MIRA INFORM REPORT

Report Date :

02.08.2007

IDENTIFICATION DETAILS

Name :	ABDULLAH AL HAMAD AL SAGAR & BROS CO WLL

Registered Office :	`Plot 40, Commercial Area 2, Block 3, Office 50, Pepsi Cola Street,`P O Box 244, Safat 13003

Country :	Kuwait

Date of Incorporation :	31^st January 1960

Com. Reg. No.:	5401, Safat

Legal Form :	With Limited Liability – WLL

Line of Business :	Engaged as lighting pole contractors. `Import and distribution of cables, transformers, welding machines and electrodes.` E`ngaged as contractors specializing in the supply of related equipment to the Oil and Gas industry.` `Engaged as electrical and mechanical contractors.`

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$ 250,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

SUMMARY

Company Name : ABDULLAH AL HAMAD AL SAGAR & BROS CO WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 31^st January 1960

Commercial Registration Number : 5401, Safat

Trade Licence Number : 1885/81

Membership Number : 383

Issued Capital : KD 1,263,600

Paid up Capital : KD 1,263,600

Total Workforce : 150

Line of Business : Subject operates several divisions (see below for details)

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

ABDULLAH AL HAMAD AL SAGAR & BROS CO WLL

ADDRESS

Registered & Physical Address

Location : Plot 40, Commercial Area 2, Block 3, Office 50

Street : Pepsi Cola Street

PO Box : 244

Town : Safat 13003

Country : Kuwait

Telephone : (965) 2455541 / 4810242 / 2432980 / 4846600 / 4839518

Facsimile : (965) 4811155

Email : alsagar@alsagar.com

Premises

Subject operates from a large suite of offices and a warehouse that are owned and located in the Central Business Area of Safat.

KEY PRINCIPALS

· Abdul Aziz Hamad Alsagar Managing Director

· Jassim Hamad Alsagar Director

· Khalid Abdul Aziz Hamad Alsagar Director

LEGAL FORM & OWNERS

Date of Establishment : 31^st January 1960

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

Commercial Reg. No. : 5401, Safat

Trade License No. : 1885/81

Membership No. : 383

Issued Capital : KD 1,263,600

Paid up Capital : KD 1,263,600

Name of Shareholder (s)

· Abdul Aziz Hamad Alsagar

· Jassim Hamad Alsagar

· Khalid Abdul Aziz Hamad Alsagar

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.

AFFILIATED COMPANIES

Subject belongs to the A H Alsagar group of companies that consists of the following concerns:

· Kuwait National Bottling Co

· Kuwait Automotive Import Co

· Honeywell Kuwait KSC

· Al Bunyan Engineering Contracting Co

· Al Andalus Trading Co

· Alsagar Transport Co

· GTC Paints Ltd

· GTC Industrial Group

LINE OF BUSINESS

Operations : Subject’s activities are performed through the following divisions:

· Lighting Fixture Division

Engaged as lighting pole contractors.

· Transformers & Cable Division

Engaged in the import and distribution of cables, transformers, welding machines and electrodes.

· Contracting and Supply of Oil & Gas Division

Engaged as contractors specializing in the supply of related equipment to the Oil and Gas industry.

· Electrical & Mechanical Division

Engaged as electrical and mechanical contractors.

· Shipping & Forwarding Division

Providers of shipping, forwarding and clearing services.

Subject has a workforce of 150 employees.

FINANCIAL HIGHLIGHTS

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 3981188 / 3981189

Fax : (965) 3985643

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 150,000:

Established in 1960, subject is owned and managed by members of the Alsagar family who are well respected in the local business community.

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

Maximum suggested credit figure: US$ 250,000

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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