MIRA INFORM REPORT

Report Date :

21.08.2007

IDENTIFICATION DETAILS

Name :	HOTIMEX SARL

Registered Office :	5eme Avenue, Quartier Khaloum, P. O. Box 2863, Conakry

Country :	Guinea, Republic of

Date of Incorporation :	1996

Legal Form :	Limited Liability Company

Line of Business :	Importers and wholesalers of stationery and IT materials.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	GUI Fr 100,000,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

COmpany NAME

HOTIMEX SARL

ADDRESS

Street : 5eme Avenue

Area : Quartier Khaloum

P.O. Box           : 2863
Town                 : Conakry
Country            : Guinea, Republic of

Telephone         : (224) 6335 7535 / 6426 7655 (mobile)
Fax                   : (224) 452 446
E-Mail               : hotimex0@hotmail.com

Formerly Known As

Ets Raif Hoteit

SENIOR COMPANY PERSONNEL

Name Position

1. Raif Hoteit Managing Director

2. Mohamed Hoteit Administrative Director

Total Employees

PAYMENTS

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

Subject is a family owned business operating since 1996.

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

Opinion on maximum credit : GUI Fr 100,000,000

Trade risk assessment : Normal

PRINCIPAL BANKERS

NAME : BANQUE INTERNATIONALE POUR LE COMMERCE & L'INDUSTRIE DE LA GUINEE SA

(BICIGUI)

Branch              : Avenue de la Republique
PO Box             : 1484
Town                 : Conakry

Telephone : (224) 30414 515 / 30415 011 / 30413 250
Fax : (224) 30413 962

Subject also has an account with following bank:

Societe Generale de Banques en Guinee (SGBG)
Avenue de lar Republique - Kaloum, Almamya
Conakry
Telephone: (224) 30456 000

FINANCIAL INFORMATION

Private companies in Guinea, Republic of are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

Sales Turnover  : GUI Fr 2,800,000,000 - 2000 - exact
                                    : GUI Fr 4,000,000,000 - 2001 - exact
                        : GUI Fr 4,000,000,000 - 2002 - exact
                        : GUI Fr 4,500,000,000 - 2003 - exact
                        : GUI Fr 4,500,000,000 - 2004 - exact
                        : GUI Fr 4,500,000,000 - 2005 - approx
                        : GUI Fr 5,500,000,000 - 2006 - exact

Net Profit : not given but stated to be 12-15 %

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 1996

History : Subject was established in 1996 as a proprietorship "Ets Raif Hoteit" owned by Raif Hoteit. In 1999 it became a Limited Liability Company and adopted the present style.

Paid up Capital : GUI Fr 250,000,000

Societe a Responsibilite Limitee (Limited Liability Company) with the following shareholders :

Percentage

1. Raif Hoteit 50 %

2. Mohamed Hoteit 50 %
(brother of the above)

ACTIVITIES

The Company is involved in the following activities :

Importers and wholesalers of stationery and IT materials.

Imports from France, Germany, Spain, Italy, China, Belgium, Tunisia, Indonesia and UK.

FACILITIES

The Company has the following facilities :

900 sq. m. rented administrative offices, showroom and storage facilities located at the heading address.

Subject is building its own factory which will be operational from 2008.

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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