MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	MANAMA PACKAGING INDUSTRY WLL (MPI)
Registered Office :	Building No. 2, Gate 2128, Factory No. 1, Block No. 116, Road No. 1638, Muharraq, Hidd Industrial Area PO Box : 87 Manama
Country :	Bahrain
Financials (as on) :	31.12.2013
Date of Incorporation :	22.06.1996
Com. Reg. No.:	35715-1, Manama
Legal Form :	With Limited Liability – WLL
Line of Business :	Manufacturers of packaging materials.
No. of Employees :	230

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 :	Regular
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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 : MANAMA PACKAGING INDUSTRY WLL (MPI)

Country of Origin : Bahrain

Legal Form : With Limited Liability - WLL

Registration Date : 22^nd June 1996

Commercial Registration Number : 35715-1, Manama

Chamber Membership Number : 9608

Issued Capital : BD 1,200,000

Paid up Capital : BD 1,200,000

Total Workforce : 230

Activities : Manufacturers of packaging materials.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Sohail Nazir, Finance Manager

COMPANY NAME

MANAMA PACKAGING INDUSTRY WLL (MPI)

ADDRESS

Registered & Physical Address

Building : Building No. 2, Gate 2128, Factory No. 1, Block No. 116

Street : Road No. 1638

Area : Muharraq, Hidd Industrial Area

PO Box : 87

Town : Manama

Country : Bahrain

Telephone : (973-17) 675246

Facsimile : (973-17) 673475

Mobile : (973-39) 667233 / 320342 / 917979

Email : mpiwll@batelco.com.bh / info@mpiwll.com / ejaz@mpiwll.com / sohail@mpiwll.com

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Manama.

KEY PRINCIPALS

Name Nationality Position

Mohamed Hassan Khalil Dawani Bahraini Managing Director

Abdul Hamid Mohamed Hassan Dawani Bahraini Director

Nasser Mohamed Hassan Dawani Bahraini Director

Nabil Mohamed Hassan Dawani Bahraini Director

Ahmed Reda Mortda Dawani Bahraini Director

Mohamed Akram Jawdari Bahraini Director

Mohamed Riyad Ihssan Pakistani Director

Mohamed Ejaz Choudari Pakistani Director & General Manager

Sohail Nazir - Finance Manager

Javid Mohamed - Factory Manager

Zahoor Ahmed - Marketing Manager

Mohamed Arshad Khan - Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 22^nd June 1996

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 35715-1, Manama

Chamber Member No. : 9608

Issued Capital : BD 1,200,000

Paid up Capital : BD 1,200,000

Name of Shareholder (s) Percentage

Mohamed Hassan Khalil Dawani 15%

Abdul Hamid Mohamed Hassan Dawani 15%

Nasser Mohamed Hassan Dawani 15%

Nabil Mohamed Hassan Dawani 15%

Ahmed Reda Mortda Dawani 10%

Mohamed Akram Jawdari 10%

Mohamed Riyad Ihssan 10%

Mohamed Ejaz Choudari 10%

AFFILIATED COMPANIES

Manama Food Industry

Manama

Gulf Utensil Aluminium Factory

Manama

Naheed Contracting & Trading

Manama

OPERATIONS

Activities: Engaged in the manufacture of packaging materials, including plastics bags, polythene products, aluminium foil and plastic sheets.

Import Countries: Germany, Spain, France and GCC countries.

Operating Trend: Steady

Subject has a workforce of approximately 230 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 9,843,870 BD 10,198,444

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

The above figures were provided by Mr Sohail Nazir, Finance Manager

BANKERS

Al Ahli Commercial Bank

Government Avenue

PO Box: 5941

Manama

Tel: (973-17) 244333

Fax: (973-17) 241301

Standard Chartered Bank

Government Road

PO Box: 29

Manama

Bahrain

Tel: (973-17) 223636

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction December 2006 April 2014

Credit amount 203,000 150,000

Amount overdue 0 0

Payment terms 90 days 90 days

Payment Method Letters of Credit Letters of Credit

Paying record No Complaints No Complaints

Currency Pounds Sterling Euros

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.61.83
UK Pound	1	Rs.96.56
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SHG

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.