ABAHSAIN FIBERGLASS M.E.

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1 Coface Report Order Number: Sent Date: 05/17/10 ABAHSAIN FIBERGLASS M.E. W.L.L. Rating Briefing Current Rating: Definition: BB FAIR CREDIT QUALITY Payment Record: REGULAR This rating is based on available data. In the event of additional information a possibility for a different rating applies. Registration Briefing Registration Number: Registration Date: 21/07/2005 Legal Form: Latest Financials: LIMITED LIABILITY COMPANY Financial Briefing Nominal Capital: Issued Capital: Turnover: Net Profit: Net Worth: Original Investigation Details Company Country: Street City Code: Comments: ABAHSAIN FIBERGLASS M.E. BR W.L.L. SUITE F BUSINESS CENTER BIIP BUIL AL-HIDD YOU MAY RELEASE ACTIVE MINERALS LLC AS THE INQUIRING PARTY

2 Company Details Company ABAHSAIN FIBERGLASS M.E. W.L.L. Headquarter Address: Suite F, Business Center, BIIP Building Block 115, Hidd, Bahrain Postal Address: P.O.Box 24803, Muharraq, Bahrain Telephone: Fax: Web Site: Company was originally started by Saleh & Abdulaziz Abahsain Co. Ltd as a LIMITED LIABILITY COMPANY on 21/07/2005 Registration & Legal Details Current Legal Form: LIMITED LIABILITY COMPANY Registration Address: Suite F, Business Center, BIIP Building Block 115, Hidd Registration Number: Registration Date: 21/07/2005 Year/Date Company Established: 21/07/2005 Registration Town: Manama, Bahrain Shareholders Parent Company: Saleh & Abdulaziz Abahsain Co. Ltd, Saudi Arabia % Shares Held: 90.70% Shareholders: Name/Other Information Shares Held % of Voting/Non-Voting capital Glass Strand Inc, 9.30% (VOTING) USA Principals Position within the company: Additional Information: Mr Abdullah Saleh Abahsain Chairman Chief Operations Officer Saudi Arabia Saudi English, Arabic Mr Charles Haley Coggin

3 Position within the company: Director USA American English Position within the company: Position within the company: Mr Syed Khwaja Maqsood Director Pakistan Pakistani English, Urdu Mr Karel Verdegaal Sales Director & Marketing Director English Mr Ansar I.K. Position within the company: Purchasing Manager Additional Information: Mobile India Indian English, Hindi Company Activities NACE Codes: 2319 Manufacture and processing of other glass, including technical glassware Abahsain Fiberglass M.E., W.L.L. (AFG) is part of Saleh & Abdulaziz Abahsain Co. Ltd. AFG s ECR glassfiber manufacturing factory is located in the new Bahrain International Investment Park, utilizing initially 60,000m2. With 2 furnaces the annual capacity is mt. The Factory is a state-of-art production facility in a joint venture with Glass Strand Inc., the worldwide known ECR Glass technology provider from America. The strategic location enables fast deliveries and entails short transport routes. AFG offers flexibility to its customers and has fully integrated operations. The product range initially comprises the following products: Chopped Strand Mats Continuous Rovings Fabrics Emulsion Bonded Single-End Roving Woven Rovings Powder Bonded Multi-End Roving Tapes and Bands Local Reporters consider the investigated company to be LARGE in their field of concern. Operations Employees Company Employs: 110 HQ Premises Operates from: Rented Office Location: Central Business Area, Main Road Imports

4 Import % and type of product: 70% Finished Goods Imports From: USA, Europe, Far East Importing Terms: 90 days credit, letters of credit Exports Local Purchases Trading & Selling Export % and type of product: Purchasing Terms: Additional Information: Territory: Terms of Sales: Type of Customer: Subject does not export 30 days cash against documents 30% Local Purchases 100% Nationally cash against documents Group Companies, Government Bodies Related Companies Subsidiaries Affiliates Information on Related Companies is not available/applicable Bankers Ahli United Bank, Branch: Head Office P.O.Box 2424, Manama, Bahrain Additional Information: Tel Payments Subject's payments reported to be: REGULAR Interview & Reporter Comments Date: 12/05/2010 Name/Title: Ansar I.K. Purchasing Manager Comment: Subject has confirmed the general details provided in the report but has declined to provide any Financial Data. Reporter Comment Date: 12/05/2010 Reporter Comment: Subject refused to share further details stating that they need to take approval from

5 the top management before furnishing further details. The name of the enquiring party " ACTIVE MINERALS L.L.C." was disclosed to the company. As per Bahraini Commercial Law, Limited Liability Companies are not required to file their financials and are under no obligation to provide such details. Since the Company's Legal Status is Limited Liability Company, the only source to get full financials of the company is the Company itself. Conclusions Accounts Comments: Local Reputation: General Conclusion: Owner/Shareholders Comments: Age of Business: Full Financial Statements were unavailable to local analysts so a complete and accurate picture of the financial strength of the company could not be ascertained. Our assessment and ratings are therefore based on non-financial data. The company being investigated is considered by local reporters to be a Fair / Normal Trade Risk. Local informants consider granting of credit to be a fair trade risk. All or most of the owners / shareholders have an active participation in the running of the business. The company is long established in the local market. END OF REPORT Rating AA HIGH CREDIT QUALITY Definition A GOOD CREDIT QUALITY BB FAIR CREDIT QUALITY B LOW CREDIT QUALITY C NB NN VERY LOW CREDIT QUALITY It is recommended that any credit facilities should be secured. NEW BUSINESS Subject is under 18 months old. Monitoring its future progress is recommended. INSUFFICIENT DATA There is insufficient information for an adequate credit assessment. Please be advised that Coface is unable to consistently provide answers to your special questions in this region of the world. Furthermore, due to third party supplier limitations, the contacting of credit references is not always possible. This report is produced in accordance with and subject to the terms of an agreement between Coface Services North America, Inc. and the customer and contains unconfirmed information compiled from third parties. Any reproduction, republication or other use of this report without Coface Services North America, Inc. s express written consent is prohibited. Coface Services North America, Inc. disclaims all warranties, express or implied, with respect to the accuracy or reliability of the report or its fitness for any purpose.

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