A check against all available information sources revealed that no late payment incidents against subject company exist. Low Risk.

Transcription

1 DATE OF VALIDITY: Name & Address: Correct XXX Hotels Company Registered Name: Other Trading name: XXX H Address: P.O.Box: Telephone: Fax: Web: 5th Floor, X Building, Airport Road ABU DHABI Abu Dhabi adn@xxx.com Business address: 5th Floor, X Building, Airport Road ABU DHABI Abu Dhabi Summary of Ratings: Maximum Credit: EUR 2,500, Payment Records: Comment: Good For Amount & Terms Of Inquiry: Credit Rating: A check against all available information sources revealed that no late payment incidents against subject company exist. Yes Without Rating Credit Rating Nil Rating N Rating X Rating Low Risk Normal Risk Average Risk Above Average Risk High Risk Low Risk Indicates specifically low risk of credit defaulting and is assigned to companies of exceptional credit quality. Commercial Morality: Financial Strength: Good Good Credit Rating: Legal Status: Legal Form: Low Risk Date of Public Joint Stock Company

2 foundation: Registration number and city: Abu Dhabi Registration date: Present Style Adopted on: 2000 Commercial Registration No.: Issued Date: Expired Date: Chamber s Membership No.: Issued Date: Expired Date: Trading License No.: Issued Date: Expired Date: Municipality No.: Not Available Former registration name: XXX HOTELS CO., valid since: 1979, until: 1998 National ID: ADH Former company names: XXX HOTELS CO. Company Status: Registration status: registered company Activity status: Company is active Principals: Shareholders Full Name Function Nationality Equity Address Mr. Saif Al XXX Shareholder UAE 35.00% Mr. Richard XXX Shareholder UAE 65.00% Management Full Name Age Function Nationality Qualification Experience Address Mr. Khalifa XXX President Not Disclosed Not Disclosed Mr. Saif Al XXX Chairman Mr. Ahmed XXX Vice-Chairman

3 Mr. Richard XXX Sheikh Ahmed XXX Mr. Hamad XXX Mr. Hamad XXX Mr. Ala'a XXX Mr. Mohamed XXX Mr. Khamis Mohamed XXX Chief Executive Officer Member of the Board of Directors Member of the Board of Directors 43 Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors Member of the Board of Directors STATES Not disclosed He is also the Vice Chairman of ASMAK International Fish Farming Company (P.J.S.C) Mr. Damian XXX Financial Director AUSTRALIA Mr. Ali Ahmed XXX Mr. Yakoub XXX Mr. Ali XXX Mr. Mann XXX General Director (Acting) Deputy Director (Finance) Director (Administration & Human Resource) Executive (General Counsel) Activities: Activities: Operations: Importers & Tenderers NACE 5621 Event catering activities SIC 7011 Hotels and Motels (hotels and motels, except casino hotels) Analysis: This Abu Dhabi industry comprises establishments primarily engaged in building general maintenance, catering services, cleaning buildings & houses, employment services, hotel management, hotels & restaurant requisites trading, insect & rodents fighting & eradicating, onshore & offshore gas & oil & fields, services, parties & art team undertaking, testing & evaluation & inspection of

4 industrial installation & fittings and trading of agriculture machinery equipment & supplies Business Activities Hotels Catering Services Motor Vehicles: This information is not disclosed Imports: EUROPE Payment terms: L/C Base (Letter of Credit) 20% Importers / 80% Local Purchasers Industry Classifications - NAICS» Hotels (except Casino Hotels) and Motels» Caterers Hotels (except Casino Hotels) and Motels NAICS #72111 This industry comprises establishments primarily engaged in providing short-term lodging in facilities known as hotels, motor hotels, resort hotels, and motels. The establishments in this industry may offer food and beverage services, recreational services, conference rooms and convention services, laundry services, parking, and other services. Providing short-term lodging with a casino on the premises--are classified in Industry , Casino Hotels; and Providing short-term lodging in facilities known as bed-and-breakfast inns, youth hostels, housekeeping cabins and cottages, and tourist homes--are classified in Industry 72119, Other Traveler Accommodation. Caterers NAICS # This industry comprises establishments primarily engaged in providing single event-based food services. These establishments generally have equipment and vehicles to transport meals and snacks to events and/or prepare food at an off-premise site. Banquet halls with catering staff are included in this industry. Examples of events catered by establishments in this industry are graduation parties, wedding receptions, business or retirement luncheons, and trade shows. Preparing and serving meals and snacks for immediate consumption from motorized vehicles or nonmotorized carts--are classified in Industry , Mobile Food Services; Providing food services at institutional, governmental, commercial, or industrial locations of others (e.g., airline contractors, industrial caterers) or providing food services based on contractual arrangements for a specified period of time--are classified in Industry , Food Service Contractors; and Renting out facilities without providing catering staff--are classified in Industry , Lessors of Nonresidential Buildings (except Miniwarehouses). Exports: The subject does not engaged in any export activities. Agencies: The subject company does not hold any agency. Trade Suppliers: This information is not disclosed

