MIRA INFORM REPORT

Report Date :

16^th June, 2006.

IDENTIFICATION DETAILS

Name :	AL WAHEEB COMPANY FOR POULTRY PRODUCTS & FEEDS WLL

Registered Office :	Plot No. 894, Office No. 1, 1^st Floor, Beirut Street, PO Box: 783 & 14324, Salmiya 22008, Hawalli, Kuwait

Country :	Kuwait

Date of Incorporation :	15.06.1993

Com. Reg. No.:	50707

Legal Form :	Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

Line of Business :	The company is engaged in the Import and Distribution of Poultry Products and Animal Fodder

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 100,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUMMARY

Company Name : AL WAHEEB CO FOR POULTRY PRODUCTS & FOODS WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 15^th June 1993

Commercial Registration Number : 50707

Trade Licence Number : 1296/2000

Membership Number : 36144

Issued Capital : KD 40,000

Paid up Capital : KD 40,000

Total Workforce : 17

Line of Business : Distributors of poultry products and animal fodder.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

AL WAHEEB CO FOR POULTRY PRODUCTS & FOODS WLL

ADDRESS

Registered & Physical Address

Building : Plot No. 894, Office No. 1, 1^st Floor

Street : Beirut Street

PO Box : 783 & 14324, Salmiya 22008

Town : Hawalli

Country : Kuwait

Telephone : (965) 2645977 / 6053665

Facsimile : (965) 4805565

Email : said@qualitynet.net

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Hawalli.

KEY PRINCIPALS

· Hamed Ali Al Wehaib Managing Director

· Khairiya Shehab Ahmed Director

LEGAL FORM & OWNERS

Date of Establishment : 15^th June 1993

Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

Commercial Reg. No. : 50707

Trade Licence No. : 1296/2000

Membership No. : 36144

Issued Capital : KD 40,000

Paid up Capital : KD 40,000

Name of Shareholder (s)

· Hamed Ali Al Wehaib

· Khairiya Shehab Ahmed

Notes to the legal Form

Limited Liability Companies, which are known in Kuwait as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Kuwait. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom.

Under the Kuwaiti Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. At least 51 percent of the capital must be owned by Kuwaitis. The minimum amount of capital required is KD 7,500. Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares. WLLs may not engage in banking, insurance or investment activities on behalf of others.

LINE OF BUSINESS

Operations : Engaged in the import and distribution of poultry products and animal fodder.

Import Countries : Europe and GCC countries.

Operating Trend : Steady

Subject has a workforce of 20 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : Kuwaiti Dinars (KD)

Year Ending 31/12/04 : Year Ending 31/12/05 :

Total Revenue KD 490,000 KD 520,000

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

BANKERS

· National Bank of Kuwait SAK

Hawalli

Tel : (965) 2653303 / 2645964

Fax : (965) 2611366

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Established in 1993, subject is involved in the import and distribution of poultry products and animal fodder.

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.

Maximum suggested credit figure: US$ 100,000

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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