MIRA INFORM REPORT

Report Date :

26^th February, 2007

IDENTIFICATION DETAILS

Name :	SEN-PAIC MAGIC PAINT SARL

Registered Office :	Km 4.8 Blvd du Centenaire de la Commune de Dakar, P.O. Box: 5257 RP, Dakar, Senegal

Country :	Senegal

Date of Incorporation :	16.08.2002

Com. Reg. No.:	1585 B 2002

Legal Form :	Limited Liability Company

Line of Business :	Manufacturers, wholesalers, retailers and distributors of water paints for cars, varnish, glue, anti-corrosives, solvents and marine paint.

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 30,000,000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

COMAPNY NAME

SEN-PAIC MAGIC PAINT SARL

ADDRESS

Street : Km 4.8 Blvd du Centenaire de la Commune de Dakar

P.O. Box : 5257 RP

Town : Dakar

Country : Senegal

Telephone : (221) 832 4178 / 832 4179 / 832 6814 / (221) 638 2283 (mobile)

Fax : (221) 832 4849

E-Mail : magic@sentoo.sn

Also Known As : Senegalaise des Peintures et des Colles SARL

SENIOR COMPANY PERSONNEL

Name Position

1. Nouridine Husseini Managing Director

2. Raja Husseini (Mrs) Director

3. Youssef Husseini Director

Total Employees : 39

PAYMENTS

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

The company was established in August 2002 and activities started in February 2003.

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 Senegalese importers.

Opinion on maximum credit : CFA Fr 30,000,000

Trade risk assessment : Normal

TRADE REFERENCES

NAME : ONYA

Country : France

Telephone : (33 1) 4058 4453

NAME : AFRICOLOR

Country : France

Telephone : (33 1) 3459 0856

NAME : ST OLMOS

Country : France

Telephone : (33 1) 4382 3938

NAME : SOGINPEX

Country : France

Telephone : (33 4) 268 0291

NAME : BRENTAC

Country : Belgium

Telephone : (32 3) 238 4966

NAME : ARPADIS

Country : Belgium

Telephone : (32 3) 206 9370

PRINCIPAL BANKERS

NAME : BANQUE SENEGALO-TUNISIENNE (BST)

Branch : Main Branch

Street : Avenue Peytavin No. 97

PO Box : 4111

Town : Dakar

Telephone : (221) 849 6060

Fax : (221) 823 8238

FINANCIAL INFORMATION

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

Sales Turnover : CFA Fr 900,000,000 - 2003 - approx *

: CFA Fr 1,200,000,000 - 2004 - exact

: CFA Fr 1,200,000,000 - 2005 - exact

: CFA Fr 1,254,000,000 - 2006 - exact

Net Profit : CFA Fr 40,000,000 - 2003 - exact

: CFA Fr 60,000,000 - 2004 - approx

: CFA Fr 60,000,000 - 2005 - approx

: CFA Fr 64,000,000 - 2006 - exact

Financial year ends 31 December.

* For the period between 1 February 2003 and 31 December 2003 (first period of operations)

LEGAL STATUS AND HISTORY

Date Started : 16 August 2002

History : The company was incorporated in Senegal on 16 August 2002 and activities started in February 2003.

C.R. No. : 1585 B 2002

Paid up Capital : CFA Fr 10,000,000

Societe a Responsibilite Limitee (Limited Liability Company) with the following shareholders :

Percentage

1. Nouridine Husseini 70 %

2. Raja Husseini (Mrs) 20 %

(wife of the above)

3. Husseini Youssef 10 %

ACTIVITIES

The Company is involved in the following activities :

Manufacturers, wholesalers, retailers and distributors of water paints for cars, varnish, glue, anti-corrosives, solvents and marine paint.

Imports from Tunisia, Spain, Italy, France and Belgium.

FACILITIES

The Company has the following facilities :

Owned 3,150 square metre owned administrative offices, factory 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