MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	HOUSE OF UNIFORMS (HOU)
Registered Office :	Building No. 178, Flat No. 202, Block No. 309, Road No. 907, P O Box10174, Manama 318
Country :	Bahrain
Financials (as on) :	31.12.2011
Date of Incorporation :	Subject’s operations date back to 1985, however it was registered on 28^th February 1994
Com. Reg. No.:	31403-1
Legal Form :	Sole Proprietorship
Line of Business :	Manufacture of school uniforms and work wear.
No. of Employees :	60 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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)
Bahrain	A2	A2

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 : HOUSE OF UNIFORMS (HOU)

Country of Origin : Bahrain

Legal Form : Sole Proprietorship

Start Date : 1985

Registration Date : 28^th February 1994

Commercial Registration Number : 31403-1, Manama

Chamber Membership Number : 4107

Invested Capital : BD 50,000

Total Workforce : 60

Activities : Manufacture of school uniforms and work wear.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Nanon Gonomoni, Finance Manager

COMPANY NAME

HOUSE OF UNIFORMS (HOU)

company ADDRESS

Registered & Physical Address

Location : Building No. 178, Flat No. 202, Block No. 309

Street : Road No. 907

PO Box : 10174

Town : Manama 318

Country : Bahrain

Telephone : (973-17) 245177

Facsimile : (973-17) 231910

Mobile : (973-39) 464885

Email : uniforms@batelco.com.bh / uniforms@uniforms.com.bh

Premises

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

Branch Office (s)

Location Description

Al Ali Complex, Shop No. 1114 Rented showroom premises

Manama

Tel: (973-17) 581510

Godiybia Area Rented showroom premises

Manama

Old Palace Road Rented factory premises

Manama

Tel: (973-17) 225983

KEY PRINCIPALS

Name Nationality Position

Mrs Natividad Canaveras Martinez Lozano Spanish Proprietor & General Manager

Yacoub Jawad - Assistant General Manager

Nanon Gonomoni - Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : Subject’s operations date back to 1985, however it was registered on 28^th February 1994

Legal Form : Sole Proprietorship

Commercial Reg. No. : 31403-1, Manama

Chamber Member No. : 4107

Invested Capital : BD 50,000

Mrs Natividad Canaveras Martinez Lozano is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the manufacture of school uniforms and work wear.

Subject is currently the sole supplier of personalised Polo and T-shirts to more than 45 schools.

Import Countries: India and China

Operating Trend: Steady

Subject has a workforce of 60 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Bahraini Dinar (BD)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales BD 1,240,000 BD 1,485,000

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

The above figures were provided by Mr Nanon Gonomoni, Finance Manager

BANKERS

Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction April 2008

Amount overdue 0

Payment terms 60 days

Payment Method Letters of Credit

Paying record No Complaints

Currency US Dollars

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.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

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.