MIRA INFORM REPORT

Report Date :

22.07.2014

IDENTIFICATION DETAILS

Name :	OTC FZC

Registered Office :	Hamriyah Free Zone, P O Box 51158, Sharjah

Country :	United Arab Emirates

Date of Incorporation :	04.02.2011

Legal Form :	Free Zone Company

Line of Business :	Engaged in the import and distribution of industrial equipment and machinery. Subject product ranges includes:- · Screw Pumps Gear Motors Frequency Inverters Actuators Carbon Brush Holders Carbon Brush Dosing/ Metering Pumps Metal/Ceramic Valve Centrifugal Pumps Couplings Encoders Gear Pumps

No of Employees :	05

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 :	Satisfactory

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

United Arab Emirates

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 country 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. 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 : OTC FZC

Country of Origin : Sharjah, United Arab Emirates

Legal Form : Free Zone Company - FZC

Registration Date : 4^th February 2011

Trade Licence Number : 4911

Issued Capital : UAE Dh 500,000

Paid up Capital : UAE Dh 500,000

Total Workforce : 5

Activities : Distributors of industrial equipment and machinery

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

OTC FZC

company ADDRESS

Registered & Physical Address

Location : Hamriyah Free Zone

PO Box : 51158

Town : Sharjah

Country : United Arab Emirates

Mobile : (971-55) 3037656

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Sharjah.

KEY PRINCIPALS

Name Nationality Position

· Sajjad Mali Pakistani Managing Director

· Mohamed Rashid Pakistani Director

LEGAL FORM & OWNERS

Date of Establishment : 4^th February 2011

Legal Form : Free Zone Company - FZC

Trade Licence No. : 4911 (Expires 03/02/2015)

Issued Capital : UAE Dh 500,000

Paid up Capital : UAE Dh 500,000

Name of Shareholder (s)

· Sajjad Mali

· Mohamed Rashid

AFFILIATED COMPANIES

· OTC

Pakistan

Tel: (92-32) 18431900

Fax: (92-42) 35872670

OPERATIONS

Activities: Engaged in the import and distribution of industrial equipment and machinery.

Product details are as follows: -

· Screw Pumps

Gear Motors

Frequency Inverters

Actuators

Carbon Brush Holders

Carbon Brush

Dosing/ Metering Pumps

Metal/Ceramic Valve
Centrifugal Pumps

Couplings

Encoders

Gear Pumps

Import Countries: Europe and the Far East.

Subject has a workforce of 5 employees.

FINANCIAL DATA

Companies registered in Sharjah, 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

· National Bank of Sharjah

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that we were unable to contact the subject directly during our investigation.

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.102.87
Euro	1	Rs.81.48

INFORMATION DETAILS

Analysis Done by :	RAS

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.