MIRA INFORM REPORT

Report No. :	509473
Report Date :	18.05.2018

IDENTIFICATION DETAILS

Name :	MIAD GENERAL TRADING L.L.C.
Registered Office :	Malik Mohd Sharif Asad Bldg, Office 206, Deira, Al Raas, 13635 Dubai
Country :	United Arab Emirates
Date of Incorporation :	15.06.1988
Com. Reg. No.:	217089
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of dairy products, eggs and edible oils and fats Non-specialised wholesale of food, beverages and tobacco
No. of Employees :	40

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

Maximum Credit Limit :	2,200,000 AED
Status :	Good
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.

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	Miad General Trading L.L.C.
ADDRESS	Building	Area			Landmark			PO Box
	Al Ghurair Business Tower, Office 803	Al Muraqqabat, Deira			near Fish Roundabout			13635 Dubai
TEL/FAX	Verified Phones: (+971 4) 254 9494 / Fax: (+971 4) 221 8569
EMAIL/WEBSITE	Email: miadco@emirates.net.ae / Website: www.miad.me
ACTIVITY	NACE 4633 - Wholesale of dairy products, eggs and edible oils and fats; NACE 4639 - Non-specialised wholesale of food, beverages and tobacco;
PRINCIPAL	Mohamad Bagher Ahmad Ainehchi					Workforce
	Chairman					40
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	15/06/1988		217089	LLC			Active
CAPITAL	CURRENCY			AMOUNT
	AED			3,000,000
OPINION ON MAX CREDIT	CURRENCY			AMOUNT
	AED			2,200,000

IDENTIFICATION
CO. NAME	Miad General Trading L.L.C.
ALSO KNOWN NAME (S)	Miad General Trading / Miad
BUILDING	Al Ghurair Business Tower, Office 803
STREET	Al Muraqqabat, Deira
AREA	near Fish Roundabout
POSTAL ADDRESS	13635 Dubai
CITY	Dubai
COUNTRY	United Arab Emirates
TELEPHONE	(+971 4) 254 9494 / (+971 4) 223 7850 / (+971 4) 223 3290 / Mobile (+971 50) 645 5020
FAX	(+971 4) 254 9512 / (+971 4) 221 8569
VERIFIED EMAIL	miadco@emirates.net.ae / miadgt@emirates.net.ae / mgtacct@emirates.net.ae
WEBSITE	www.miad.me
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	08:00-17:00	13:30-14:00
REGISTERED ADDRESS	Malik Mohd Sharif Asad Bldg, Office 206, Deira, Al Raas, 13635 Dubai, United Arab Emirates
FORMER ADDRESS	Until February subject was located at: Technic Building, Office No. 703 Salahuddin Street Deira, Al Muteena Area Dubai

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Mohamad Bagher Ahmad Ainehchi	Chairman
	Abdul Rasool Hassan Sarafan Jahar Soughi Asghar Karim Honar Nissarudheen C.K. Bhuzar Jhamhar	Director Director Marketing Manager Finance Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	40	05.2018

FINANCIAL SUMMARY
REVENUE	31/12/2017	31/12/2018 (Projected)
	AED 102,000,000	AED 120,000,000
NET PROFIT / (LOSS)	31/12/2017	31/12/2018 (Projected)
	AED 4,500,000	AED 5,000,000
NOTES	Historical Profit & Loss Account Sales Turnover : AED 145,000,000 - 2005 : AED 195,000,000 - 2006 : AED 199,000,000 - 2007 : AED 250,000,000 - 2008 : AED 308,000,000 – 2009 : AED 334,000,000 – 2010 : not given - 2011/2015 : AED 80,000,000 – 2016 * * A significant decrease in sales turnover in 2016 was due to unfavourable market conditions.
FISCAL YEAR-END	31 December

