MIRA INFORM REPORT

Report Date :

26^th February, 2007

IDENTIFICATION DETAILS

Name :	K. CHELLARAMS AND SONS LTD

Registered Office :	Mamadi Maniyangan Highway, Kanifing KSMD, Kanifing Industrial Estate, Serrekunda, P.O. Box: 275, Banjul, Gambia.

Country :	Gambia

Date of Incorporation :	1958

Com. Reg. No.:	71/005

Legal Form :	Private Limited Liability Company

Line of Business :	Importers, wholesalers and retailers of general foodstuff, drinks and tobacco.

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 :	DALASI 4,000,000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

COMPANY NAME

K. CHELLARAMS AND SONS LTD

ADDRESS

Street : Mamadi Maniyangan Highway, Kanifing KSMD

Area : Kanifing Industrial Estate, Serrekunda

P.O. Box : 275

Town : Banjul

Country : Gambia

Telephone : (220) 439 2911 / 439 2912 / 439 2913

Fax : (220) 439 2910

E-Mail : nchellarams@aol.com

SENIOR COMPANY PERSONNEL

Name Position

1. Nitin Chellaram Managing Director

2. Pradeep Bharwani Financial Manager

3. Badam Bougwan Manager

Total Employees : 75

PAYMENTS

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

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

Opinion on maximum credit : DALASI 4,000,000

Trade risk assessment : Normal

Opinion on the credit figure of RANDS 550,000 :

We consider the above figure to be within the company's financial capabilities.

PRINCIPAL BANKERS

NAME : STANDARD CHARTERED BANK GAMBIA LIMITED

Branch : 8 Ecowas Avenue

PO Box : 259

Town : Banjul

Telephone : (220) 422 8681

Fax : (220) 422 7714

The company also has an account with the following bank:

Trust Bank Ltd

Serrekunda

Tel : (220) 437 6371

Fax : (220) 437 6380

Email : corpaff@gambia.gtb.com

FINANCIAL INFORMATION

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

Sales Turnover : DALASI 50,000,000 - 2001 - exact

: DALASI 70,000,000 - 2002 - exact

: DALASI 100,000,000 - 2003 - exact

: DALASI 150,000,000 - 2004 - exact

: DALASI 180,000,000 - 2005 - exact

: DALASI 195,000,000 - 2006 - exact

Net Profit : not given but stated to profitable

Financial year ends 31 December

LEGAL STATUS AND HISTORY

Date Started : 1958

History : The company was established on 1958 as Private Limited Liability Company with the Chellaram family, Harry and Nitin Chellaram as the principals shareholoders, and on 2004 Nitin and his wife Sima became the principals shareholders.

C.R. No. : 71/005

Capital : DALASI 10,000,000

Private Limited Liability Company with the following shareholders :

1. Nitin Chellaram

2. Sima Chellaram

(wife)

Affiliated companies of K. Chellarams and Sons Ltd :

Associates

1. Camara Ltd

London

Tel: (44 20) 7630 8477

2. Chellaram Ltd

Nigeria

ACTIVITIES

The Company is involved in the following activities :

Importers, wholesalers and retailers of general foodstuff, drinks and tobacco.

Imports from UK, Belgium, the Netherlands, Germany, USA, Taiwan, France, South Africa and China.

FACILITIES

The Company has the following facilities :

Owned premises comprising retail outlet, storage facilities and offices located at the heading address, and two branch offices at Nelson Mandela Street, Banjul, and duty free shop at Banjul Airport.

Subject previously operated from 31-35 Wellington Street, Banjul.

Subject formerly operated a supermarket in Banjul (closed in 1992).

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