MIRA INFORM REPORT

Report Date :

26^th February, 2007

IDENTIFICATION DETAILS

Name :	GRANDE CONFISERIE DU MALI SA

Registered Office :	Route de Sotuba, Rue de L'Abattaa, Zone Industrielle De Sotuba, P.O. Box: 324, Bamako, Mali

Country :	Mali

Date of Incorporation :	1949

Com. Reg. No.:	MA-BKO-2004.B-3442 No. 404 (formerly 1372)

Legal Form :	Join Stock Company

Line of Business :	Manufacturers, exporters and distributors of sweets, chewing gums, biscuits, pasta and vanilla sugar.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	CFA Fr 70,000,000

Status :	Good

Payment Behaviour :	Usually Correct

Litigation :	Clear

COMPANY NAME

GRANDE CONFISERIE DU MALI SA

ADDRESS

Street : Route de Sotuba, Rue de L'Abattaa

Area : Zone Industrielle De Sotuba

P.O. Box : 324

Town : Bamako

Country : Mali

Telephone : (223) 221 3664 / 221 5768 / 221 5464 / 241 3664

Fax : (223) 241 5874

E-Mail : groupeami@groupeami.com / cviale@groupeami.com

Shortform Name : GCM

SENIOR COMPANY PERSONNEL

Name Position

1. Roger Achcar President

2. Julien Achcar Managing Director

3. Gerard Achcar Administrator

4. Christian Viale Administrative & Financial Director

5. Idrissa Kone Commercial Manager

Total Employees : 220 (subject), 700 (group)

PAYMENTS

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

Subject is a member of the Ami Group, a long established and well known group of companies in Mali.

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

Opinion on maximum credit : CFA Fr 70,000,000

Trade risk assessment : Normal

PRINCIPAL BANKERS

NAME : ECOBANK

Branch : Main branch

Street : Quartier du Fleuve, Place de la Nation, Imm. Amadou Sow

PO Box : E 1272

Town : Bamako

Telephone : (229) 223 3300

Fax : (229) 223 3305

E-mail : ecobankml@ecobank.com

Subject previously had an account with Banque Internationale pour le Mali (BIN) and Banque de Developpement du Mali (BDM).

Subject also has accounts with the following banks :

1. BICIM - Banque Internationale Pour Le Commerce et l'Industrie

au Mali

2. HSBC, Paris (Filiale B.M.I.).

FINANCIAL INFORMATION

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

Sales Turnover : CFA Fr 3,894,303,394 - 2004 - exact

: CFA Fr 3,875,522,507 - 2005 - exact

: CFA Fr 3,950,000,000 - 2006 - exact

Net Profit : CFA Fr 103,259,407 - 2004 - exact

: CFA Fr 64,937,813 - 2005 - exact

: CFA Fr 168,000,000 - 2006 - exact

Total Capital Invested : CFA Fr 1,369,026,756

Total Value of Stock Held : CFA Fr 1,157,111,427

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 1949

History : Subject was originally established in Benin in 1949 as a propietorship business. It later changed its legal status into a limited company styled "Grande Confiserie du Mali SARL". In 1996 subject was incorporated as a joint stock company and merged with its affiliated company "Societe Malienne de Biscuiterie et Pates Alimentaires SA (SOMABIPAL)". Subject was incorporated on the 21 October 2004.

C.R. No. : MA-BKO-2004.B-3442 No. 404 (formerly 1372)

Authorised & Paid up Capital : CFA Fr 1,000,000,000

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

1. Soc. Overseas Private Invest. (D.P.I.) 43.85%

1. Roger Achkar 28.62%

3. Aeain Achkar 17.20%

4. Ste Horizons Sfk Ltd 10.00%

5. Cyril Achcar 0.33%

Affiliated companies of Grande Confiserie du Mali SA :

Associates

Subject is a member of the Ami Group comprising of the following companies:

1. Grands Moulins du Mali SA (GMM)

Route de Sotuba

Zone Industrielle

BP 324

Bamako

Tel : (223) 221 3664

Fax : (223) 221 5874

E-Mail : cviale@groupeami.com

2. Societe des Eaux Minerales du Mali SA

Route de Sotuba

Zone Industrielle

BP 324

Bamako

Tel : (223) 221 3664

Fax : (223) 221 5874

(production of mineral water and juices)

3. Gam Transit SA

Route de Sotuba

Zone Industrielle

BP 324

Bamako

Tel : (223) 221 3664

Fax : (223) 221 5874

The following companies are former members of the Ami Group :

1. Societe Malienne de Biscuiterie et Pates Alimentaires SA -

(SOMABIPAL)

(merged with subject in 1994)

2. Ridal SARL

(closed down)

3. Societe des Detergents du Mali SARL (SODEMA)

(sold)

4. Omnium Mali SA

(sold)

ACTIVITIES

The Company is involved in the following activities :

Manufacturers, exporters and distributors of sweets, chewing gums, biscuits, pasta and vanilla sugar.

Trade suppliers include :

- Lemapack, P.O. Box 5063, 1380 GB Woosp/Haatora Industriepark

- Gumbase Co., Sede e Stabilimento, Via Nerviono 25 20020 Lainate,

Itlay

- SAF Shamgai, Fourth Floor, Dolard House, Wellinton Quay, Dublin

- Movel, 21 Rue de Caroubier, 1061 1277 Carouge, Geneva

- Mode Lamglois, 59 Boulevard Exelmans, F 75016 Paris

- Mam, 620 Route de Grass, 066 20, Le Barsur, Loup

Imports from Brazil, France, Germany, the Netherlands, Italy and China.

FACILITIES

The Company has the following facilities :

Owned offices, factory and storage facilities located at the heading address.

Subject previously operated from Av. de la Nation, Zone Industrielle, Bamako.

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