MIRA INFORM REPORT

Report Date :

15.06.2007

IDENTIFICATION DETAILS

Name :	HOUSEWARE MART PLC

Registered Office :	Ghandi Road / Windgate Street, Arada Refle Ketenia, P.O. Box - 12667 / 1044, Addis Ababa,

Country :	Ethiopia

Financials (as on) :	2006

Date of Incorporation :	1975

Legal Form :	limited liability companay

Line of Business :	Trading as importers, wholesalers, distribuitors and retailers of camping equipment, kitchen appliances, all kitchen utensilies, hotels' equipment and sanitary, and cleaning products.

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 :	BIRR 600,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

COMPANY NAME

HOUSEWARE MART PLC

ADDRESS

Street : Ghandi Road / Windgate Street

Area : Arada Refle Ketenia

P.O. Box : 12667 / 1044

Town : Addis Ababa

Country : Ethiopia

Telephone : (251 11) 555 295-7 / 552 233 / 1575 609

Fax : (251 11) 551 113 / 157 5588

SENIOR COMPANY PERSONNEL

Name Position

1. Sossi Behesnilian General Manager

2. Mersha Alenu Financial Manager

3. Dessaleoen Wihawariat Import Manager

4. Roman Shale Sales Coordinator

Total Employees

PAYMENTS

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

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 Ethiopian importers.

Opinion on maximum credit : BIRR 600,000

Trade risk assessment : Normal

PRINCIPAL BANKERS

NAME : NIB INTERNATIONAL BANK

Branch : Cathedral Bank

P.O. Box : 622694

Town : Addis Ababa

Telephone : (251 1) 622 693 / 503 288

Fax : (251 1) 655015

FINANCIAL INFORMATION

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

Sales Turnover : BIRR 10,000,000 - 2002 - exact

: BIRR 10,000,000 - 2003 - aprox

: not given - 2004 -

: BIRR 21,000,000 - 2005 - exact

: BIRR 25,000,000 - 2006 - exact

Net Profit : not given, but stated to be profitable

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 1975

History : The business originated in Ethiopia in 1975 as sole proprietorship and became a limited liability

companay in November 1995.

Paid up Capital : BIRR 1,000,000

Private Limited Liability Company with the following shareholders :

1. Hrair Behesnilian Samuel

2. Seval Manob Behesnilian

3. Taler Marie Behesnilian

4. Viden Keram Behesnilian

Affiliated companies of Houseware Mart Plc :

Associates

1. Beza Industry Plc

Tel: 552 233

Fax: 551 113

2. Sevita Real Estate Plc

Tel: 637 545

Fax: 551 012

3. Ultimate Motors Plc

Tel: 655 350

Fax: 653 897

4. Zeit Food Industry Plc

Tel: 555 222 / 23

Fax: 552 249

ACTIVITIES

The Company is involved in the following activities :

Trading as importers, wholesalers, distribuitors and retailers of camping equipment, kitchen appliances, all kitchen utensilies, hotels' equipment and sanitary, and cleaning products.

Imports from USA, Switzerland, Italy, Spain, Germany and France.

Principal overseas suppliers:

1. Colman Dubai, United Arab Emirates

2. Victornox, Switzerland

3. Fratelli Guzzinini SpA, Italy

4. Calp SpA, Italy

FACILITIES

The Company has the following facilities :

Offices premises, wholesale - retail outlet and storage facilities located at the heading address.

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