LEGAL STATUS
INCORPORATION	15/06/1988
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trading License No.: 217089 (expiry date: 14/06/2018)	Dubai Department of Economic Development
OTHER REGISTRATION NO.	Registration No.: 43043 / DCCI Membership No.: 13896 (issue date: 20 June 1988)
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	3,000,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	3,000,000	AED
LEGAL FORM	Limited Liability Company
BUSINESS HISTORY	The Company was incorporated in United Arab Emirates on 15 June 1988.
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. Mohamad Bagher Ahmad Ainehchi Nationality: Iranian Date of Birth: 1948 2. Asghar Karim Honar Nationality: Iranian Date of Birth: 24/03/1947 3. Abdul Rasool Hassan Sarafan Jahar Soughi Nationality: Iranian Date of Birth: 15/03/1955 4. Hussain Ali Hassan Sarafan Jahar Soughi Nationality: Iranian Date of Birth: 10/01/1949 5. Mohammed Abdullah Mohammed * Abdullah Ahli Nationality: Emirati * The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the partner gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.	13.00% 12.00% 12.00% 12.00% 51.00%

OPERATION

BANKERS	1. Emirates NBD Bank (fmly Emirates Bank International) Dubai Main Branch Baniyas Road PO Box 2923 Dubai Telephone: (+971 4) 225 6900 Fax : (+971 4) 226 7718 2. National Bank Of Fujairah Khalid Bin Waleed Street PO Box : 2979 Dubai Telephone: (+971 4) 397 1700 Fax : (+971 4) 397 3922 Subject previously had an account with the following banks: 1. Bank Melli Iran Baniyas Street PO Box 1894 Dubai Telephone: (+971 4) 201 5100 Fax : (+971 4) 229 5454 2. First Gulf Bank Al Maktoum Street PO Box 52053 Dubai Telephone: (+971 4) 327 8627 Fax : (+971 4) 327 8636 3. HSBC Bank Middle East Baniyas Square PO Box 66 Dubai Telephone: (+971 4) 222 7161 Fax : (+971 4) 228 1714 4. Bank Saderat Iran Al Maktoum Street PO Box 4182 Dubai Telephone: (+971 4) 222 1161 Fax : (+971 4) 221 5961
ACTIVITY CODE (NACE)	4633 - Wholesale of dairy products, eggs and edible oils and fats; 4639 - Non-specialised wholesale of food, beverages and tobacco;
LINE OF BUSINESS	Trading as importers, exporters and wholesalers of foodstuff, dairy products, tea, rice, grains, meat & chicken products, milk powder and olives. Subject’s partners include: Impra, NedGold, Allana, Anchor, Fonterra, Tyson and Arla.
IMPORT FROM	The Netherlands, India, Pakistan, Thailand, Turkey, Vietnam, Sri Lanka, Brazil, USA and China.
EXPORT TO	Mainly to CIS countries, Armenia, Georgia, Kyrgyzstan, Tajikistan, Azerbaijan and Turkmenistan.
FACILITIES	Rented premises comprising administrative offices located at the heading address as well as a branch office elsewhere in Dubai (see "Branch Offices" section). Subject also owns a large warehouse located at Al Quoz area.
BRANCH OFFICES	Al Ras Street 114, Deira PO Box 13635 Dubai Telephone: (+971 4) 225 2090 Fax : (+971 4) 225 4019
RELATED COMPANIES	Associates 1. Aseman Co. Baku Azerbaijan 2. Ital Has Co. Teheran Iran 3. Imperial Teas (Pvt) LTD 121 A, Biyagama Road, Peliyagoda Sri Lanka Telephone: (94 11) 290 4000 Fax : (94 11) 290 9988 4. Milad Co. Baku Azerbaijan 5. Paya Food Moscow Russia 6. Mawaheb General Trading Co LLC Al Ras Street PO Box 13635 Dubai Telephone: (971 4) 225 2090 Fax : (971 4) 225 4019 7. Takkauer Co. Ukraine Other affiliated company of Hussein Ali Hassan Sarrafan Jahar Boughi in Dubai: Pacific Line General Trading L.L.C. PO Box 13635 Dubai Est.26/08/2007 Telephone: (+971 4) 223 3290 Fax : (+971 4) 221 8569 Trade License No.: 599856 Other affiliated company of Asghar Karim Honar in Dubai: 1. Mawaheb General Trading (L.L.C) Dubai Est. 11/10/2003 Trade License No.: 549745 2. Apple Iranian Cafe & Restaurant PO Box 42714 Dubai Est. 24/05/1983 Trade License No.: 107180

SPECIAL REMARKS
INTERVIEWED	Bhuzar Jhamhar (Finance Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.72
UK Pound	1	INR 91.65
Euro	1	INR 79.89
UAE DH	1	INR 18.51

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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)

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.