5 Workforce: Number Of Employees: 16,000 Description Of Premises: Address: Type of premises: 5th Floor, X Building, Airport Road ABU DHABI Abu Dhabi Premises Type of ownership: owned Area: Condition: Good Area Good Headquarters: Branches: The ground floor of the building is used for storage and the other three floors are used as offices. The subject does not maintain any branches. Related Companies: XXXCorner Restaurant, XXX Hall, XXX - Marina Mall, XXX Hotels (Al Taxi), XXX Hotels Co, XXX Hotels Company, XXX Hotels Company, XXX Hotels Company - T - L L C, XXX Hotels Company Compass L L C, XXX Hotels Company - Sunshine Tours, Associate Company: 1.Overseas Tourist Company Ltd. (OIC). The subject has percent equity. 2.Abu Dhabi Tourist Company (AIC). The subject has 10 percent equity.

6 3.OIC Mediterranean Hotels B.V. The subject has 37.19% of share capital. Sister Companies: XXX Hotels Company Abu Dhabi Chamber Membership Number: Chamber Unified Number: 0000 XXX Hotels Company Caters - L L C Abu Dhabi Chamber Membership Number:0000 Chamber Unified Number: 0000 XXX Hotels Company - Compass Middle East - L L C Abu Dhabi Chamber Membership Number: 0000 Chamber Unified Number: 0000 Abu Dhabi Establishment Abu Dhabi Chamber Membership Number: 0000 Chamber Unified Number: 0000 Bankers: Abu Dhabi Commercial Bank P O Box: 2934, Abu Dhabi Tel: National Bank of Abu Dubai P O Box: 4, Abu Dhabi, UAE Tel: National Bank of Fujairah P O Box: 786, Abu Dhabi Tel: Union National Bank P O Box: 3865, Abu Dhabi (Salam street branch) Tel: The subject did not wish to disclose account numbers and contact person whereas having all banking facilities. Press: , XXX Hotels to add 8 new hotels, more than 750 hotel rooms across UAE 5 May 2009 UAE hospitality group XXX Hotels is moving ahead with its aggressive expansion strategy, adding more than 750 hotel rooms to its portfolio by the end of The group, which owns, manages and operates hotels and resorts across the country and has interests in tourism, transportation and catering, is confident in the UAE s continued business opportunity. The expansion will see three new XXX properties open in the second half of 2009: The 450-room Jumeirah Beach Sofitel Hotel, the 64-suite luxurious Al Diar Hotel Apartments - Al Barsha, and the 78- suite Siji Hotel Apartments residence in Fujairah.

7 XXX is also developing three signature five-star hotels in Abu Dhabi : the JW Marriott Resort and Spa, the 314-room Park Hyatt Hotel and Villas, and the Capital Centre Hotel. The three luxury hotels are located in some of the capital s most strategic business and tourist areas, including the Between the Bridges district across from the Sheikh Zayed Grand Mosque, in Saadiyat Island and adjacent to the XXX Exhibition Centre. The company will develop two new YOTEL hotels in Abu Dhabi, introducing the revolutionary European hotel brand to the region. YOTEL hotels feature premium cabins in flexible configurations at affordable prices and unusual locations. YOTELs around the world, for example, are often located within secure airport transit lounges. HE Saif Mohamed Al Hajeri, Chairman of ADNH, said, Abu Dhabi and the UAE continue to offer unrivalled opportunities for the world and the region, and as the trendsetter in the region s hospitality sector, XXX is committed to acting quickly and decisively to expand its portfolio and driving the market forward at all times. His Excellency praised the Abu Dhabi Tourism Authority s efforts to promote the capital internationally as the region's hub for business and tourism. The ADTA strategy, he explained, has helped double the number of inbound visitors to the capital in the last few years, translating into gains for the industry and the larger economy. XXX has experienced a remarkable growth of business in the last quarter of 2008 and first four months of 2009, counter to the global downward trend. This is a strong indicator of the emirate s resilience and the efforts of the ADTA, he added , XXX to open Grand Canal, Park Hyatt Saif Al Hajri, chairman of XXX Hotels (ADNH) has revealed plans to open Abu Dhabi's largest water hotel by the end of this year, the Grand Canal, Wam has reported. He also announced that the company will open the Park Hyatt hotel on Saadiyat Island in the first quarter of next year. Auditors / Accountants: Date: Financials have been audited Company: Ernst & Young P O Box: th Floor Al Ghaith Tower Hamdan Street Abu Dhabi, UAE Tel: / Fax: Website: ey.com/me Registration No: 446 Signed By: Mr. Richard Mitchell Share Capital: Registered capital: AED 360,000,000.00

