MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	4 CORNER GENERAL TRADING LLC

Registered Office :	European Business Centre, Offices 126, 1^st Floor, Dubai Investment Park, P O Box: 473513, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2013

Date of Incorporation :	02.03.2005

Com. Reg. No.:	72621, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	Subjects operations are performed through the following divisions: · FMCG Suppliers Engaged in the import and distribution of fast moving consumer goods covering the food service industry . · Container Distribution Across the Middle East Engaged in the provision of sea, air and road freight services. · Consolidator of Global Brands Engaged in the import and distribution of branded and non branded products · Purchasing and Supply Chain Service Engaged in the provision of a supply chain for local and international clients

No. of Employees :	20

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Arab Emirates

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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 : 4 CORNER GENERAL TRADING LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 2^nd March 2005

Commercial Registration Number : 72621, Dubai

Trade Licence Number : 566457

Chamber Membership Number : 95165

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 20

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

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

4 CORNER GENERAL TRADING LLC

ADDRESS

Registered & Physical Address

Building : European Business Centre, Offices 126, 1^st Floor

Area : Dubai Investment Park

PO Box : 473513

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 8847248

Facsimile : (971-4) 8847112

Mobile : (971-50) 2396088

Email : corner4@emirates.net.ae / sales@fcqt.ae

Premises

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

Branch Office (s)

Location Description

· Showroom No. 2 Showroom premises

Al Ras

Deira

PO Box: 182470

Dubai

Tel: (971-4) 2262637 / 2253336

Fax: (971-4) 2290338

Mob: (971-55) 6927003

KEY PRINCIPALS

Name Nationality Position

· Paul Grimes British Managing Director

· Mike John Waldon British Director

· James John Morley British Director

· Khalid Ali Hussain Alamari Emirati Director

· Kelly White - Sales Executive

· Jane Halm - Office Manager

· Oliver Halm - Purchase & Supply Manager

· Mukesh Budhwani - General Manager

· Stuart Marshall - Warehouse & Logistics Manager

· Iona D’Mello - Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 2^nd March 2005

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 72621, Dubai

Trade Licence No. : 566457

Chamber Member No. : 95165

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Khalid Ali Hussain Alamari 51%

· Paul Grimes 19%

· Mike John Waldon 15%

· James John Morley 15%

OPERATIONS

Activities: Subjects operations are performed through the following divisions:

· FMCG Suppliers

Engaged in the import and distribution of fast moving consumer goods covering the food service industry .

· Container Distribution Across the Middle East

Engaged in the provision of sea, air and road freight services.

· Consolidator of Global Brands

Engaged in the import and distribution of branded and non branded products

· Purchasing and Supply Chain Service

Engaged in the provision of a supply chain for local and international clients

Import Countries: Europe and GCC countries.

Operating Trend: Steady

Subject has a workforce of 20 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 Revenue UAE Dh 16,225,000 UAE Dh 16,890,000

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

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

BANKERS

· Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction January 2014

Credit amount 100,000

Amount overdue 0

Payment terms 90 days

Payment Method Letters of Credit

Paying record No Complaints

Currency Euros

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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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