MIRA INFORM REPORT

Report Date :

3^rd march, 2007

IDENTIFICATION DETAILS

Name :	SOCIETE GABONAISE DE PRESSE SA

Registered Office :	Avenue Leomba, Quartier Sobraga, P.O. Box: 3923 / 121, Libreville, Gabon

Country :	Gabon

Date of Incorporation :	1983

Com. Reg. No.:	728B

Legal Form :	Joint Stock Company

Line of Business :	Importers and wholesalers of all newspapers sold in Gabon as well as a wide range of magazines, books and stationery.

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 60,000,000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

COMPANY NAME

SOCIETE GABONAISE DE PRESSE SA

ADDRESS

Street : Avenue Leomba

Area : Quartier Sobraga

P.O. Box : 3923 / 121

Town : Libreville

Country : Gabon

Telephone : (241) 733108 / 733131 / 730 056

Fax : (241) 734374

E-Mail : direction@sogapresse.ga

Shortform Name : SOGAPRESSE

SENIOR COMPANY PERSONNEL

Name Position

1. Bertrand Holl Managing Director

2. Jean de Dieu Mve Accountant

Total Employees : 30

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 accepted practice for international suppliers to deal on secured terms with Gabon importers.

Opinion on maximum credit : CFA Fr 60,000,000

Trade risk assessment : Normal

Opinion on the credit figure of EURO 150,000 :

The above figure is higher than normally seen in one amount, however could prove admissible if split into two transactions provided the total indebtedness is strictly monitored.

PRINCIPAL BANKERS

NAME : BANQUE INTERNATIONALE POUR LE COMMERCE ET L'INDUSTRIE AU GABON (BICIG)

Branch : Main Branch

Street : Avenue du Colonel Parant

P.O. Box : 2241

Town : Libreville

Telephone : (241) 762 613

Fax : (241) 746 410

The company also has an account with the following banks :

1. BGFI Bank

Boulevard de l'Independance

BP 2253

Libreville

Tel : (241) 762 326 / 762 507 / 764 035

Fax : (241) 740 894 / 744 456

2. Union Gabonaise de Banque (UGB)

Rue du Colonel Parent

BP 315

Libreville

Tel : (241) 777000 / 761514

Fax : (241) 764616

FINANCIAL INFORMATION

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

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

: CFA Fr 3,300,000,000 - 2003 - approx

: CFA Fr 3,600,000,000 - 2004 - approx

: CFA Fr 4,668,418,907 - 2005 - exact

: CFA Fr 4,534,601,000 - 2006 - exact

Net Profit : not given - 2002 - 2004 *

: CFA Fr 220,613,368 - 2005 - exact

: CFA Fr 397,951,000 - 2006 - exact

* stated to be profitable

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 1983

C.R. No. : 728B

Authorised & Paid up Capital : CFA Fr 20,000,000

Societe Anonyme (Joint Stock Company) with the following sole shareholder :

Nouvelles Messageries de Presse Parisienne SARL (NMPP) 100 %

52 Rue Jacques Hillairet

75012 Paris 12

France

Tel : (33 1) 4928 7000

Fax : (33 1) 4928 8000

E-mail : fgalvan@nmpp.fr

Capital : EURO 50,000

Sales Turnover 2002 : EURO 385,000,000

Net profit 2002 : EURO 7,000,000

ACTIVITIES

The Company is involved in the following activities :

Importers and wholesalers of all newspapers sold in Gabon as well as a wide range of magazines, books and stationery.

Imports from European countries (mainly France).

FACILITIES

The Company has the following facilities :

Administrative offices and a warehouse located at the heading address.

Subject also has a branch office in Port-Gentil.

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