MIRA INFORM REPORT

Report Date :

28.02.2007

IDENTIFICATION DETAILS

Name :	CARROSSERIE INDUSTRIELLE DE LA COTE D'IVOIRE
Registered Office :	Boulevard Valery Giscard d'Estaing, P. O. Box 11 BP 1443, Abidjan 11
Country :	Ivory Coast Republic (Cote D'Ivoire)
Date of Incorporation :	1982
Com. Reg. No.:	62667
Legal Form :	Joint Stock Company
Line of Business :	Manufacturers, distributors and exporters of coaches and buses (18-74 seats).

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 :	CFA Fr 50,000,000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear

COmpany NAME

CARROSSERIE INDUSTRIELLE DE LA COTE D'IVOIRE

ADDRESS

Street : Boulevard Valery Giscard d'Estaing

P.O. Box : 11 BP 1443

Town : Abidjan 11

Country : Ivory Coast Republic (Cote D'Ivoire)

Telephone : (225) 2125 3834 / 2125 9845 / 2125 2405

Fax : (225) 2125 8487

E-Mail : carici@africaonline.co.ci

Shortform Name

CARICI

SENIOR COMPANY PERSONNEL

Name Position

1. Georges Vandenbrouck Chairman

2. Frank Vanderbrouck General Director

3. Lillianne Renaud Transit Manager

Total Employees

200

PAYMENTS

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

In 2001 subject incurred a loss of CFA Fr 300,000,000 and returned to profitability in 2002.

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

Opinion on maximum credit : CFA Fr 50,000,000

Trade risk assessment : Normal

PRINCIPAL BANKERS

NAME : SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE (SGBCI)

Branch : Main Branch

Street : Avenue Joseph Anoma No. 5-7

P.O. Box : 01 BP 1355

Town : Abidjan 01

Telephone : (225) 2020 1234

Fax : (225) 2020 1486

Subject also has an account with the following banks :

1. Societe Ivoirienne de Banques (SIB)

Boulevard de la Republique No. 34

01 BP 1300

Abidjan 01

Tel: (225) 2020 0000

Fax: (225) 2032 9741

2. Banque Atlantique Cote d'Ivoire (BACI)

Avenue Nogues, Immeuble Atlantique

04 BP 1036

Abdijan 04

Tel: (225) 2031 5950

Fax: (225) 2021 6852

3. Ecobank Cote d'Ivoire

Immeuble Alliance Avenue Terrasson de Fougeres

01 BP 4107

Abidjan 01

Tel: (225) 2031 9200

Fax: (225) 2021 8816

E-mail: ecobankci@ecobank.com

Acc. No.: 1101626012

4. Cobaci

Immeuble Alpha 2000

Rue Gourgas

Plateau

01 BP 522

Abidjan 01

Tel: (225) 2021 2804

Fax: (225) 2021 0798

FINANCIAL INFORMATION

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

Sales Turnover : CFA Fr 3,600,000,000 - 1992 - exact

: CFA Fr 3,492,000,000 - 1993 - exact

: CFA Fr 3,420,000,000 - 1994 - exact

: CFA Fr 3,500,000,000 - 1995 - exact

: CFA Fr 3,555,000,000 - 1996 - exact

: CFA Fr 3,600,000,000 - 1997 - exact

: CFA Fr 3,750,000,000 - 1998 - exact

: CFA Fr 3,800,000,000 - 1999 - exact

: CFA Fr 3,000,000,000 - 2000 - exact*

: CFA Fr 2,000,000,000 - 2001 - exact

: CFA Fr 3,000,000,000 - 2002 - approx

: CFA Fr 3,000,000,000 - 2003 - approx

: CFA Fr 2,000,000,000 - 2004 - approx *

: CFA Fr 2,475,000,000 - 2005 - exact

: CFA Fr 1,600,000,000 - 2006 - exact

Loss : CFA Fr (300,000,000)- 2001 - exact

Net Profit : CFA Fr 200,000,000 - 2002 - approx

Profit /Loss : not given - 2003 - 2004

Net Profit : CFA Fr 29,000,000 - 2005 - exact

Financial year ends 31 December.

* Decrease in Sales Turnover is due to the political situation in the country.

LEGAL STATUS AND HISTORY

Date Started : 1982

C.R. No. : 62667 (in Abidjan)

Fiscal ID No. : 8204286N

Authorised & Paid up Capital : CFA Fr 1,500,000,000 (increased from CFA Fr 1,000,000,000 in 2000, increased

from CFA Fr 500,000,000 in 1994)

Societe Anonyme (Joint Stock Company) with the following shareholders :

1. Georges Vandenbrouck

2. Franck Vandenbrouck

(son of the above)

3. Arlette Letuve-Vandenbrouck (Mrs)

(wife of Georges Vandenbrouck)

ACTIVITIES

The Company is involved in the following activities :

Manufacturers, distributors and exporters of coaches and buses (18-74 seats).

Production capacity : 50-100 units per month

Subject also provides repair services.

Imports from Finland, France, Turkey, Egypt, Morocco and Italy.

Exports to Senegal, Mali, Burkina Faso, Niger, Cameroon, Ghana and Nigeria.

FACILITIES

The Company has the following facilities :

12,000 square metres owned premises comprising a workshop, storage facilities and offices located at the heading address.

Subject is in the process of sales of its factory in Accra, Ghana.

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