MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	SOCIETE D'EXPLOITATION DES EAUX MINERALES
Registered Office :	Route de Sousse, km 6.5, Ben Arous 2013
Country :	Tunisia
Year of Establishment :	1998
Com. Reg. No.:	B 11631998
Legal Form :	Private Limited Company
Line of Business :	Manufacture of soft drinks; production of mineral waters and other bottled waters

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 D'EXPLOITATION DES EAUX MINERALES

Current Recommended Credit

Payment Record: NO COMPLAINTS

This rating is based on available data. In the event of additional information a possibility for a different rating applies.

Registration Briefing

Registration Number: B 11631998

Registration Date: 1998

Legal Form: PRIVATE LIMITED CO

Latest Financials: N/A

Financial Briefing

Nominal Capital: 14,319,000 Tunisian Dinar

Issued Capital: N/A

Turnover: N/A

Net Profit: N/A

Net Worth:

Original Investigation Details

Company Name: Seem Ste Dexploitation Des Eaux Minerales

Country: TU

Street Name: KM6.5 Route De Sousse ben Arous 2013

City Code:

Comments: Phone: 21671384100

Fax: 21671384325

Notes: Reg. No. B11631998

Please provide the maximum credit limit & latest financials on

the subject company

Company Details

Company Name: SOCIETE D'EXPLOITATION DES EAUX MINERALES

Company acronym: SEEM

Headquarter Address: Route de Sousse, km 6.5,

Ben Arous 2013,

Tunisia

Telephone: +21671 384100

+21671 384168

+21671 384920

Fax: +21671 384105

E‑Mail: export@seem.com.tn

Company was originally started on 11/1991

Registration & Legal Details

Current Legal Form: PRIVATE LIMITED CO

Registration Address: Route de Sousse, km 6.5,

Ben Arous 2013

Registration Number: B 11631998

Registration Date: 1998

Year/Date Company Established: 11/1991

Registration Town: Ben Arous

Tax Registration Number: 307072 S/A/M000

Capital

Currency: Tunisian Dinar

Authorized Capital: 14,319,000

Paid Up Capital: 14,319,000

Previous Capital amount: 13,500,000

Capital increase on 27/03/2010

Shareholders

Shareholders:

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

Jamel Mzabi,

Tunisia

Laaroussi Mzabi,

Tunisia

Principals

Name: Mr Jamel Mzabi

Position within the company: General manager

Country of Birth: Tunisia

Nationality: Tunisian

Can fluently speak: French/English

Name: Mr Laroussi Mzabi

Position within the company: Manager

Country of Birth: Tunisia

Nationality: Tunisian

Can fluently speak: French/English

Name: Mr Moez Dafdouf

Position within the company: Commercial Director

Country of Birth: Tunisia

Nationality: Tunisian

Can fluently speak: French/English

Name: Mr Youssef Sayadi

Position within the company: Marketing & Public relations Director

Country of Birth: Tunisia

Nationality: Tunisian

Can fluently speak: French/English

Company Activities

NACE Codes: 1107 Manufacture of soft drinks; production of mineral waters and other bottled waters

The subject is involved in exploitation of spring water or natural mineral water, sparkling mineral water, Fruit & vegetable juice.

These goods are sold to the local and foreign clients.

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

Operations

Employees Company Employs: 293

HQ Premises Operates from: Owned Office , Warehouse

Location: Industrial Area, Main Road

Branches BP 7,

CHEBIKA,

Kairouan 3121

Branch is: Owned

Description of branch: Office, Factory

Imports

Imports Raw Materials

Imports From: Europe

Importing Terms: Bank transfer

Additional Information: The subject imports raw materials for its own use.

Brands: SABRINE ‑ Natural Mineral water

LA PETILLANTE ‑ carbonated mineral water

Exports

Export % and type of product: 30%

Exports To: Libya, Algeria, Morocco, Africa

Exporting Terms: bank transfer

Trading & Selling

Territory: 70% Nationally, 30% International

Type of Customer: Hypermarkets, Wholesalers, Foreign general food wholesalers

Related Companies

Subsidiaries

Affiliates

EMBAPLAST

Chebika,

Kairouan,

Tunisia

Start Date: 2002

Operates as: A manufacture of PET pre‑forms ‑ Plastic capping items.

Related through: common shareholders

TRANSATLAS

2,Rue de Fonderie, Zone Industrielle

Ben Arous,

Ben Arous,

Tunisia

Operates as: Road transport

Related through: common shareholders

SABA

Ben Arous,

Tunisia

Operates as: A saler of the subject's products (mineral water, juice)

Related through: common shareholders

Bankers

Information on Bankers is not available/applicable

Payments

Subject's payments reported to be: NO COMPLAINTS

Interview & Reporter Comments

Name/Title: Youssef Sayadi Marketing Director

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. Youssef Sayadi,he confirmed details shown in this report and declined to provide financial details and bank account number basing on the General manager instruction that such information are the company’s confidentialities.

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.

**About SEEM :

Limited Liability Company founded in 1991, markets the leading brand of bottled water SABRINE the local market. With its innovation policy, mineral water SABRINE was the first Tunisian mineral water bottles to be packaged in PVC which was itself replaced for the first time in Tunisia by the PET in 1998.

The drill called "Drilling Oued Kharrouba" is located north of Kairouan Chébika village at an altitude of 106 m since 1991 that supplies a packing of mineral water.

Modernization of methods of water harvesting, increased production capacity, laboratories with high‑tech equipment, everything was set up in accordance with international standards for quality control ensuring the maintenance of its original purity.

Since 2004, SEEM markets a carbonated mineral water from the water under the trade name SABRINE: LA PETILLANTE

Conclusions

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

General Conclusion: A leading concern in this line, well known principals, considered good.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.22
UK Pound	1	Rs.76.07
Euro	1	Rs.65.06

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%)

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