MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Correct Name :	FUTURE AL KAUSAR GENERAL TRADING AND CONTRACTING CO. WLL

Registered Office :	Souk Al Safat, Mezzanine Floor, Shop No. 4104, P.O.Box No. 5454 Safat 13737, Kuwait City

Country :	Kuwait

Date of Incorporation :	27.01.2003

Com. Reg. No.:	92522

Legal Form :	Limited Liability Company

Line of Business :	Freight forwarders via sea, land and air

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Small 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^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

Company NAM E

Future Al Kausar General Trading And Contracting Co. WLL (Correct)

Future Al - Kausar General Trading And Cont.Co (Requested)

Company ADDRESS

Area : Souk Al Safat, Mezzanine Floor, Shop No. 4104

P.O.Box No.: 5454 Safat 13737

Town : Kuwait City

Country : Kuwait

Telephone : (965) 2245 5681 / 2245 5683 / (Mobiles) (965) 9904 2008

(Issa Ahmad Abdullah Al Shatti) / (965) 9791 9697

(Mohammed Ali Abdul Karim)

Fax : (965) 2245 5681

Also Known As : Mustakbal Al-Kawthar Gen. Trad. & Cont. Co. WLL

SENIOR COMPANY PERSONNEL

Name Position

1. Issa Ahmad Abdullah Al Shatti Managing Director

2. Mohammed Ali Abdul Karim Marketing Manager

Total Employees : 5

PAYMENTS

No complaints have been heard regarding payments from local suppliers or banks.

We consider it is acceptable to deal with subject for SMALL amounts.

Trade risk assessment: Normal

PRINCIPAL BANKERS

NAME : KUWAIT FINANCE HOUSE (KFH)

Branch : Main branch

PO Box : 24989

Town : Safat 13110

Telephone: (965) 2244 5050

Fax : (965) 2245 5136

The company also has an account with :

Commercial Bank Of Kuwait SAK (CBK)

Mubarak Al Kabir Street

PO Box 2861

Safat 13029

Telephone: (965) 2241 1001

Fax : (965) 2245 0150

FINANCIAL INFORMATION

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the subject interviewed offered

the following information :

Sales Turnover: KD 850,000 - 2009 - exact

: KD 1,000,000 - 2010 - exact

: KD 1,200,000 - 2011 - projected

Net Profit : KD 90,000 - 2009 - exact

: KD 100,000 - 2010 - exact

: KD 120,000 - 2011 - projected

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 27 January 2003

C.R. No. : 92522

KCCI Membership No.: 81002 (expiry date: 06/02/2013)

Authorised Capital : KD 50,000

Paid-Up Capital : KD 50,000

Limited Liability Company with the following shareholders :

1. Issa Ahmad Abdullah Al Shatti

   (Kuwaiti national)

2. Omaima Issa Ahmad Abdullah Al Shatti (Mrs)

   (daughter of the above)

The exact shareholding percentage was not disclosed.

ACTIVITIES

The Company is involved in the following activities :

Freight forwarders via sea, land and air.

Subject does not import any products at present.

Exports to India and Philippines.

FACILITIES

The Company has the following facilities :

Rented administrative offices and storage facilities located at the heading address.

Until 2005 subject was located at :

Shop No 3138, Ground Floor, Souk Al Safat

Kuwait City

Kuwait

SPECIAL NOTE

You enquired on: Future Al - Kausar General Trading And Cont.Co. Please note that the correct name is as per heading.

The address given by you: Shop No 3138, Ground Floor applies to subject’s former address. Please note that subject’s correct administrative office address is as per heading.

Interviewed: Issa Ahmad Abdullah Al Shatti (Managing Director).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.77
UK Pound	1	Rs.85.13
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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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.

Company NAME