8 Charges: This information is not available. Finance: Amounts shown in UAE Dirham (AED) PROFIT & LOSS Cost of Sales -1,369,017, ,186,673, Gross Profit 434,452, ,207, Other Operating Income 1,803,469, ,739,880, Administrative Expenses -97,171, ,919, Financial Income 17,806, ,772, Profit Before Taxation 437,221, ,275, Net Profit 432,921, ,737, BALANCE SHEET Property, Plant & Equipment 7,485,195, ,966,748, Goodwill 5,278, ,278, Investment in Affiliated and 13,249, ,319, Associated Units Inventory / Stock 48,204, ,275, Trade Debtors (receivables from 332,057, ,517, customer) Total Current Assets 998,498, ,168,896, Total Assets 8,890,009, ,759,323, Retained Profit / Earnings) for the 512,319, ,982, year Total Equity 8,258,422, ,148,653, Trade Creditors (accounts payable) 562,627, ,063, Bank Overdraft 6,396, ,688, Total Current Liabilities 631,587, ,670, Total Equity & Liabilities 8,890,009, ,759,323, SHARE CAPITAL 1,000,000, ,000,000, Book Closes on 31st Dec. Profit/Loss: Trading in Profit Economic Result: Positive Note: The above financials are consolidated figures. Please note that the subject declined to release any further detailed and latest financial information neither such data was found being officially published. Maximum Credit Summary: Please note that our rating system has the amount of EUR as a maximum credit amount ceiling. The company s maximum recommended credit amount (without restrictions) is EUR. As our company s policy, we can only recommend any company for a maximum credit amount of

9 EUR per transaction/per month. GENERAL COMMENTS: The XXX Hotels Co. has been operating in UAE since The subject company is involved in transportation, tourism, duty free, in-flight catering and management of 4-5 star hotels. At present, the XXX Hotels Co admits to have many expansion plans. Please check the news section. INDUSTRIAL ANALYSIS: UAE INDUSTRY OUTLOOK TO The UAE is the most dynamic and a highly emerging economy in the Middle East. Driven by its oil wealth, the country has witnessed an unmatched development and transformation over a period of time. Oil exports and foreign investments are the two important aspects which have completely changes the face of the UAE in the region. The UAE is now one of the most competitive economies in the region when it comes to attracting foreign investments. The rapid economic development of UAE has been fuelling an unprecedented construction boom and infrastructure development in all corners of the country that attracted investors from around the world. Most of the investments are directed in developing infrastructure for tourism, hospitality, retail and healthcare industry. The government s efforts to diversify from oil-based income to other industries will drive the infrastructure investments in the country in coming years. It is anticipated that the UAE will continue to attract the bulk of investments and will emerge as the gateway to tap the emerging gulf market. Despite the economic slowdown all over the world, the UAE seems to be committed to develop several projects in housing, tourism, industrial and commercial facilities, education and healthcare amenities, transportation, utilities, communications, ports and airports which are poised to change the face of urban landscape in the years to come. Contact Person: Mr. Mann Elaydi / Miss Shereen / Miss Tauris General Counsel / Secretary (General Counsel) / Administration Department CREDIT RISK EVALUATION A credit rating assesses the credit worthiness of a company. A poor credit rating indicates a high risk of defaulting on a loan. A Credit rating is estimated based on an analysis of commercial, financial and trading data. MAXIMUM CREDIT RECOMMENDED The amount advised is a recommended maximum credit exposure at any one time. SCALES Low Risk Rating Indicates specifically low risk of credit defaulting and is assigned to companies of exceptional credit quality. Normal Risk Rating Indicates normal credit risk of default and is assigned to companies of particularly good credit quality. Average Risk Rating Indicates average risk of credit defaulting and is assigned to companies of moderate credit quality. Above Average Risk Rating Indicates increased risk of credit defaulting and is assigned to companies of low credit quality. High Risk Rating Indicates possibility of very high risk of credit defaulting and is assigned to companies of very low credit quality.

