MIRA INFORM REPORT

Report No. :	515845
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	MAICO GULF LLC
Registered Office :	Al Ghail Industrial Park, Plot No. P299/301, PO Box: 9014, Ras Al Khaimah
Country :	United Arab Emirates
Date of Incorporation :	11.12.2007
Com. Reg. No.:	RAKIA 29IZ312070827
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of non-domestic cooling and ventilation equipment
No. of Employees :	65 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 from the oil and gas sector to 30%.

Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.

The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY
COMPANY NAME	MAICO Gulf LLC
ADDRESS	Building	Area			City			PO Box
	MAICO Gulf Building	Al Ghail Industrial Park, Plot No. P299/301			Ras Al Khaimah			9014 Ras Al Khaimah
TEL/FAX	Verified Phones: (+971 7) 258 9000 / Fax: (+971 7) 258 9001
EMAIL/WEBSITE	Email: enquiry@maicogulf.com / Website: www.maicogulf.com
ACTIVITY	NACE 2825 - Manufacture of non-domestic cooling and ventilation equipment;
PRINCIPAL	Girish Ramesh Hiranandani					Workforce
	Chairman					65
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	11/12/2007		RAKIA 29IZ312070827	LLC			Active

IDENTIFICATION
CO. NAME	MAICO Gulf LLC
ALSO KNOWN NAME (S)	MAICO / MAICO Gulf
BUILDING	MAICO Gulf Building
AREA	Al Ghail Industrial Park, Plot No. P299/301
POSTAL ADDRESS	9014 Ras Al Khaimah
CITY	Ras Al Khaimah
COUNTRY	United Arab Emirates
TELEPHONE	(+971 7) 258 9000 / (+971 55) 995 9096 (currently out of service)
FAX	(+971 7) 258 9001
VERIFIED EMAIL	enquiry@maicogulf.com / saikat@maico.ae / jospeh@maico.ae / shamnad@maico.ae
WEBSITE	www.maicogulf.com
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-17:00	12:30-13:30
REGISTERED ADDRESS	Al Ghail Industrial Park, Plot No. P299/301 PO Box: 9014 Ras Al Khaimah

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Girish Ramesh Hiranandani	Chairman
	Amit Ahuja Shaji Mathew Saikat Deb Arun Joseph	Managing Director Finance & Admin Manager Supply Chain Manager Accountant
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	65	06.2018
	1,000 (Hira Group)	01.2018

FINANCIAL SUMMARY

NOTES

Private companies in UAE are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential. The following financial information applies to subject’s affiliated company, Hira Industries (L.L.C) in UAE: Sales turnover : Dh 170,000,000 - 2015 : Dh 175,000,000 – 2016 Net profit : not given Financial year ends 31 December.

LEGAL STATUS
INCORPORATION	11/12/2007
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	License No.: RAKIA 29IZ312070827 (expiry date: 10/12/2018)	RAK Investment Authority (RAKIA)
OTHER REGISTRATION NO.	Registration No.: 3676 (issued on: 9 July 2008) / Chamber of Commerce File No.: 32801
CAPITAL	Not given
BUSINESS HISTORY	Subject was established in Ras Al Khaimah on 11 December 2007 on the basis of Dynair Industries Ventilation, established in Jebel Ali Free Zone (JAFZA). Subject’s Trade License is issued from RAK Investment Authority (RAKIA).
LEGAL FORM	Limited Liability Company
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. Maico Holding GmbH } Steinbeisstr. 20 } Villingen-Schwenningen } Baden-Württemberg DE-78056 } Germany } Telephone: (+49 18) 056 940 } Fax : (+49 18) 056 94263 } } 2. Hira Holding Limited } British Virgin Islands } 3. Ibrahim Mohammed Abdullah Al Bannai * Nationality: Emirati * The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.	49.00% 51.00%

