MIRA INFORM REPORT

Report Date :

23.02.2008

IDENTIFICATION DETAILS

Name :	TIMAB TUNISIE

Registered Office :	Zi De Gannouche Gabes 6000

Country :	Tunisia

Date of Incorporation :	02.05.2001

Com. Reg. No.:	^788000218839

Legal Form :	Joint Stock Company

Line of Business :	Manufacture of Alimentary Phosphates Intended for Animals

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

OUR ANSWER ON

^{Company Number 788000218839}

^{Name TIMAB
TUNISIE}

^{Address
ZI
DE GANNOUCHE}

^{Town GABES}

⁶⁰⁰⁰

^{Phone
75
273883}

^{Fax 75 277466}

GENERAL DATA

^{Commerce registration B127362001}

^{Customs registration} ^{Tax contributor
registration761861YAM000}

^{Legal form JOINT STOCK COMPANY}

^{Date of incorporation 02/05/2001}

^{Present registered capital 50,000 TND}

Management

^{COLLIN DANIEL Chairman Of The Board}

^{CHOLLET JACQUES GENERAL MANAGER}

^{THIEBLIN HENRI Technical MANAGER}

^{DEMONTI XAVIER Director}

ACTIVITY

^{MANUFACTURE OF ALIMENTARY PHOSPHATES (MDCP,
MCP AND BICARBONATE PHOSPHATE).}

^{Activity sector Manufacture of prepared feeds for
farm animals}

Staff

²³

Factories/Branches

Previous Head Office

6 RUE IBN HAZM CITE JARDINS 1002 TUNIS BELVEDERE

Aspect On Rent

Factory

Z I DE GANNOUCHE 6000 GABES

Aspect On Rent

^{MAIL BP 73
6001 GABES HACHED}

^{Aspect On Rent}

^{HEAD OFFICE}

^{Z
I DE GANNOUCHE 6000 GABES}

^{Aspect UNKNOWN}

Major brands

^Group

FINANCIAL DATA

^{TIMAB FRANCE}

^{SAS AGRINTER}

^{LA STE FINANCIERE
AGROCHIMIQUE}

^{STE SAS FOPAR AGRO INTERNATI0NAL}

^AUTRES

Banks’ References

^{UIB GABES}

^{Currency: TND}

^{Fiscal years 31/12/2007 31/12/2006
31/12/2005}

^{Annual gross sales 4,500,000 4,800,000
4,500,000}

^{Net income}

^{Balance sheet No No No}

TRADE AND PAYMENT INFORMATION

^{Bank's opinion Good}

^{Trade payments Regular}

^{Trade commercial opinion}

^{Company's negative occurrence No}

COMMENTS

^{TIMAB TUNISIE IS A TOTALLY EXPORTING AND
NONE RESIDENT JOINT STOCK COMPANY.}

^{THE SUBJECT IS INVOLVED IN THE MANUFACTURE
OF ALIMENTARY PHOSPHATE} ^{INTENDED FOR ANIMALS.}

^{THE SUBJECT BELONGS TO THE FRENCH GROUP:
ROULIER.}

^{THE SUBJECT STARTED ITS ACTIVITY IN DECEMBER
2003.}

^{THE ORIGINAL INVESTMENT WAS 10 000 000 TND
THAT HAS BEEN FINANCED BY} ^{THE CURRENT ACCOUNT OF THE PARENT COMPANY:
TIMAB FRANCE.}

^{THE SUBJECT IMPORTS EQUIPMENTS MAINLY FROM
FRANCE NEXT TO MAGUIN AND} ^CLEMOSSY.

^{IN JUNE 2005, THE COMPANY FINANCIERE
AGROCHIMIQUE GAVE UP ONE SHARE TO}

^{THE COMPANY SAS AGRINTER (PUBLISHED).}

^{IN JANUARY 2005,M. VIGNON PHILLIPPE GAVE UP
ONE SHARE TO THE COMPANY}

^{SAS FOPAR AGRO INTERNATIONAL (PUBLISHED).}

^{WHILE CONTACTED SEVERAL TIMES, THE OFFICER
REFUSED TO DISCLOSE ANY} ^INFORMATION.

^{THE 2005, 2006 AND 2007 TURNOVERS CORRESPOND
TO BANK MOVEMENTS.}

^{ACCORDING TO OUR SOURCES, THIS COMPANY WOULD
BE SOLVENT AND FREE FROM} ^{PAYMENT INCIDENTS.}

^{NB: 6 RUE IBN HAZM CITE JARDINS IS THE
PREVIOUS ADDRESS OF THE} ^COMPANY.

^{EFFORT HAS BEEN MADE TO VERIFY THE ACCURACY
AND VALIDITY OF THIS} ^{INFORMATION. SORENCO S.A. CANNOT BE
RESPONSIBLE FOR ANY ACTION WHICH} ^{CLIENT MAY TAKE OR CAUSE OTHERS TO TAKE, AS A RESULT OF ITS USE.}

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