MIRA INFORM REPORT

Report Date :

07.11.2012

IDENTIFICATION DETAILS

Name :	BAHRAIN SWITCHGEAR & LIGHTING INDUSTRIES CO WLL (BSLI)

Registered Office :	Sitra Industrial Area, Road No. 115, Building No. 911, Complex 601, P O Box 5386, Manama

Country :	Bahrain

Date of Incorporation :	26.09.1987

Com. Reg. No.:	1377-5

Legal Form :	With Limited Liability

Line of Business :	Manufacture, distribution and retail of lighting fixtures, cable trays, switchgears, pipes and PVC products

No. of Employees :	380 employees

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

(31.03.2012)

Current Rating

(30.06.2012)

Bahrain

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

bahrain - ECONOMIC OVERVIEW

Bahrain is one of the most diversified economies in the Persian Gulf. Highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. Petroleum production and refining account for more than 60% of Bahrain's export receipts, 70% of government revenues, and 11% of GDP (exclusive of allied industries). Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain competes with Malaysia as a worldwide center for Islamic banking and continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011, Bahrain experienced economic setbacks as a result of domestic unrest. Bahrain's reputation as a financial hub of the Gulf has been damaged, and the country now risks losing financial institutions to other regional centers such as Dubai or Doha. Economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax, will make Bahrain's foremost long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address.

Source : CIA

SUMMARY

Company Name : BAHRAIN SWITCHGEAR & LIGHTING INDUSTRIES CO WLL (BSLI)

Country of Origin : Bahrain

Legal Form : With Limited Liability - WLL

Registration Date : 26^th September 1987

Commercial Registration Number : 1377-5

Chamber Membership Number : 2840

Issued Capital : BD 1,000,000

Paid up Capital : BD 1,000,000

Total Workforce : 380

Activities : Manufacture, distribution and retail of lighting fixtures, cable trays,

switchgears, pipes and PVC products

Financial Condition : Undetermined

Person Interviewed : Jameson Jose , Financial Controller

COMPANY NAME

BAHRAIN SWITCHGEAR & LIGHTING INDUSTRIES CO WLL (BSLI)

company ADDRESS

Registered & Physical Address

Location : Sitra Industrial Area, Road No. 115, Building No. 911, Complex 601

PO Box : 5386

Town : Manama

Country : Bahrain

Telephone : (973-17) 732136 / 730024 / 730029 / 732148

Facsimile : (973-17) 724148 / 732868

Email : info@bsli.net / info@bahrainswitchgear.com

Premises

Subject operates from a large suite of offices, a warehouse and a factory covering an area of 50,000 square feet that are owned and located in the Industrial Area of Manama.

Branch Office (s)

Location Description

· Sheikh Hamad Road Rented showroom premises

Manama

· Palace Avenue Rented showroom premises

Manama

KEY PRINCIPALS

Name Position

· Abdul Khaliq Abdul Majeed Al Ansari Managing Director

· Hajir Abdul Majeed Al Ansari Director

· Abdul Rahim Abdul Majeed Director

· Abdul Hamid Abdul Khaliq Director

· Mohamed Abdul Khaliq Abdul Majeed Director

· Abdul Rahman Abdul Khaliq Abdul Majeed Director

· Ismail Abdul Khaliq Abdul Majeed Director

· Mohamed Abdul Khaliq Ansari General Manager

· C K Ahmed Sales Manager

· Joy Michael Finance Manager

· Jameson Jose Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 26^th September 1987

History : Subject was established in 1987 as a sole proprietorship, however in 2006 subject re-

registered as a With Limited Liability company.

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 1377-5

Chamber Member No. : 2840

Issued Capital : BD 1,000,000

Paid up Capital : BD 1,000,000

Name of Shareholder (s)

· Abdul Khaliq Abdul Majeed Al Ansari

· Hajir Abdul Majeed Al Ansari

· Abdul Rahim Abdul Majeed

· Abdul Hamid Abdul Khaliq

· Mohamed Abdul Khaliq Abdul Majeed

· Abdul Rahman Abdul Khaliq Abdul Majeed

· Ismail Abdul Khaliq Abdul Majeed

AFFILIATED COMPANIES

· Hamed & Abdul Khaliq Switchgear & Lighting Factory LLC

Darwish Buidling

Yousef Baker Street

Deira

PO Box: 3438

Dubai

United Arab Emirates

Tel: (971-4) 2228786

Fax: (971-4) 2213574

· Al Ajyaal Trading & Import

Doha

Qatar

OPERATIONS

Activities: Subject is engaged in the manufacture, distribution and retail of lighting fixtures, cable trays, switchgears, pipes and PVC products. The company stocks over 200 standard models and more than 2000 special designs are available.

Import Countries: United States of America and Italy

Sole Agents for :

· General Electric United States of America

· Lavato Italy

Brand Names: BSLI

Subject has a workforce of approximately 380 employees.

FINANCIAL DATA

Companies registered in Bahrain 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 Bahrain BSC

NBB Tower

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

· HSBC Bank Middle East

93 Al Khalifa Avenue

PO Box: 57

Manama 304

Tel: (973-17) 224555 / 222158

Fax: (973-17) 226822

Email: bbmemnm@batelco.com.bh

· Banque Paribas

Commercial Area

PO Box: 5993

Manama

Tel: (973-17) 259272 / 253119

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction July 2007 October 2008

Amount overdue 0 0

Payment terms 90 days 60 days

Payment Method Letters of Credit Letters of Credit

Paying record No Complaints No Complaints

Currency Pounds Sterling US Dollars

GENERAL COMMENTS

Bahrain Switchgear & Lighting Industries (BSLI) has been trading for 25 years in the lighting and switchgear industries. It is a leading regional company in its sector and deals with over 10,000 customers each year.

Subject is owned by members of the Ansar family who are well respected in the local business community.

Local sources report that nothing detrimental was uncovered during this investigation regarding subject’s operating history or the manner in which payment obligations are fulfilled. As such the company is considered to be a sound trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.60
UK Pound	1	Rs.87.31
Euro	1	Rs.69.86

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%)

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.