MIRA INFORM REPORT

Report Date :

11.08.2011

IDENTIFICATION DETAILS

Name :	SOCIETE SANCELLA SA
Registered Office :	Zone Industrielle Charguia 1, 52 Rue 8601, La Charguia 1, Tunis 2035
Country :	Tunisia
Year of Establishment :	1997
Com. Reg. No.:	B 14441997
Legal Form :	Public Limited Company
Line of Business :	Manufacture of household and sanitary goods and of toilet requisites

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

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Tunisia	A2	A2

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

Company name

SOCIETE SANCELLA SA

Registration Briefing

Registration Number: B 14441997

Registration Date: 1997

Legal Form: PUBLIC LIMITED CO

Latest Financials: N/A

Financial Briefing

Nominal Capital: 11,220,000 Tunisian Dinar

Issued Capital: N/A

Turnover: N/A

Net Profit: N/A

Net Worth: N/A

Company Details

Company Name: SOCIETE SANCELLA SA

Headquarter Address: Zone Industrielle Charguia 1,

52 Rue 8601,

La Charguia 1,

Tunis 2035,

Tunisia

Postal Address: P.O.Box 194,

Tunis Cedex 1080

Telephone: +21671 799477

+21673 440500

Fax: +21671 785267

+21671 792117

+21673 440514

E‑Mail: habiba.battikh@sancella.com.tn

Web Site: www.sancella.com.tn

Company was originally started on 01/06/1995

Registration & Legal Details

Current Legal Form: PUBLIC LIMITED CO

Additional Information: Customs ID 103672 K

Registration Address: Zone Industrielle Charguia 1,

52 Rue 8601,

Tunis 2035

Registration Number: B 14441997

Registration Date: 1997

Year/Date Company Established: 01/06/1995

Registration Town: Tunis

Tax Registration Number: 496781 S

Capital

Currency: Tunisian Dinar

Authorized Capital: 11,220,000

Paid Up Capital: 11,220,000

Start up Capital: 6,270,000

Previous Capital amount: 10,630,000

Shareholders

Shareholders:

Name/Other Information Shares Held % of Voting/Non‑Voting capital

Aziz Zouhir, 51.00% (VOTING)

Tunisia

Sweden Partner 49.00% (VOTING)

Principals

Name: Mr Aziz Zouhir

Position within the company: President and managing director

Country of Birth: Tunisia

Nationality: Tunisian

Can fluently speak: French

Name: Ms Hamdi Labidi

Position within the company: Financial Director

Country of Birth: Tunisia

Nationality: Tunisian

Can fluently speak: French

Name: Ms Habiba Batikh

Position within the company: Accountant

Country of Birth: Tunisia

Nationality: Tunisian

Can fluently speak: French/English

Company Activities

NACE Codes: 1722 Manufacture of household and sanitary goods and of toilet requisites

The Company is involved in the manufacturing of Sanitary goods in paper and household paper products as Sanitary paper

items ‑ Disposable diapers ‑ Sanitary napkins, made from purchased raw materials then sold totally on a wholesale basis to

the local and foreign clients.

Local Reporters consider the investigated company to be LARGE in their field of concern.

Operations

Employees Company Employs: 509

Group employs: 796 staff

HQ Premises Operates from: Owned Office , Warehouse

Location: Industrial Area, Side Road

Branches RUE 18 JANVIER,

KSIBET EL MEDIOUNI,

Monastir 5031,

Tunisia

Branch is: Owned

Description of branch: Factory, Warehouse

Imports

Import % and type of product: Subject does not import

Brands: PEAUDOUCE ‑ disposable diapers

NANA ‑ Sanitary napkins

TENA ‑ disposable diapers

TOP ‑ Sanitary papers

TORK ‑ Sanitary papers

Exports

Export % and type of product: 20%

Exports To: Libya, Algeria, Morocco, Mali

Exporting Terms: 90 days credit, bank transfer

Trading & Selling

Territory: 80% Nationally, 20% International

Vehicles: Total number of vehicles: 10

Related Companies

Subsidiaries

Affiliates

SOCIETE TUNNISIENNE DE

PANSEMENTS SOTUPA

Route de Sousse,Bouhjar,

Monastir,

Tunisia

Start Date: 1971

Operates as: A manufacture of bandages

Related through: a common shareholder

SANCELLA ALGERIE

Zone industriel baba ali,

Alger,

Algeria

Start Date: 2009

Operates as: A manufacture of sanitary paper items,disposable diapers ‑ Sanitary napkins.

Related through: a common shareholder

SANCELLA TRADING

52,Rue 8601,Zone Industrielle La

charguia,1080,

Tunis,

Tunisia

Start Date: 2005

Operates as: An international trade company.

Related through: a common shareholder

Bankers

Banque Internationale Arabe de Tunisie,

Branch: Charguia

Tunisia

Relationship with Bank: is reported to be good

Additional Information: Date Account Opened 1997

Arab Tunisian Bank,

Branch: Main

Tunis,

Tunisia

Relationship with Bank: is reported to be good

Banque de Tunisie

Rue de Rome,

Tunis,

Tunisia

Relationship with Bank: is reported to be good

Financial Information

Payments

Subject's payments reported to be: NO COMPLAINTS

Interview & Reporter Comments

Name/Title: Habiba Batikh Accountant

Comment: Subject has confirmed the general details provided in the report but has declined to provide any Financial Data.

Reporter Comment: In the interview conducted with Ms.Habiba Battikh, she confirmed details shown in this report and informed us that she transfered our questionnaire to the General

Manager to get his agreement to give us the financial information.

The report will be updated at the reception of financial figures.

Ms.battikh has informed us that the company didn't sell its product directly,the commercial companies in the group are charged of this mission.

As per Tunisian Commercial law companies, except the quoted public limited ones, are not required to file their financials and are under no obligation to provide such details to third parties, representatives and or correspondents representing international and or local clientele.

STATISTICAL DATA OF THE SANITARY PAPER ITEMS (August 2011)

‑ 10 Registered industrial companies with more than 10 employees.

‑ 10 are partially exporting companies

* PARTIALLY EXPORTING COMPANY:

‑ Enterprises considered as partially exporting are companies that realize less than 80% of their turnover from exporting.

* BENEFIT :

‑ Suspension of value added taxes and consumption taxes on equipment, products and services necessary for the realization of their export operations.

‑ Full exoneration of income and profits from the tax base during the first ten years of activity and a 50% deduction thereafter.

‑ Relaxation of the temporary admission or bonded warehouse system for equipment and products imported for use in the production of goods destined for export.

‑ Reimbursement of customs duties and taxes paid on raw materials and semi‑finished products destined to be transformed for export.

‑ Reimbursement of customs duties and similar taxes paid on imported equipment, and not manufactured locally, for the production of goods for export.

Conclusions

Local Reputation: The company being investigated is considered by local reporters to be a Fair / Normal Trade Risk.

General Conclusion: Local informants consider granting of credit to be a fair trade risk.

Age of Business: The company is long established in the local market.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.20
UK Pound	1	Rs.73.51
Euro	1	Rs.64.76

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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.