10 N Risk Rating This is a recently established company. Unable to provide credit risk rating due to lack of historical data. X Risk Rating Indicates the highest risk of credit defaulting and is assigned to companies of extremely low credit quality. (adverse press information, dissolved, bankruptcy procedures, termination of activities, detrimental information) Nil Risk Rating Lack of sufficient data. (financial statements overdue or dormant). FACTS AND FIGURES Population: 4,798,491 Area: 83,600 SQ KM Capital: Abu Dhabi Currency: Emirati dirham Currency Code: AED GDP (Purchasing Power Parity): $200.4 Billion GDP - Composition by Sector: GDP (Official Exchange Rate): $228.6 Billion Agriculture: 1.1% GDP - Real Growth Rate: 1.4% Industry: 48.6% GDP - Per Capita (PPP): $41,800 Services: 50.2% Industries: Petroleum and Petrochemicals; Fishing, Aluminium, Cement, Fertilizers, Commercial Ship Repair, Construction Materials, Some Boat Building, Handicrafts, Textiles 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%. The economy is still dependent on Abu Dhabi s oil revenues. With high debt, public companies in Dubai were severely affected by the financial crisis. Payment defaults have accelerated. Many projects have been put on hold. As there is no sovereign guarantee on the debt of Dubai World and its main real estate subsidiary (Nakheel), a failure of the debt restructuring that is required could lead to bankruptcies. Last Updated: March 2010 GETTING CREDIT (Source Doing Business The World Bank Group DATE UPDATED: JULY 2009) Getting Credit DB09 rank: 68 Getting Credit DB08 rank: 116 Change in rank: +48 Measures on credit information sharing and the legal rights of borrowers and lenders are shown below. The Legal Rights Index ranges from 0-10, with higher scores indicating that those laws are better designed to expand access to credit. The Credit Information Index measures the scope, access and quality of credit information available through public registries or private bureaus. It ranges from 0-6, with higher values indicating that more credit information is available from a public registry or private bureau. Legal Rights Index United Arab Emirates 4

11 Legal Rights Index Region 3.3 Legal Rights Index OECD 6.8 Credit Information Index United Arab Emirates 5 Credit Information Index Region 2.9 Credit Information Index OECD 4.8 Public registry coverage (% adults) United Arab Emirates 6.5 Public registry coverage (% adults) Region 4.8 Public registry coverage (% adults) OECD 8.4 Private bureau coverage (% adults) United Arab Emirates 7.7 Private bureau coverage (% adults) Region 9.7 Private bureau coverage (% adults) OECD 58.4 PROTECTING INVESTORS (Source Doing Business The World Bank Group) Protecting Investors DB09 rank: 113 Protecting Investors DB08 rank: 110 Change in rank: -3 The indicators below describe three dimensions of investor protection: transparency of transactions (Extent of Disclosure Index), liability for self-dealing (Extent of Director Liability Index), shareholders ability to sue officers and directors for misconduct (Ease of Shareholder Suits Index) and Strength of Investor Protection Index. The indexes vary between 0 and 10, with higher values indicating greater disclosure, greater liability of directors, greater powers of shareholders to challenge the transaction, and better investor protection. Disclosure Index United Arab Emirates 4 Disclosure Index Region 5.9 Disclosure Index OECD 5.9 Director Liability Index United Arab Emirates 7 Director Liability Index Region 4.8 Director Liability Index OECD 5 Shareholder Suits Index United Arab Emirates 2 Shareholder Suits Index Region 3.7 Shareholder Suits Index OECD 6.6 Investor Protection Index United Arab Emirates 4.3

12 Investor Protection Index Region 4.8 Investor Protection Index OECD 5.8 DISCLAIMER This document is forwarded to the client in strict confidence for the use by the client. This document is based on information obtained by us from sources believed to be true but not controlled by the provider; therefore we do not make any representation as to its accuracy. Any advice or recommendation in this document has been given without regard to the specific investment objectives, financial situation and the particular needs of any specific client. This document is for the information of the client only and is not to be reproduced in whole or in parts in any form or manner whatsoever. The provider accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or further communication given in relation to this document.