MIRA INFORM REPORT

Report Date :

02.06.2007

IDENTIFICATION DETAILS

Name :	^ZTK STE ZIED TAREK KHALED
Registered Office :	^Rte De Bizerte, Mnihla – 2094
Country :	Tunisia
Date of Incorporation :	^01/06/1992
Legal Form :	^Limited Liability Company
Line of Business :	^Knitting, Spinning, Cutting, Embroidery and Making of Sportswear and Underwears

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	^50,000 USD
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Name

^{ZTK STE ZIED TAREK KHALED}

Company Number

^788000003472

Address

^{RTE DE BIZERTE}

^{Town MNIHLA}

²⁰⁹⁴

^{Phone 71 554817}

^{Fax 71 555100}

GENERAL DATA

^{Commerce registration B110204199}

^{Customs registration 132482K}

^{Tax contributor registration 046909MAM000}

^{Legal form Limited Liability Company}

^{Date of incorporation 01/06/1992}

^{Present registered capital 600,000 TND}

Management

^{BOUCHAMAOUI TAREK Co-Manager}

^{BOUCHAMAOUI KHALED Co-Manager}

ACTIVITY

^{KNITTING, SPINNING, CUTTING, EMBROIDERY AND MAKING OF SPORTSWEAR, UNDERWEARS...}

^{Activity sector Manufacture of other wearing apparel and accessories n.e.c.}

Staff

²⁰⁰

Factories/Branches

^{HEAD OFFICE RTE DE BIZERTE 2094 MNIHLA}

^{Aspect On Rent}

^{Factory BOUCHEMA 6031 BOUCHEMA}

^{Aspect In Private Property}

^{MAIL BP 340 1002 TUNIS BELVEDERE}

^{Aspect On Rent}

^{E-MAIL commercial.tunis@ztk.com.tn}

^{Aspect On Rent}

^{E-MAIL commercial.gabes@ztk.com.tn}

^{Aspect On Rent}

Major brands

^{Group BOUCHAMOUI HEDI}

FINANCIAL DATA

^{FAMILLE BOUCHAMAOUI 100 %}

Banks’ References

^{ATB CENTRALE}

^{BNA SIEGE}

^{AMEN BANK SIEGE}

^{Currency: TND}

^{Fiscal years 31/12/2006 31/12/2005 31/12/2004}

^{Annual gross sales 1,601,936 2,246,619 2,800,000}

^{Net income 101,225 88,153}

^{Balance sheet No No No}

TRADE AND PAYMENT INFORMATION

^{Bank's opinion Good}

^{Trade payments Regular}

^{Trade commercial opinion}

^{Company's negative occurrence No}

COMMENTS

^{ZTK STE ZIED TARAK KHALED IS A FAMILY-RUN, TOTALLY EXPORTING LIMITED LIABILITY COMPANY. IT BELONGS TO BOUCHAMAOUI HEDI GROUP.}

^{THE SUBJECT IS INVOLVED IN THE KNITTING, SPINNING, CUTTING, EMBROIDERY, SERIGRAPHIE AND MAKING OF:}

^{FOR MEN:}

^{- TEE-SHIRTS}

^{- RUGBY-SHIRTS}

^{- PYJAMAS}

^{- UNDERWEARS...}

^{FOR WOMEN:}

^{- DRESSES}

^{- TEE-SHIRTS}

^{- SLIPOVERS...}

^{FOR CHILDREN:}

^{- FROG-PONDS}

^{- UNDERWEARS}

^{- VESTS...}

^{THE SUBJECT IMPORTS THREADS AND FABRICS FROM FRANCE, GERMANY, ITALY, INDIA...}

^{ITS MAIN FOREIGN SUPPLIERS ARE TRANE, FLEXICO, WASTEMA, MONTI ANTONIO, RANA...}

^{ITS IMPORTATIONS' AMOUNT WAS 54 801 TND IN 2005 AND 211 303 TND IN 2006.}

^{LOCALLY, THE SUBJECT GETS ITS NEEDS NEXT TO: LA GRIFFE, COATS SARTEL, AMTS...}

^{THE SUBJECT EXPORTS ITS PRODUCTION TOWARDS FRANCE, GERMANY AND ENGLAND FOR THE COUNT OF ITS MAIN CLIENTS: HOM, TRIUMPH, SLOGGI, CAPEL.}

^{ACCORDING TO THE PRINCIPAL, THE DECLINE OF 2006 TURNOVER IS MAINLY DUE TO THE COMPETITION MADE BY CHINESE PRODUCTS.}

^{ACCORDING TO OUR BANKING SOURCES, THIS COMPANY WOULD BE SOLVENT AND FREE FROM PAYMENT INCIDENTS.}

^{OTHER BUSINESSES:}

^{- STE MAILLE FIL EX LUXURY CLOTHING COMPAN (LCC)}

^{- STE HEDI BOUCHAMAOUI SONS OIL COMPANY (HBS)}

^{- STE HEDI BOUCHAMAOUI COORPORATION (HBC)}

^{- STE CIS}

^{EFFORT HAS BEEN MADE TO VERIFY THE ACCURACY AND VALIDITY OF THIS INFORMATION. SORENCO S.A. CANNOT BE RESPONSIBLE FOR ANY ACTION WHICH CLENT MAY TAKE OR CAUSE OTHERS TO TAKE, AS A RESULT OF ITS USE.}

ADVICE

^{Your credit enquiry 999,999,999 USD}

^{Credit opinion without obligation 50,000 USD}

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