MIRA INFORM REPORT

Report Date :

24.05.2014

IDENTIFICATION DETAILS

Name :	JAWAD INTERNATIONAL PROJECT LLC

Registered Office :	Building No. 297, 3^rd Floor, Way No. 3204, Ghobrah Area, Al Khoudh 132, P O Box 720, Muscat

Country :	Oman

Date of Incorporation :	12.07.2001

Com. Reg. No.:	1/67808/6

Legal Form :	Limited Liability Company

Line of Business :	Subjects operations are performed through the following divisions: Papa John’s Engaged in the operation of Papa John’s franchise. Costa Coffee Engaged in the operation of Costa Coffee franchise Fashion Division Engaged in the operation of fashion stores. Mango Stores Engaged in the operation of Mango fashion stores franchise.

No of Employees :	350 (Approximately)

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)

Oman

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

oman ECONOMIC OVERVIEW

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively.

Source : CIA

SUMMARY

Company Name : JAWAD INTERNATIONAL PROJECT LLC

Country of Origin : Oman

Legal Form : Limited Liability Company – LLC

Registration Date : 12^th July 2001

Commercial Registration Number : 1/67808/6

Chamber Membership Number : 3926

Issued Capital : RO 150,000

Paid up Capital : RO 150,000

Total Workforce : 350

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

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

JAWAD INTERNATIONAL PROJECT LLC

company ADDRESS

Registered & Physical Address

Building : Building No. 297, 3^rd Floor

Street : Way No. 3204

Area : Ghobrah Area, Al Khoudh 132

PO Box : 720

Town : Muscat

Country : Oman

Telephone : (968) 24558902 / 24519468 / 24493563

Facsimile : (968) 24510722 / 24491945

Email : jawadgrp@omanntel.net.om

Premises

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

KEY PRINCIPALS

Name Position

· Mostafa Ameen Qassim Managing Director

· Faisal Hassan Mohamed Director

· Abbass Abdullah Director

· Raymond Vaz Financial Manager

· Sanjay Rawat Operations Manager (Papa John’s)

· Paul Visujet Operations Manager (Costa Coffee)

· Mozzam Sheikh Operations Manager (Fashion Division)

· Ameen Reddy Operations Manager (Mango Store)

LEGAL FORM & OWNERS

Date of Establishment : 12^th July 2001

Legal Form : Limited Liability Company – LLC

Commercial Reg. No. : 1/67808/6

Chamber Member No. : 3926

Issued Capital : RO 150,000

Paid up Capital : RO 150,000

Name of Shareholder (s)

· Mostafa Ameen Qassim

· Faisal Hassan Mohamed

· Abbass Abdullah

AFFILIATED COMPANIES

· Jawad Business Group

Manama

Bahrain

· Al Majid Jawad Co WLL

Doha

Qatar

· Hassan Mohamed Jawad and Sons Group for Ready Made Garments WLL

Safat

Kuwait

· Jawad International Projects Co WLL

Qatar

· Hassan Mohamed Jawad & Partners Commercial Co Ltd

Jeddah

Saudi Arabia

· Soroof International

Dammam

Saudi Arabia

· Outfit

Abu Dhabi

United Arab Emirates

OPERATIONS

Activities: Subjects operations are performed through the following divisions:

· Papa John’s

Engaged in the operation of Papa John’s franchise.

· Costa Coffee

Engaged in the operation of Costa Coffee franchise

· Fashion Division

Engaged in the operation of fashion stores.

· Mango Stores

Engaged in the operation of Mango fashion stores franchise.

Import Countries: Europe and the Far East

Brand Names: TAP LOYAL, MONSOON, HUSH PUPPIES, ADAMS, AVIS, ACCESSORIZE, BURGER KING,

CELIO, CHILIS, COSTA COFFEE, DQ, DELIFRANCE, HAKISUSHI, HOBBS, JAC, JAMIES

ITALIAN, JAWAD, JUSTAPASTA, LAKELAND, MAIGICWOK, MANGO, ORIGEM, OUTBACK,

PUMPKIN PATCH, QUIZ, MACARONI GRILL, ROSA CLARA, SERGENT MAJOR, SHOE CITI,

THAI EXPRESS, THE WHITE COMPANY, VELOCITY, ALFANAR, BHS and PUMPKIN PATCH

Subject has a workforce of approximately 350 employees.

FINANCIAL DATA

Companies registered in Oman are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Bank Dhofar Al Omani Al Fransi

Mutrah Business District

PO Box: 1507, Ruwi 112

Muscat

Tel: (968) 24790466

Fax: (968) 24797246

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Analysis Done by :	DIV

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.