OPERATION
BANKERS	1. HSBC Bank Middle East Baniyas Square P.O. Box : 66 Dubai Telephone: (+971 4) 222 7161 Fax : (+971 4) 228 1714 2. National Bank of Fujairah (NBF) Khalid Bin Waleed Street PO Box 2979 Dubai Telephone: (+971 4) 651 1700 Fax : (+971 4) 652 6001 3. Habib Bank AG Zurich Al Nasser Square PO Box 3306 Dubai Telephone: (+971 4) 260 7999 Fax : (+971 4) 228 4211 4. Mashreq Bank Omar Bin Al Khattab Street PO Box 1250 Deira Telephone: (+971 4) 424 4444 Fax : (+971 4) 222 3333
ACTIVITY CODE (NACE)	2825 - Manufacture of non-domestic cooling and ventilation equipment;
LINE OF BUSINESS	Manufacturers and distributors of ventilation equipment including domestic and industrial fans as well as smoke – ventilators. Subject is an ISO 9001: 2000 certified company. Subject’s product range includes: Dynair AMCA Certified Range; Car Park Ventilation System; Dynair Air Handling Units; Dynair Fan Coil Units; Dynair Energy Recovery Ventilator; Dynair Ecology Unit; Dynavent Smoke Ventilator; Dynair Industrial Fans; Elicent Domestic Fans; Dynair TMF Range; Some of subject’s completed projects in UAE: - Bay Central Hotel, Dubai; - Al Bateen Tower, Dubai; - Burj Views, Dubai; - Emerson Warehouse JAFZA; Nesto HyperMarket, Sharjah; - Lake Side Tower, Dubai; - Pedestrian Link, Dubai Mall; - Fujairah Commercial Complex; - Rihan Heights, Abu Dhabi; - City Of Light, Abu Dhabi; - Khalifa Port, Abu Dhabi; - Yas WaterPark, Abu Dhabi.
IMPORT FROM	Europe, mainly from Germany.
EXPORT TO	GCC and East African countries.
FACILITIES	70,000 sq. feet premises comprising administrative offices and a manufacturing unit with integrated storage facilities located at the heading address.
RELATED COMPANIES	Subject is a member of Hira Group of Companies, which also includes the following companies: Associates 1. Ramesh Hira LLC PO Box 50673 Dubai Telephone: (+971 4) 884 8414 Fax : (+971 4) 884 8434 Trade License No. : 218670 2. Hira Industries (L.L.C) Dubai Bypass Road Dubai Investment Park, Phase 2 P.O. Box: 50673 Dubai United Arab Emirates Telephone: (+971 4) 884 8414 Fax : (+971 4) 884 8434 / 886 8699 E-Mail : riya@rhira.com Est.: 20/08/2002 Trade License No.: 536867 3. Seven Star Tradelinks Private Limited Plot Number A/109, Midc Khairna, Ttc Industrial Area Navi Mumbai Mumbai - 400 709, Maharashtra India Telephone: (+91 22) 2768 0124 Fax : (+91 22) 2778 1921 4. Aeroduct Industries LLC PO Box 113462 Dubai Telephone: (+971 4) 884 8414 Fax : (+971 4) 884 8434 5. Diamond Pipe Supports Pvt. Ltd. Plot No. 46, Krishna House Vasai (East) Thane - 401208, Maharashtra India Telephone : (+91 22) 6692 1141 CIN No.: U74900MH2007PTC170970 6. Ramesh Hira Trading Co. W.L.L. PO Box 867 Souk Dakhili 15259 Kuwait Telephone: (+965) 9969 1822 7. Hira & Partners L.L.C PO Box 167 PC 102 Oman Telephone: (+968) 2449 5919 Fax : (+968) 2449 6649 8. Hira LLC, Office No. 1, Alzaman Bldg., Ground Floor Al Rawabi Street Al Munthaza PO Box 31179 Doha Qatar 9. Hira Industries LLC 2nd Floor, No. 169 Nguyen Van Thu Str., D.1, HCMC Vietnam 10.Hira Technologies Pvt. Ltd Plot I-02 (Part – II) Khed City Zone – DTA Kanhersar, Khed, Pune – 410 505 India Est.: 01/08/2002 CIN No.: U29191MH2002PTC136679 11.Hira Industries Saudi Arabia 12.Maico Ventilation Private Limited India Est.: 13/09/2006 CIN No.: U29192PN2006PTC133888 13.Hirahvac Tradelinks Private Limited India Est.: 30/08/2005 CIN No.: U51500MH2005PTC155745 14.Hira Walraven Installations Systems Private Limited India Est.: 06/02/2016 CIN No.: U74120MH2016PTC272800 15.AEROFOAM USA LLC, Mullan Professional Building, 1121 E, Mullan Avenue Suite 204, COEUR D’ ALENE, IDAHO 83814 USA

PAYMENT RECORDS
CREDIT OPINION	We consider it is acceptable to deal with subject.

SPECIAL REMARKS
INTERVIEWED	Arun Joseph (Accountant).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79
UAE Dh	1	INR 18.47

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.