MIRA INFORM REPORT

Report Date :

24^th June 2006

IDENTIFICATION DETAILS

Name :	UMOJA RUBBER PRODUCTS LTD

Registered Office :	Tangana Road, 87388 Mombasa 80100 Kenya

Country :	Kenya

Date of Incorporation :	1978

Com. Reg. No.:	C16532

Legal Form :	Limited Liability Company

Line of Business :	Manufacturers of rubber sandals, canvas and sports shoes.

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 :	Good

Payment Behaviour :	Regular

Litigation :	Clear

CO. NAME

UMOJA RUBBER PRODUCTS LTD

ADDRESS

Street                           : Tangana Road
P.O. Box           : 87388
Town                 : Mombasa 80100
Country             : Kenya
Telephone         : (254 41) 222 4630 / 222 1453 / 222 8536 / 231 2390
Fax                   : (254 41) 231 3235
E-Mail               : info@umojarubber.com / sanjeev@umojarubber.com

SENIOR COMPANY PERSONNEL

   Name                                     Position

1. Dilip Shah                              Managing Director

2. Ashok Shah                           Director

3. Sunil Shah                             Director

4. Janak Shah                           Director

5. Sanjeev Shah                         Financial Manager

6. Jinal Shah                             Technical Manager

Total Employees : 1,300

PAYMENTS

No complaints have been heard regarding payments from local suppliers or banks.

We consider it is acceptable to deal with subject for MEDIUM amounts, although it is normal acceptable practice for international suppliers to deal on secured terms with Kenyan importers.

Opinion on maximum credit : K Shs 15,000,000

Trade risk assessment : Normal

PRINCIPAL BANKERS

NAME     : CITIBANK
Branch   : Mombasa Ralli House, 4th Floor Nyerere Road
PO Box   : 83615
Town     : Mombasa
Telephone: (254 41) 222 1071
Fax      : (254 41) 231 2231

FINANCIAL INFORMATION

The company is not obliged to publish or disclose financial statements (Balance sheets). However, the subject interviewed offered the following information :

Sales Turnover : K Shs 370,000,000 - 1995 - exact
                        : K Shs 420,000,000 - 1996 - exact
                        : K Shs 470,000,000 - 1997 - exact
                        : K Shs 480,000,000 - 1998 - approx
                        : K Shs 450,000,000 - 1999 - approx
                        : K Shs 750,000,000 - 2000 - exact
                        : K Shs 760,000,000 - 2001 - exact
                        : K Shs 800,000,000 - 2002 - exact
                        : K Shs 810,000,000 - 2003 - exact
                        : K Shs 825,000,000 - 2004 - exact
                        : K Shs 850,000,000 - 2005 - exact

Net Profit     : not given but stated to be profitable.

Financial year ends 30 June.

LEGAL STATUS AND HISTORY

Date Started : 1978

C.R. No. : C16532

Authorised & Paid up Capital : K Shs 10,000,000

Limited Liability Company with the following shareholders :

                                                            Percentage

1. Dilip Shah                              25 %

2. Ashok Shah                         25 %

3. Sunil Shah                             25 %

4. Janak Shah                         25 %

Affiliated companies of Umoja Rubber Products Ltd :

Associates

Mazuru Sweets Ltd
Mombasa
(shareholders : Dilip Shah, Ashok Shah & R.P. Shah)

ACTIVITIES

The Company is involved in the following activities :

Manufacturers of rubber sandals, canvas and sports shoes.

Production Capacity : 60,000 pairs per day.

Imports worldwide, including Singapore, Malaysia, South Korea, India, Italy, The Netherlands, USA and the Middle East.

Exports 80 % of its products to Tanzania, Rwanda, Uganda and other COMESA countries.

FACILITIES

The Company has the following facilities :

Owned premises measuring 300,000 square feet set in a 12 acres of land comprising administrative offices and a factory located at the heading address 20 km outside Mombasa.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions