MIRA INFORM REPORT

Report Date :

18.07.2007

IDENTIFICATION DETAILS

Name :	SOCIETE LA ROCHE SARL

Registered Office :	Lot 58 PK3, Route De Porto-Novo, Zone Industrielle, Akpakpa, P. O. Box 01 BP 2525, Cotonou 01

Country :	Benin

Date of Incorporation :	September 1979

Com. Reg. No.:	8226 B

Legal Form :	Limited Liability Company

Line of Business :	Importers, wholesalers and retailers and distributors of building materials such as iron, steel profiles, cement and hardware.

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 :	CFA Fr 100,000,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

COmpany NAME

SOCIETE LA ROCHE SARL

ADDRESS

Building : Lot 58 PK3

Street : Route De Porto-Novo, Zone Industrielle

Area : Akpakpa

P.O. Box : 01 BP 2525

Town : Cotonou 01

Country : Benin

Telephone : (229) 2133 0775 / 2133 0595 / 2133 4042

Fax : (229) 2133 1920

E-Mail : laroche@leland.bj

Also Known As

La Roche SARL

SENIOR COMPANY PERSONNEL

Name Position

1. Assad Chagoury Chairman

2. Tony Chagoury Managing Director

3. Joseph Chagoury Commercial Director

4. Sayed Chagoury Director

Total Employees

92 (subject)

142 (group)

PAYMENTS

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

Subject is a well established family owned business, operating since 1979.

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

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

Trade risk assessment : Normal

PRINCIPAL BANKERS

NAME : ECOBANK - BENIN

Street : Rue du Gouverneur Bayol

P.O. Box : 1280

Branch : Central

Town : Cotonou

Telephone : (229) 314 023 / 313 068 / 312 913

Fax : (229) 313 385

The Company also has an account with the following banks :

1. Continental Bank, Benin

(formerly Credit Lyonnais, name was changed in April 1996)

Carrefour des Trois Banques

Avenue du Pape Jean Paul II

01 BP 2020

Cotonou 01

Tel: (229) 312 424

Fax: (229) 315 177

E-Mail: contbk@intnet.bj

2. Financial Bank, Benin

Main Branch

BP 2700

Cotonou

Tel: (229) 313 100

Fax: (229) 313 102

3. Bank of Africa - Benin

Bd de France

08 BP 0879

Cotonou

Tel: (229) 313 228 / 313 563

4. Societe Generale de Banques au Benin (SGBBE)

Avenue Clozel

01 BP 585

Cotonou

Tel: (229) 318 300

FINANCIAL INFORMATION

Balance sheets are not available. However, the subject interviewed offered the following information :

Sales Turnover : CFA Fr 1,800,000,000 - 1992 - exact

: CFA Fr 2,335,687,000 - 1993 - exact

: CFA Fr 3,538,257,154 - 1994 - exact

: CFA Fr 4,550,000,000 - 1995 - exact

: CFA Fr 5,100,000,000 - 1996 - exact

: CFA Fr 5,500,000,000 - 1997 - exact

: CFA Fr 5,800,000,000 - 1998 - exact

: CFA Fr 5,935,000,000 - 1999 - exact

: CFA Fr 6,000,000,000 - 2000 - approx

: CFA Fr 6,700,000,000 - 2001 - exact

: CFA Fr 6,600,000,000 - 2002 - exact

: CFA Fr 7,030,500,000 - 2003 - exact

: CFA Fr 6,766,300,094 - 2004 - exact **

: CFA Fr 6,002,680,877 - 2005 - exact

: CFA Fr 7,900,000,000 - 2006 - exact

: CFA Fr 8,000,000,000 - 2007 - projected

Net Profit : CFA Fr 236,882,878 - 1993 - exact

: CFA Fr 513,617,900 - 1994 - exact

: CFA Fr 530,000,000 - 1995 - exact

: not given - 1996/0

: CFA Fr 412,000,000 - 2001 - approx

: CFA Fr 395,000,000 - 2002 - exact

: CFA Fr 249,560,000 - 2003 - exact *

: CFA Fr 678,768,282 - 2004 - exact **

: CFA Fr 626,157,008 - 2005 - exact

: CFA Fr 943,605,551 - 2006 - exact

Total Capital Investment : CFA Fr 1,700,000,000

Financial year ends 31 December.

* decrease in profit was due to increased competition. Subject invested in marketing and lowered its prices.

** unaudited

LEGAL STATUS AND HISTORY

Date Started : September 1979

History : This business was established in September 1979 and the present company was registered on 5 January 1982.

C.R. No. : 8226 B

Paid up Capital : CFA Fr 150,000,000 (increased from CFA Fr 35,000,000 in 1996)

Societe A Responsabilite Limitee (Limited Liability Company) with the following shareholders :

Percentage

1. Assad Chagoury 30.00 %

2. Tony Chagoury 27.50 %

3. Sayed Chagoury 27.50 %

4. Joseph Chagoury 15.00 %

The above individuals are all brothers and Lebanese nationals.

Affiliated companies of Societe La Roche Sarl :

Associates

1. Chaftel Sarl (Chagoury Freres Telecommunication)

01 BP 5658

Cotonou

Tel: (229) 311 939

Established in 2000

2. Betra SARL

01 bp 2525

Cotonou

Tel: (229) 339 163

Established in 1998

Capital : CFA Fr 50,000,000

3. Ets Agro Roche (Tori)

01 BP 2525

Cotonou

Tel: (229) 333 274

(closed down in 2005)

ACTIVITIES

The Company is involved in the following activities :

Importers, wholesalers and retailers and distributors of building materials such as iron, steel profiles, cement and hardware.

Overseas suppliers include :

- Villeroy et Boch , Vachette (Tel: 33 325 423 030), Codeprim (Tel: 33 147 705 454), Stanley, Soprorga-Sanofi, Ceragen (Cerabati), la Perche and Elith, France;

- Uvisco, UK;

- Camplastica, Pamesa (Tel: 34 964 507 500), Roca (Tel: 34 933 661 206), Spain;

- Eucatex, Brazil;

- EMS, Betraco (Tel: 32 3 232 3546), Belgium;

- SCIT (Tel: 216 71 950 855), Tunisia.

Imports from China, UK, Italy, Spain, Nigeria, Lebenon, Egypt, Senegal, Ivory Coast, South Africa, Tunisia and Brazil.

FACILITIES

The Company has the following facilities :

Owned administrative offices, retail showroom and 4,500 square metre storage facilities located on a 12,500 square metre plot of land at the heading address.

Subject was formerly located at Rue Carre 43, Cotonou.

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
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