MIRA INFORM REPORT

Report Date :

31^st January, 2007

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	No Trace
Payment Behaviour :	--
Litigation :	--

GENERAL OBSERVATIONS

COMPANY NAME

SPA BAC PHARMA

ADDRESS

Street : 24 Avenue Mohamed Bchouche

Area : El Mouradia

Town : Algiers

Country : Algeria

GENERAL INFORMATION

Our sources report that the name "Spa Bac Pharma" cannot be traced at the local Chamber of Commerce.

No full address or telephone or fax number is listed for the company under the name "Spa Bac Pharma".

Despite numerous enquiries being made we have been unable to establish the precise nature or extent of the company's operations.

Approaches have been made to the above P.O. Box number to obtain a written statement but the subject has not responded.

Efforts to contact the company at their physical address, or to obtain their current telephone and fax number have not proved successful.

If you can supply a photocopy of subject's letterhead, a current telephone or fax number for the company, the investigation can be resumed.

Trade risk assessment: No classification

Credit opinion requested : EURO 250,000

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