MIRA INFORM REPORT

Report Date :

21.05.2007

IDENTIFICATION DETAILS

Name :	HENKEL CHEMICALS (MAURITIUS) LTD

Registered Office :	18, Edith Cavell Street, Port Louis

Country :	Mauritius

Date of Incorporation :	16.05.1983

Com. Reg. No.:	3964

Legal Form :	Private

Line of Business :	Manufactures and distributes industrial adhesives and detergents, textile auxiliaries, consumer adhesives and cosmetics for the local/international markets.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

NAME OF COMPANY

HENKEL CHEMICALS (MAURITIUS) LTD

ADDRESS

18, EDITH CAVELL STREET

PORT LOUIS

TEL: (230) 249 3191

FAX: (230) 249 3682

EMAIL: henkel@intnet.mu

INCORPORATED

16.05.1983

STATUS

Private

CO NO

3964

ACTIVITIES

Concern manufactures and distributes industrial adhesives and detergents, textile auxiliaries, consumer adhesives and cosmetics for the local/international markets.

SIZE

Company has its manufacturing plant and offices at Bois Marchand, Terre Rouge.

DIRECTORS

Mr. Antoine Louis HAREL

Mr. Michael Zipp ANDREAS

Mr. Roland MAUREL

Mr. Auguste Guy HAREL

SHAREHOLDERS SHARES

Harel Mallac & Co Ltd 9,999

Henkel Offshore Marketing Enterprise PTY 20,000

Management Enterprise Ltd 1

Mauvilac & Co Ltd 10,000

ISSUED CAPITAL

RS 400,000

EMPLOYMENT

Currently employs 40 to 50.

IMPORTS

Company imports mainly from South Africa, which makes up around 60% of purchases. Other sources of supplies are from Malaysia and Indonesia.

FINANCE (2005)

Sales: MUR 145.50m

Profit: MUR 9.70m

RELATED CONCERNS

Harel Mallac & Co Ltd – The flagship of the Harel Mallac Group and one of the major players of the business community in Mauritius. During the past 175 years, it has generated new businesses and continuous growth and is listed on the Stock Exchange of Mauritius since 1991.

Present in the following sectors:

Commercial
Industrial
Services

Henkel Offshore Marketing Enterprise PTY – Henkel is a leading manufacturer worldwide. Its businesses are organised into four globally operating business sectors:

1. Laundry & Home Care,

2. Cosmetics/Toileteries

3. Consumer & Craftsmen Adhesives

Mauvilac & Co Ltd - Established in 1964 as the 1st Paint Company in the Indian Ocean region and has since grown from a relatively small paint manufacturer to become a player of international standing.

BUSINESS BACKGROUND

Henkel Chemicals (Mauritius) Ltd is an associate company of Harel Mallac and started operating in 1983. Concern has experienced good performance over the past years mainly due to the textile sector.

manufactured / distributor of following brands

Rubson

Polybond

Pattex

Tangit

Tylon

Schwarzkopf

OBSERVATION

Sales for 2005 reached MUR 145m against MUR 130m in 2004 – a growth of 11%, with a profit of MUR 12.9m. However, caution needs to be constantly exercised due to the weakness of the Mauritian rupee against major foreign currencies.

The Directors are of opinion that a satisfactory increase in sales through locally manufactured brands will be achieved this year.

CREDITWORTHINESS

The Company has a long-standing good reputation in the African region and is considered good for normal business engagement.

BANKERS

The Mauritius Commercial Bank Ltd

Barclays Bank PLC

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