MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	ALPHA FIRE SERVICES CO WLL
Registered Office :	Building No. 4052, Road No. 465, Area 604, North Sitra Industrial Area, 11741 Manama
Country :	Bahrain
Financials (as on) :	31.12.2013
Date of Incorporation :	31.05.1992
Com. Reg. No.:	271681
Legal Form :	With Limited Liability - WLL
Line of Business :	Engaged in the provision of fire and security solutions and products.
No. of Employees :	16

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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Bahrain	B1	A2

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

BAHRAIN - ECONOMIC OVERVIEW

Bahrain has made great efforts to diversify its economy; its 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. In 2012, petroleum production and refining accounted for 77% of Bahrain's export receipts, 87% of government revenues, and 19% of GDP. 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, however, the economy recovered in 2012-13, partly as a result of improved tourism. Some economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain's long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address

Source : CIA

SUMMARY

Company Name : ALPHA FIRE SERVICES CO WLL

Country of Origin : Bahrain

Legal Form : With Limited Liability - WLL

Registration Date : 31^st May 1992

Commercial Registration Number : 271681

Chamber Membership Number : 2542

Issued Capital : BD 180,000

Paid up Capital : BD 180,000

Total Workforce : 16

Activities : Providers of fire and security solutions and products

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

ALPHA FIRE SERVICES CO WLL

ADDRESS

Registered & Physical Address

Building : Building No. 4052

Street : Road No. 465

Area : Area 604, North Sitra Industrial Area

PO Box : 11741

Town : Manama

Country : Bahrain

Telephone : (973-17) 738100

Facsimile : (973-17) 736161

Mobile : (973-39) 607378 / 607379 / 687002

Email : farff@batelco.com.bh / admin@afs-bahrain.com

Premises

Subject operates from a medium sized suite of offices a warehouse that are rented and located in the Industrial Area of Manama.

KEY PRINCIPALS

Name Nationality Position

· Nijad Khairuddin Omar Alatassi Bahraini Managing Director

· Frank Anthony Ryde Sri Lankan Director

LEGAL FORM & OWNERS

Date of Establishment : 31^st May 1992

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 271681

Chamber Member No. : 2542

Issued Capital : BD 180,000

Paid up Capital : BD 180,000

Name of Shareholder (s) Percentage

· Alpha Safety & Security Holding BSC Closed 99%

Bahrain

· Advanced Safety Systems Co WLL 1%

Bahrain

OPERATIONS

Activities: Engaged in the provision of fire and security solutions and products.

Subject is ISO 9001:2000 and 14001:1996 and OHSAS 18001:1999 accredited

Import Countries: Europe and the Far East

Brand Names: SUPREMA, EVERLUX, CEODEUX PURETEC, ADATA, AWG, CONTRONICS, FIREPRO,

FIRETRACE, HASEEN HABIB, GST, NITTAN, ROC, SRI, VRC TEROFIRE, JEWEL SAFFIRE,

MORLEY IAS, SE CONTROLS and RAMCRO

Operating Trend: Steady

Subject has a workforce of 16 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Bahraini Dinar (BD)

Year Ending 31/12/12: Year Ending 31/12/13:

Total Sales BD 1,680,000 BD 1,750,000

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

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

BANKERS

· Bahrain Islamic Bank

PO Box: 5240

Manama

Tel: (973-17) 231402

Fax: (973-17) 275734

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.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PDT

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.