MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	MOHAMED HUMOUD AL SHAYA COMPANY WLL

Formerly Known As :	M H AL SHAYA COMPANY WLL

Registered Office :	Al Shaya Building, Street No. 2 (Pepsi Cola Street), Shuwaikh, PO Box: 181, Safat 13002

Country :	Kuwait

Date of Incorporation :	13.01.1960

Com. Reg. No.:	2070

Legal Form :	With Limited Liability

Line of Business :	Wholesale and retail of ready-made clothing, perfume, cosmetics and giftware items

No. of Employees :	4,000

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
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^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Kuwait

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

Kuwait - ECONOMIC OVERVIEW

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.

Source : CIA

SUMMARY

Company Name : MOHAMED HUMOUD AL SHAYA COMPANY WLL

Also Known As : M H AL SHAYA COMPANY WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 13^th January 1960

Commercial Registration Number : 2070, Safat

Trade Licence Number : 695/95

Chamber Membership Number : 178

Issued Capital : KD 3,700,000

Paid up Capital : KD 3,700,000

Total Workforce : 4,000

Activities : Wholesale and retail of ready-made clothing, perfume, cosmetics and

giftware items

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

MOHAMED HUMOUD AL SHAYA COMPANY WLL

ALSO KNOWN AS

M H AL SHAYA COMPANY WLL

ADDRESS

Registered & Physical Address

Building : Al Shaya Building

Street : Street No. 2 (Pepsi Cola Street)

Area : Shuwaikh

PO Box : 181

Town : Safat 13002

Country : Kuwait

Telephone : (965) 24848400 / 24811434 / 24815805 / 24841953 / 22422373

Facsimile : (965) 24814842 / 24848051 / 24842891

Email : info@alshaya.com

Premises

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

Branch Office (s)

Location Description

PO Box: 23958 Rented showroom premises

Safat 13100

Tel: (965) 22242020 / 22242444 / 24841964 / 24815603

Fax: (965) 24839433 / 24848051 / 24820488

KEY PRINCIPALS

Name Position

Mohamed Homoud Al Shaya Managing Director

Ayman Al Shaya Director

Abdullah Al Shaya Director

Hamad Al Shaya Director

Saud Al Shaya Director

Abdul Latif Al Shaya Director

Abdulaziz Al Shaya Director

Saleh Al Shaya Director

Azeem Faheen Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 13^th January 1960

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 2070, Safat

Trade Licence No. : 695/95

Chamber Member No. : 178

Issued Capital : KD 3,700,000

Paid up Capital : KD 3,700,000

Name of Shareholder (s)

Mohamed Al Shaya

Ayman Al Shaya

Abdullah Al Shaya

Hamad Al Shaya

Saud Al Shaya

Abdul Latif Al Shaya

Abdulaziz Al Shaya

Saleh Al Shaya

AFFILIATED COMPANIES

Al Shaya International General Trading Co

PO Box: 181

Safat 13002

Tel: (965) 24848400

Fax: (965) 24814842

Al Shaya Holding Co

PO Box: 181

Safat 13002

Tel: (965) 24848400

Fax: (965) 24814842

Saud A. M. Al Shaya Trading & Contracting Est

PO Box: 181

Safat 13002

Tel: (965) 24841964

Fax: (965) 24814842

Dareen International Holding Co

PO Box: 181

Safat 13002

Tel: (965) 24848400

Fax: (965) 24814842

Al Injaz Contracting Co KSC

PO Box: 25215

Safat

Tel: (965) 24832615

Fax: (965) 24843953

Al Shaya & Juma Al Majid Trading Co

PO Box: 64432

Safat

Tel: (965) 24848411 / 24848400

Fax: (965) 24848425

Pan Arab Computer Company (PACC)

Safat

Tel: (965) 24848500

Abha Contracting Company

Abha

Saudi Arabia

Tel: (966-4) 8363254

Kuwait Automotive Import Co WLL (Al Shaya & Al Sagar)

Tunis Street

Hawalli

PO Box: 48

Safat 13001

Tel: (965) 22421276 / 22421277 / 22421278 / 22421279

Fax: (965) 22401820

OPERATIONS

Activities: Engaged in the wholesale and retail of ready-made clothing, perfume, cosmetics and giftware items

through the operation of over 200 retail outlets located in Kuwait, Saudi Arabia, Bahrain, Qatar, Oman, Lebanon and the United Arab Emirates.

Import Countries: France, Italy, Spain, Sweden the United Kingdom and the United States of America.

International Suppliers:

Alimak AB Sweden

Brand Names: DEBENHAMS, MOTHERCARE, BHS, NEXT, LIX CLAIBORNE, OASIS, RIVER ISLAND, TOP SHOP,

PRINCIPLES, EVANS, DOROTHY PERKINS, MOTIVI, ELENA MIRO, LAURA ASHLEY, WAX LYRICAL, MILANO, THE BODY SHOP, ESTEE LAUDER, CLINIQUE, MAC and STARBUCKS.

Subject has a workforce of approximately 4,000 employees.

FINANCIAL DATA

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

Bank of Kuwait & the Middle East KSC

Abdullah Al Salem Street

Darwaza Abdul Razzak

PO Box: 71

Safat 13001

Tel: (965) 22459771

Fax: (965) 22461430

National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction April 2006 October 2006 September 2007

Credit amount 3,000 277,625 280,927

Amount overdue 0 0 0

Payment terms 60 days 60 days 60 days

Payment Method Letters of Credit Letters of Credit Letters of Credit

Paying record No Complaints No Complaints No Complaints

Currency Pounds Sterling Canadian Dollars Canadian Dollars

GENERAL COMMENTS

Established in 1960, subject is involved in the operation of over 200 retail outlets located throughout the Middle East, specialising in the sale of ready-made clothing, perfume, cosmetics and giftware items.

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

SDA

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
--	NB	New Business	--

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%)

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