MIRA INFORM REPORT

Report Date :

08.06.2011

IDENTIFICATION DETAILS

Name :	STE AFRICAINE TRANSFORMATION OUATE DE CELLULOSE

Registered Office :	15 BP 1044 Yopougon Zone Industrielle, Abidjan 15 Ivory coast

Country :	Cote D’Ivoire (Ivory Coast)

Date of Incorporation :	06.09.1983

Com. Reg. No.:	71 105 Ivory Coast

Legal Form :	Limited Liability Company, Limited by shares

Line of Business :	Manufacturers & Distributors of toilet paper, napkin, facial, sanitary towel etc

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 :	100,000 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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Cote D’Ivoire (Ivory Coast)

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

Bottom of Form

REGISTERED NAME & COMPANY SUMMARY

COMPANY REPORTED:	STE AFRICAINE TRANSFORMATION OUATE DE CELLULOSE
Local Name	SATOCI
Principal Address:	15 BP 1044 Yopougon Zone Industrielle, Abidjan 15 Ivory coast
Telephone:	+225-23-535840/ 466175
Fax:	+225-23-466175
Email:	satoci@satoci.ci
Internet:	www.satoci.ci
Established:	6/9/1983
Registration:	71 105 Ivory Coast
Legal Form:	Limited Liability Company, Limited by shares
Stock Listing:	Not Listed
Workforce:	2010
	200
Office & Factories
Head offices	Zone IndustrielleI De Yopougon Abidjan 15, Ivory Coast
Branches	Senegal, Mali Ghana, Togo, Nigeria and Gabon
Company Profile:
Paid in Capital	CFA. 20,000,000
Subscribed Capital	CFA. 20,000,000
Shareholders
Name	Position	Amount	Ratio
Mr. Farhat Hussein	CEO		40.00%
Mr. P Dalart	Director		30.00%
Mr. Y Hussein	Director		30.00%
Total			100.00%

CREDIT RECOMENDATION

Current Credit Limit: 100,000 USD

DIRECTORS/MANAGEMENT

Management/ Directors

President/ CEO (1)
Name	Mr. Farhat Hussein
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.

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

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

Recent Sales	CFA. 1,125,000,000 (2010)
Exports	None
Export Ratio	0.0%
Import Ratio	20.0%
Domestic Market Share	20.0%

GROUP STRUCTURE & AFFILIATED COMPANIES

Affiliated Companies

None

FINANCIAL INFORMATION

No financial statement disclosed.

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Business Activities	Manufacturers & Distributors of toilet paper, napkin, facial, sanitary towel etc
Suppliers	Various Companies
Customers	Distribution stores and outlets

Banking relationship
Main Banks		SIB 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.

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.74
UK Pound	1	Rs.73.25
Euro	1	Rs.65.48

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.