MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	PRIORITY INTERNATIONAL CO WLL

Registered Office :	Safwa Tower, 1^st Floor, Mubarak Al Kabeer Street, P O Box 26880, Safat 13129

Country :	Kuwait

Date of Incorporation :	21.12.2009

Com. Reg. No.:	333258, Safat

Legal Form :	With Limited Liability

Line of Business :	Distributors of scrap metal as well as ferrous and non-ferrous metals

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 50,000

Status :	New Company

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.

ECGC Country Risk Classification List – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Kuwait

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : PRIORITY INTERNATIONAL CO WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 21^st December 2009

Commercial Registration Number : 333258, Safat

Trade Licence Number : 2524

Chamber Membership Number : 121465

Issued Capital : KD 100,000

Paid up Capital : KD 100,000

Total Workforce : 10

Activities : Distributors of scrap metal as well as ferrous and non-ferrous metals

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 50,000

COMPANY NAME

PRIORITY INTERNATIONAL CO WLL

company address

Registered & Physical Address

Building : Safwa Tower, 1^st Floor

Street : Mubarak Al Kabeer Street

PO Box : 26880

Town : Safat 13129

Country : Kuwait

Telephone : (965) 22457248 / 22457249 / 22444864 / 22464155

Facsimile : (965) 22457247 / 22465897

Mobile : (965) 99630309

Email : pr@prioritymetal.com

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Abdul Kazi Salman Saheb Hajeel Iraqi Managing Director

· Iqbal Salman Saheb Hajeel Kuwaiti Director

· Salman Hussain - General Manager

· Hakeem Mohamed - Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 21^st December 2009

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 333258, Safat

Trade Licence No. : 2524

Chamber Member No. : 121465

Issued Capital : KD 100,000

Paid up Capital : KD 100,000

Name of Shareholder (s)

· Abdul Kazi Salman Saheb Hajeel

· Iqbal Salman Saheb Hajeel

OPERATIONS

Activities: Engaged in the import and distribution of scrap metal as well as ferrous and non-ferrous metals.

Import Countries: Europe and the Far East.

Subject has a workforce of 10 employees.

FINANCIAL DATA

Subject is a newly formed business and as a result financial information is not currently available.

BANKERS

· Commercial Bank of Kuwait SAK

Mubarak Al Kabir Street

PO Box: 2861

Safat 13029

Tel: (965) 22411001

Fax: (965) 22450150

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

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	Capability to overcome financial difficulties seems comparatively below average.	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.