MIRA INFORM REPORT

Report Date :

13.05.2013

IDENTIFICATION DETAILS

Name :	IT DELTA GENERAL TRADING & CONTRACTING COMPANY WLL

Registered Office :	Demma Complex, 2^nd Floor, Office No. 4, Block 3, Street No. 64, P O Box 26386, Safat 13084

Country :	Kuwait

Financials (as on) :	31.12.2012

Date of Incorporation :	12.10.2009

Com. Reg. No.:	117045

Legal Form :	With Limited Liability

Line of Business :	Distributors of security and safety, access control and fire protection products

No. of Employees :	30

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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 102 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 and 2012 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 historically 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 : IT DELTA GENERAL TRADING & CONTRACTING COMPANY WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 12^th October 2009

Commercial Registration Number : 117045

Trade Licence Number : 5972/2006

Chamber Membership Number : 104559

Issued Capital : KD 250,000

Paid up Capital : KD 250,000

Total Workforce : 30

Activities : Distributors of security and safety, access control and fire protection

products

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Basma Ahmed, Sales Manager

COMPANY NAME

IT DELTA GENERAL TRADING & CONTRACTING COMPANY WLL

CompaNY ADDRESS

Registered & Physical Address

Building : Demma Complex, 2^nd Floor, Office No. 4, Block 3

Street : Street No. 64

PO Box : 26386

Town : Safat 13084

Country : Kuwait

Telephone : (965) 22466905 / 22464901 / 22477240

Facsimile : (965) 22464901

Mobile : (965) 67722066 / 99440059

Email : info@itdeltagroup.com / ae@itdeltagroup.com

Premises

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

Branch Office (s)

Location Description

· Kuwait City Office premises

Tel: (965) 999991018

KEY PRINCIPALS

Name Position

· Amro Mohamed Hamad Ahmed Managing Director

· Faisal Mashaan Hateel Al Ajmi Director

· Rami Ahmed Marketing Manager

· Basma Ahmed Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 12^th October 2009

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 117045

Trade Licence No. : 5972/2006

Chamber Member No. : 104559

Issued Capital : KD 250,000

Paid up Capital : KD 250,000

Name of Shareholder (s)

· Amro Mohamed Hamad Ahmed

· Faisal Mashaan Hateel Al Ajmi

OPERATIONS

Activities: Engaged in the import and distribution of security and safety, access control and fire protection products.

Subject also provides installation and maintenance services.

Import Countries: Europe, South Korea and the United States of America.

International Suppliers:

· Bellco United States of America

· ESII France

· Samsung South Korea

Brand Names: HONEYWELL, FINGERTECH, ACCESS and CANON

Operating Trend: Steady

Subject has a workforce of 30 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Kuwaiti Dinars (KD)

Year Ending 31/12/11: Year Ending 31/12/12:

Total Revenue KD 2,250,000 KD 2,485,000

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

The above financial figures are based on estimations by our local sources.

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

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.11

INFORMATION DETAILS

Report Prepared by :

MNL

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.