce : 100

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

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

TRADE LINE LLC

ADDRESS

Registered & Physical Address

Building : Al Ghurair Centre, 8^th Floor, Office No. 839

Street : Al Rigga Street

Area : Al Muraqqabat

PO Box : 55409

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2219086

Facsimile : (971-4) 2277693

Email : mail@tradelinellc.ae

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Ahmed Hussain Lafir Indian Managing Director

· Majid Saif Ahmed Al Ghurair Emirati Director

· Habib Mubarak - Chief Executive Officer

· Ahmed Mohamed - Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 17^th October 1989

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 43778, Dubai

Trade Licence No. : 221023

Chamber Member No. : 17295

Issued Capital : UAE Dh 3,000,000

Paid up Capital : UAE Dh 3,000,000

NAME OF SHAREHOLDER (S) PERCENTAGE

· Majid Saif Ahmed Al Ghurair 51%

· Ahmed Hussain Lafir 49%

AFFILIATED COMPANIES

· Lafttiz Trading Co

No. 3 58^th Alley, 4^th Floor

Asad Abadi Avenue

Tehran 14368

Iran

Tel: (98-21) 8059334

Fax: (98-21) 8030052

Email: lafttiz@lafttiz.com

· Fairway Trading Company (Pvt) Ltd

No. 300, Thambu Chetty Street

Chennai 600001

India

Tel: (91-44) 5220569 / 5230251

Fax: (91-44) 5228428

Email: cma@vsnl.com

· Trans Gulf Aluminium Industries Co LLC

PO Box: 55409

Sheikh Zayed Road

Dubai

Tel: (971-4) 8801524

Fax: (971-4) 8801514

Email: alrod@emirates.net.ae

OPERATIONS

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

· Trading Division

Engaged in the import and distribution of dry bulk commodity goods, including agricultural feed products, fertilizers, chemical raw materials and steel products.

· Shipping & Chartering Division

Subject is also involved in shipping services, including the chartering of commercial boats. Chartering a modest average of 80-100 vessels per year, both on Time-Charter and Voyage-charter, Tradeline has built an enviable reputation as a highly professional and reliable charter operator. The modern fleet operates with vessels of capacity ranging from 3000DWT to Cape-size (including tankers) and deal in cargoes such as Steel, Coal, Animal feed, Fertilizers, Sugar, Grain, Scrap and project cargoes.

Subject’s fleet includes:

Vessel Size Built Purchase Date Owners

M.V. Emirates Star 15,030 1980 2002 Thymus Shipping

M.V.Regal Star 16,411 1984 2002 Thymus Shipping

M.V.Kardaran Star 9,119 1983 2003 Stellar Shipping LLC

M.V.North Star 42,219 1985 2004 Orient Marine Ltd

M.V. Seven Star 6,146 1979 2005 Seven Star Maritime Corp

M.V. Blue Star 25,694 1985 2005 Atlas Shipping S.A

Import Countries: Europe and the Far East

Operating Trend: Steady

Subject has a workforce of approximately 100 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/08: Year Ending 31/12/09:

Total Sales UAE Dh 302,000,000 UAE Dh 311,500,000

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

The above financial figures are based on estimations by our local sources.

BANKERS

· Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

· Banque Cantonale Vaudoise

PO Box: 300-1001

Lausanne

Switzerland

Tel: (41-21) 2121000

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Trade Line LLC was established in 1989 and is engaged in the import and distribution of dry bulk commodity goods. It also offers shipping services, chartering commercial boats.

The company is run in a professional manner and is owned by the prominent Indian businessmen, Ahmed Hussain Lafir, and his wealthy Emirati sponsor, Majid Saif Ahmed Al Ghurair.

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a sound trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

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%)

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.