MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	SULZER CHEMTECH MIDDLE EAST SPC

Registered Office :	Jawhara Plaza, 3^rd Floor, Building No. 2373, Road 2831, Block 428, Seef District, P O Box 21558, Manama

Country :	Bahrain

Financials (as on) :	31.12.2013

Date of Incorporation :	09.07.2008

Com. Reg. No.:	69269-1

Legal Form :	Single Person Company

Line of Business :	Subject provides products and services for separation and mixing technology for the chemical industry.

No of Employees :	15

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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 : SULZER CHEMTECH MIDDLE EAST SPC

Country of Origin : Bahrain

Legal Form : Single Person Company - SPC

Registration Date : 9^th July 2008

Commercial Registration Number : 69269-1

Issued Capital : BD 50,000

Paid up Capital : BD 50,000

Total Workforce : 15

Activities : Subject provides products and services for separation and mixing

technology

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Owais Ahmed, Finance Manager

COMPANY NAME

SULZER CHEMTECH MIDDLE EAST SPC

company ADDRESS

Registered & Physical Address

Building : Jawhara Plaza, 3^rd Floor

Location : Building No. 2373, Road 2831, Block 428

Area : Seef District

PO Box : 21558

Town : Manama

Country : Bahrain

Telephone : (973-17) 568400

Facsimile : (973-17) 564339 / 566725

Mobile : (973-36) 774110

Email : chemtech.bahrain@sulzer.com / ahmed.owais@suzler.com

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Philipp Suess Swiss Managing Director

· Juan Carlos Cifuentes Ferreira Colombian Director

· Thomas Banninger Swiss Director

· Rafiq Nimer Moosa Trabulsi - Chief Executive Officer

· Owais Ahmed - Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 9^th July 2008

Legal Form : Single Person Company - SPC

Commercial Reg. No. : 69269-1

Issued Capital : BD 50,000

Paid up Capital : BD 50,000

Name of Shareholder (s) Percentage

· Sulzer Ltd 100%

Switzerland

OPERATIONS

Activities: Subject provides products and services for separation and mixing technology for the chemical industry.

Import Countries: Switzerland, India and Singapore

International Suppliers:

· Sulzer India Ltd India

· Sulzer Chemtech Pte Ltd Singapore

Operating Trend: Steady

Subject has a workforce of 15 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Bahraini Dinar (BD)

Year Ending 31/12/13:

Total Revenue BD 8,400,000

The expected turnover for the year ending 31^st December 2014 is BD 4,900,000.

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

The above figures were provided by Mr Owais Ahmed, Finance Manager

BANKERS

· 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

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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Analysis Done by :	SUM

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.