MIRA INFORM REPORT

Report No. :	311994
Report Date :	17.03.2015

IDENTIFICATION DETAILS

Name :	DEIRA TRADING CENTRE LLC

Registered Office :	Abdulrahim Al Zarooni Building, Souq Murshid, Deira, P O Box: 13597, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2013

Date of Incorporation :	17.02.1982

Com. Reg. No.:	45904, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	Wholesale and Retail of Readymade Garments, Linen and Household Textiles.

No. of Employees :	10

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 : DEIRA TRADING CENTRE LLC

Also Known As : DEIRA TRADING COMPANY LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 17^th February 1982

Commercial Registration Number : 45904, Dubai

Trade Licence Number : 203734

Chamber Membership Number : 8868

Issued Capital : UAE Dh 3,000,000

Paid up Capital : UAE Dh 3,000,000

Total Workforce : 10

Activities : Wholesale and Retail of Readymade Garments, Linen and

Household textiles.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Ms Roby Olawal, Senior Accountant

COMPANY NAME

DEIRA TRADING CENTRE LLC

ALSO KNOWN AS

DEIRA TRADING COMPANY LLC

ADDRESS

Registered & Physical Address

Building : Abdulrahim Al Zarooni Building

Area : Souq Murshid, Deira

PO Box : 13597

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2266456 / 2222501

Facsimile : (971-4) 2250581

Mobile : (971-50) 6249348 / 9783107 / 6487668 / (971-55) 6564561 / 5937674

Email : dtc13597@emirates.net.ae / info@deiragroup.com / mygadit@deiragroup.com

Please note that subject’s previous address was, Al Fardan Building, Ground Floor, Juma Masjid Road, Bur Dubai, Deira, Dubai. Subject moved to the above address in 2011.

Premises

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

Branch Offices

Location Description

· Murshid Bazaar Showroom premises

Deira

Dubai

Tel: (971-4) 2264234 / 2266456

Fax: (971-4) 2266775

· Ajman Office premises

Tel: (971-6) 7439251 / 7436471

Fax: (971-6) 7436224

KEY PRINCIPALS

Name Nationality Position

· Mohamed Yahya Gadit Abdul Rahim Pakistani Managing Director

· Abdul Samad Abdul Rahim Gadit Pakistani Director

· Mohamed Mustafa Mohamed Yahia Jadit Pakistani Director

· Shahzad Jadit Abdul Samad Jadit Pakistani Director

· Mohamed Saleh Abdullah Al Ali Emirati Director

· Tariq Shah Nawaz - Marketing Manager

· Mohamed Sharafat Ali - Sales Executive

· Mohamed Asif - Financial Controller

· Ms Roby Olawal - Senior Accountant

LEGAL FORM & OWNERS

Date of Establishment : 17^th February 1982

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 45904, Dubai

Trade Licence No. : 203734 (Expires 30/10/2015)

Chamber Member No. : 8868

Issued Capital : UAE Dh 3,000,000

Paid up Capital : UAE Dh 3,000,000

Name of Shareholder (s) Percentage

· Mohamed Saleh Abdullah Al Ali 51%

· Mohamed Yahya Gadit Abdul Rahim 20%

· Abdul Samad Abdul Rahim Gadit 19%

· Mohamed Mustafa Mohamed Yahia Jadit 5%

· Shahzad Jadit Abdul Samad Jadit 5%

AFFILIATED COMPANIES

· Al Sahir Garment LLC

Ajman

Tel: (971-6) 7436471

· Ibrahim Abdullah Eid Trading LLC

Dubai

Tel: (971-4) 2264234

OPERATIONS

Activities: Engaged in the wholesale and retail of readymade garments, linen and household textiles.

Import Countries: India, Pakistan, China and Canada.

International Suppliers:

· International Textile Pakistan

· A R Industries Pakistan

· ANSA Industries Pakistan

· United Impex Pakistan

· Srinivas Textile India

· Girish Kapisha Textile India

· Chng Xing Tian Long Textile China

· Tian Jin Teda Ginh Packaging China

Export Countries: Pakistan, India and Indonesia.

Operating Trend: Steady

Subject has a workforce of 10 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/13:

Total Sales UAE Dh 42,000,000

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

The above financial figures were obtained from Ms Roby Olawal, Senior Accountant.

BANKERS

· Bank Saderat Iran

Al Maktoum Street

PO Box: 4182

Dubai

Tel: (971-4) 2221161

Fax: (971-4) 2234460

· Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

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.62.82
UK Pound	1	Rs.92.83
Euro	1	Rs.66.17

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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.