MIRA INFORM REPORT

Report Date :

05.04.2011

IDENTIFICATION DETAILS

Name :	EXPRESSO SENEGAL

Registered Office :	Immeuble La Rotonde 1 Ere Etage Rue Amadou Assana Ndoye X Rue Saint Michel Dakar

Country :	Senegal

Date of Incorporation :	26.09.2008

Com. Reg. No.:	SNDKR2008B8992 Senegal

Legal Form :	Societe Anonyme

Line of Business :	Providers of mobile telecommunications services and solutions

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 :	55,000 USD
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Senegal

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COMPANY SUMMARY

Currency of Report:CFA

COMPANY REPORTED:	EXPRESSO SENEGAL
Actual Names:	ESN - EXPRESSO SENEGAL SA
Principal Address:	Immeuble La Rotonde 1 Ere Etage Rue Amadou Assana Ndoye X Rue Saint Michel Dakar, Senegal
Telephone:	+221-301001000
Fax:	+221-338212455
Email:	sng@expressotelecom.com
Internet:	www.expressotelecom.com
Established:	26/9/2008
Registration:	SNDKR2008B8992 Senegal
Legal Form:	Societe Anonyme
Stock Listing:	Not Listed
Workforce:	2010
	30

CREDIT RECOMENDATION

Current Credit Limit: 55,000 USD

DIRECTORS/MANAGEMENT

Management/ Directors
President/ CEO (1)
Name	Mahfoudh Ould Brahim
Active in daily business:	Active
Current Title:	CEO
Country of residence	Senegal
Remarks	Top Decision Maker

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.

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Company Profile:
Nominal Capital	CFA. 50,000,000
Shareholders
Name	Position	Amount	Ratio
Mahfoudh Ould Brahim	CEO
Espresso Group	Holding Co.
Total			100.00%

PAYMENT INFORMATION

	Terms of payment
Buying terms	30% in cash, 70% on credit
Selling terms	80% in cash, 20% on credit

Suppliers	Various Companies SIEMENS, ALCATEL, HUAWEI
Customers	, firms and organizations

Recent Sales	CFA. 1,800,000,000 (2010 Estimated)
Exports	None
Export Ratio	0.0%
Import Ratio	40.0%
Domestic Market Share	10.0%

GROUP STRUCTURE & AFFILIATED COMPANIES

Affiliated Companies

Mauritania, Ghana, Nigeria and Guinea

FINANICAL INFORMATION

ADDITIONAL INFORMATION

Workforce:		2010
		30
Office & Factories
Head offices		Immeuble La Rotonde 1 Ere Etage Rue Amadou Assana Ndoye X Rue Saint Michel Dakar, Senegal
Branches		None
Business Activities	Providers of mobile telecommunications services and solutions
	Terms of payment
Buying terms	30% in cash, 70% on credit
Selling terms	80% in cash, 20% on credit

Suppliers	Various Companies SIEMENS, ALCATEL, HUAWEI
Customers	, firms and organizations

Recent Sales	CFA. 1,800,000,000 (2010 Estimated)
Exports	None
Export Ratio	0.0%
Import Ratio	40.0%
Domestic Market Share	10.0%
Business Premises	5,000 Sft
Type of occupation	Leased
Location	The subject is located close to a major road network
Premises used as	Offices
Banking relationship
Main Banks	Eco Bank

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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	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

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%)

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