MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	SEVILLE PRODUCTS LLC

Registered Office :	Warehouse No. 23, 3^rd Interchange, Sheikh Zayed Road, Al Quoz Industrial Area No. 1 54176, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2013

Date of Incorporation :	04.06.1998

Com. Reg. No.:	44919, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	Subject’s operations are performed through the following divisions: · Foodstuff Division · Soap Division

No. of Employees :	112

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 :	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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 : SEVILLE PRODUCTS LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 4^th June 1998

Commercial Registration Number : 44919, Dubai

Trade Licence Number : 300840

Chamber Membership Number : 34085

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 112

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

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Sayeh Met, Human Resources Manager

COMPANY NAME

SEVILLE PRODUCTS LLC

ADDRESS

Registered & Physical Address

Location : Warehouse No. 23, 3^rd Interchange

Street : Sheikh Zayed Road

Area : Al Quoz Industrial Area No. 1

PO Box : 54176

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2850066 / 3392939 / 3395163

Facsimile : (971-4) 2855724 / 3392949

Email : sayehmet@iffco.com

Premises

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

Branch Office (s)

Location Description

· Plot No. B-366 Factory premises

Al Ramool, Rashidiya

PO Box: 10596

Dubai

KEY PRINCIPALS

Name Nationality Position

· Ali Nasser Ali Al Fardan Emirati Managing Director

· Ali Ahmed Khan - Chief Executive Officer

· Staish Kumar - General Manager

· Sarad Klamji - Commercial Manager

· Navin Digani - Financial Manager

· Abi Sheikh Patwa - Financial Controller

· Darrel Jacob - Human Resources Manager

· Vivek Santalia - Accountant

LEGAL FORM & OWNERS

Date of Establishment : 4^th June 1998

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 44919, Dubai

Trade Licence No. : 300840 (Expires 06/07/2015)

Industrial Licence No. : 505951

Chamber Member No. : 34085

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s)

· International Foodstuff Co (IFFCO)

Industrial Area No. 1

PO Box: 29220 & 4115

Sharjah

United Arab Emirates

Tel: (971-6) 5334969 / 5029000 / 5322222

Fax: (971-6) 5029190 / 5334969 / 5333180

· Ali Nasser Ali Al Faradan

AFFILIATED COMPANIES

Subject is a member of the IFFCO group of companies that consists of the following concerns:

· International Packaging Co LLC

New Industrial Area

PO Box: 2990

Ajman

United Arab Emirates

Tel: (971-6) 7436814

Fax: (971-6) 7435503

Email: ipc@iffco.com

· IFFCO International Foodstuff Co LLC

Shop No. 134, Hamriya Vegetable and Fruit Market

Al Khaleej Street

Corniche, Deira

PO Box: 2595

Dubai

United Arab Emirates

Tel: (971-4) 3202777 / 3330555

Fax: (971-4) 3202682

· Emirates Industrial & Trading Co Ltd (EITCO)

Sharjah Port

PO Box: 4115 / 6906

Sharjah

United Arab Emirates

Tel: (971-6) 5334696

Fax: (971-6) 5333180

· Emirates Refining Co Ltd (ERCO)

PO Box: 4115

Sharjah

United Arab Emirates

Tel: (971-6) 5357966

· Intergulf Services Ltd

PO Box: 6131

Sharjah

United Arab Emirates

Tel: (971-6) 281391

· Allana International Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 816120

· Delmon Products Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 816504

· Al Ain National Juice & Refreshment Co

PO Box: 15937

Al Ain

United Arab Emirates

Tel: (971-3) 7216555

Fax: (971-3) 7215208

· Gateway Chemicals LLC

PO Box: 10596

Dubai

United Arab Emirates

Tel: (971-4) 3386116

Fax: (971-4) 3384416

· IFFCO Egypt SAE

Street 262, Villa 10B

New Maadi

Cairo

Egypt

Tel: (20-2) 7545841 / 7545842 / 7545843 / 7545847

Fax: (20-2) 5164554

· Civil Product Ltd

Dubai

United Arab Emirates

Tel: (971-4) 2850066

· Unipex Dairy Products Co Ltd

Sharjah Industrial Area No. 2

PO Box: 5646 & 77

Sharjah

Tel: (971-6) 5337864 / 5326339 / 5321146 / 5337434

Fax: (971-6) 5336312

Email: unipex@emirates.net.ae

· Tiffany Foods Ltd

Al Liya Area, Sharjah Seaport

PO Box: 6597 & 4115

Sharjah

Tel: (971-6) 5285195

Fax: (971-6) 5080504 / 5324100

Email: tiffany@emirates.net.ae

· Dubai Meat Packers Ltd

PO Box: 16930

Dubai

Tel: (971-4) 8815345

Fax: (971-4) 8815330

OPERATIONS

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

· Foodstuff Division

Engaged in the processing of milk, fruit juice and sauces, as well as the production of chocolate, wafers and pasta.

· Soap Division

Engaged in the manufacture of soaps and detergents.

Import Countries: India and Europe

Operating Trend: Steady

Subject has a workforce of 112 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/12: Year Ending 31/12/13:

Total Sales UAE Dh 193,650,000 UAE Dh 200,000,000

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

The above figures were provided by Mr Vivek Santalia, Accountant

BANKERS

· ABN Amro Bank

Deira Branch

PO Box: 2567

Dubai

Tel: (971-4) 3512200

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

· Standard Chartered Bank

Al Boorj Avenue

PO Box: 5

Sharjah

Tel: (971-6) 5357788

Fax: (971-6) 5335500

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.61
UK Pound	1	Rs.100.48
Euro	1	Rs.79.56

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	PDT

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.