MIRA INFORM REPORT

Report No. :	347876
Report Date :	05.11.2015

IDENTIFICATION DETAILS

Name :	SILVER METALS INDUSTRIES LLC
Registered Office :	Al Mansoor Building, 4th Floor, Office No. 413 Damascus Street Al Qusais Industrial Area, PO Box 18793, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2014
Date of Incorporation :	09.07.2005
Legal Form :	Limited Liability Company - LLC
Line of Business :	Subject is manufacture of kitchen cabinets and fixtures and metal building products
No. of Employee :	120

RATING & COMMENTS

MIRA’s Rating :

Ba

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
United Arab Emirates	A2	A2

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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name			:	SILVER METALS INDUSTRIES LLC
2) Registered Address:
Address			:	Al Mansoor Building, 4th Floor, Office No. 413 Damascus Street Al Qusais Industrial Area
Town			:	Dubai
Country			:	United Arab Emirates
PO Box			:	18793
Phone (s)			:	(971-4) 2574380
Facsimile			:	(971-4) 2574381
Email			:	info@silvermetalsuae.com
Mobile			:	(971-50) 4584098
				(971-50) 4584099
3) Operational Address & Contact Details:
Address			:	Al Mansoor Building, 4th Floor, Office No. 413 Damascus Street Al Qusais Industrial Area
Town			:	Dubai
Country			:	United Arab Emirates
PO Box			:	18793
Phone (s)			:	(971-4) 2574380
Facsimile			:	(971-4) 2574381
Email			:	info@silvermetalsuae.com
Mobile			:	(971-50) 4584098
				(971-50) 4584099
:
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category			:	Limited Liability Company - LLC
Date of Registration			:	9th July 2005
Trade License Number			:	571131
Expiry Date			:	07/08/2016
Commercial Registration Number			:	75026, Dubai
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number			:	99778
KEY FACTS
Operational Status			:	Steady
Financial Condition			:	Fair
Primary Business Activity			:	Manufacture of kitchen cabinets and fixtures and metal building products.
Number of Employees			:	120
Capital			:	UAE Dh 300,000
CAPITAL DETAILS
Issued Capital:
				VALUE OF SHARE		AMOUNT
N/A				N/A		UAE Dh 300,000
Paid Up Capital:
NO OF SHARES						AMOUNT
N/A				N/A		UAE Dh 300,000
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
				Year Ending 31/12/13		Year Ending 31/12/14
Total Sales				UAE Dh 19,249,178		UAE Dh 17,557,412
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Satish Kumar, Financial Controller
BRANCH OFFICE
1	Address				Plot No. 42-43 Al Ghail Industrial Area Ras Al Khaimah
	Tel				(971-7) 2215106
	Fax				(971-7) 2215107
	Description				Factory premises covering 40,000 square feet
PROJECTS
Sr.No	Name	Address				City/Country	Status
1	Humble Arnold Associates	Atlantis Hotel Palm Jumeirah				Dubai	Completed
2	MCTS	Monarch Hotel Sh. Zayed Road				Dubai	Completed
3	MTD	Intercontinental and Crown Plaza, DFC Dubai Harbour Plaza				Dubai	Completed
4	MCTS	Address Hotel Dubai Marina				Dubai	Completed
5	Trend Food Service	Sofitel Hotel, Jumeirah Beach Residence				Dubai	Completed
6	Cine Little	American Hospital				Dubai	Completed
7	F&D Consulting	Movenpick Ibn Battuta Gate				Dubai	Completed
8	Humble Arnold Associates	Zuma DIFC				Dubai	Completed
9	MCTS	Maydan Hotel				Dubai	Completed
10	MCTS	Movenpick Hotel, Jumeirah Beach Residence, Dubai				Dubai	Completed
11	Tricon	Intercontinental Hotel				Abu Dhabi	Completed
12	Tricon	Hyatt Capital Gate				Abu Dhabi	Completed
13	HCTS	J W Marriot				Abu Dhabi	Completed
14	Sefton Horn Winch	One and Only Royal Mirage, Palm Jumeirah				Dubai	Completed
15	MCTS	"Pullman Hotel Mall of the Emirates"				Dubai	Completed
16	Sefton Horn Winch	Bistro Medaline, Dubai Mall				Dubai	Completed
17	MCTS	Abu Dhabi Golf Club				Abu Dhabi	Completed
18	MCTS	Eastern Mangrove Hotel				Abu Dhabi	Completed
19	TSSC	Damas Tower				Dubai	Completed
20	Trend Food Service	Nation Tower				Abu Dhabi	Completed
21	ADCO	ADCO Complex Qusahwira				Abu Dhabi	Completed
22	Sevens	Hilton Marjan				Ras Al Khai	Completed
23	HCTS	Emirates Golf Club				Dubai	Completed
24	MCTS	Taj Palace Hotel				Dubai	Completed
25	MCTS	Rosewood Chinese Restaurant				Abu Dhabi	Completed
26	MCTS	Fairmont Hotel				Abu Dhabi	Ongoing
27	HLG	Al Mafraq Hospital				Abu Dhabi	Ongoing
28	MCTS	Pearl Regent Hotel				Abu Dhabi	Ongoing
29	Adma	Adma Building				Abu Dhabi	Completed
30	Humble Arnold Associates	Jean George Hotel				Dubai	Completed
31	MCTS	Yas Island Garden Crescent				Abu Dhabi	Ongoing
32	Caterlux LLC	Rogue Trading Kitchen				Dubai	Ongoing
33	MCTS	IMG Theme Park				Dubai	Ongoing
34	Sefton Horn Winch	Louvre				Abu Dhabi	Ongoing
BANKER
1	Name				Commercial Bank of Dubai
	Address				Mankhool Street
	PO Box				2668 Dubai
	Tel				(971-4) 3523355
	Fax				(971-4) 3527655
					(971-4) 2524796
SHAREHOLDERS
Sr.No	Name of Shareholders					Nationality	No. of Shares
1	Shamsa Khamis Mishar					Emirati	51%
2	Molapili Parakash					Indian	25%
3	Prasent Molapili					Indian	24%
Total Share							100%
SENIOR MANAGEMENT
Sr.No	Name				Nationality	Dsignation
1	Molapili Parakash				Indian	Managing Director
2	Prasent Molapili				Indian	Director
3	Shamsa Khamis Mishar				Emirati	Director
4	Vipin N P				n/a	Project Manager
5	Satish Kumar				n/a	Financial Controller
6	Nishad Barikkodan				n/a	Production Manager
7	Shiva Parasad				n/a	Factory Manager
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country				Activity
1	Italy				Import
2	Spain				Import
3	United States of America				Import
Principal Suppliers:
Sr.No	Name				Country
1	Component Hardware				United States of America
2	MBH International				United States of America
3	Bravoinox				Italy
4	Patrix				Italy
5	Compex				Italy
6	GEV				Germany
7	Tente				Germany
8	Caffsa				Spain
9	Bhatia Brothers				Dubai
10	Atad International				Dubai
11	Tadex Metals				Dubai
PREMISES
Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Dubai.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults			:	No record found
Payment Defaults			:	No record found
Adverse Press Coverage			:	No record found
Litigations			:	No record found
Former Business Relationships			:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : Satish Kumar, Financial Controller
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.65.68
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ASH

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.