MIRA INFORM REPORT

Report Date :

14.08.2008

IDENTIFICATION DETAILS

Name :	THE CELLAR LTD
Registered Office :	P. o Box 5961 Kampala
Country :	Uganda
Date of Incorporation :	4.01.2005
Legal Form :	Limited Liability Company, Limited by Shares
Line of Business :	Wine Merchants and Distributors etc

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 80,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

COMPANY REPORTED

THE CELLAR LTD

Principal Address

P.o Box 5961 Kampala Uganda

Telephone: +256-41-4269284

Cell; +256-7572020/ 752651695

Fax: +256-41-4269284

Email: Festas2kk@yahoo.com

Internet: none

Established

4/01/2005

Registration

No. Kampala, Uganda

Legal Form

Limited Liability Company, Limited by shares

Stock Listing

Not Listed

Workforce

2007

40

Office & Factories

Head offices Plot 1202 Gaba Road Kampala, Uganda

Branches none

Company Profile

Paid in Capital UGX. 20,000,000

Subscribed Capital UGX. 20,000,000

Shareholders

Name Position Amount Ratio

Mr. Festus Senkunda Director 50.00%

Mr. H Kitamigurwa Director 50.00%

Total 100.00%

Credit Opinion

Our proposed credit amount of USD 80,000 is recommendable

Affiliated Companies

None

Management/ Directors

President/ CEO (1)

Name Mr. Festus Senkunda

Remarks Top Decision Maker

Þ Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.

Business Activities

Wine Merchants & Distributors etc

Terms of payment

Buying terms 30% in cash, 70% on credit

Selling terms 80% in cash, 20% on credit

Suppliers

Wine Manufacturers etc

Customers

Outlets hotels, outlets, shopping

Recent Sales

UGX. 685,910,000,000 (2007)

Exports

None

Export Ratio

0.0%

Import Ratio

20.0%

Domestic Market Share

30.0%

Banking relationship

Main Banks Crane Bank

Credit Check of Subject, President & CEO (as of report date)

Payment Morale: In the documents at our disposal nothing adverse has been shown so far.

CREDIT RATING: Financial situation is average.

COMMENTS

Maximum credit we recommend is USD 80,000 outstanding at any one time.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.82
UK Pound	1	Rs.80.01
Euro	1	Rs.63.83

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.	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