MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	WELL INVEST
Registered Office :	Treich Ville Zone 3 Rue des Pecheurs 563 Abidjan, Cote D'Ivoire
Country :	Cote D'ivoire
Date of Incorporation :	16.09.2011
Legal Form :	Societe Anonyme Responsabilite Limitee.
Line of Business :	Engineering and construction industry dealing in electrical products, paints, sanitaryware, cement, roofinh products and related facilties
No. of Employees :	20

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Cote D'ivoire	C1	C1

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

Cote d'Ivoire - ECONOMIC OVERVIEW

Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly 68% of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products, and, to a lesser extent, in climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country is also producing gold. Since the end of the civil war in 2003, political turmoil has continued to damage the economy, resulting in the loss of foreign investment and slow economic growth. GDP grew by more than 2% in 2008 and around 4% per year in 2009-10. Per capita income has declined by 15% since 1999 but registered a slight improvement in 2009-10. Power cuts caused by a turbine failure in early 2010 slowed economic activity. Cote d'Ivoire in 2010 signed agreements to restructure its Paris Club bilateral, other bilateral, and London Club debt. Cote d'Ivoire's long term challenges include political instability and degrading infrastructure. In late 2011, Cote D'Ivoire's economy was recovering from a severe downturn of the first quarter of the year that was caused by widespread post-election fighting.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

COMPANY REPORTED:	WELL INVEST
Trade Names:	WELL INVEST SARL
Principal Address:	18 BP 563 Abidjan 18, Cote D'Ivoire
Telephone:	+225-22470217/24471675/22470221
Cell:	+225-55969696/979797
Fax:	+225-22470221/22470217
Email:	info@wellinvest.ci
Internet:	www.wellinvest.org/ www.wellinvest.ci
Established:	16/09/2011
Registration:	CI ABJ 2011 B 6235 Cote D'Ivoire
Legal Form:	Societe Anonyme Responsabilite Limitee.
Stock Listing:	Not Listed
Workforce:	2012
	20
Office & Factories
Head offices	Cocody Riviera III, Route Du Lycée, Blaise Plascal, Face Clinique Le Pantheon, Cocody, Abidjan, Cote D'Ivoire
Registered address	Treich Ville Zone 3 Rue des Pecheurs 563 Abidjan, Cote D'Ivoire
Branches	None

DIRECTORS/MANAGEMENT

Management/ Directors

GM (1)
Name	Mr. Daniel Thiery
Active in daily business:	Active
Current Title:	General Manager
Country of residence	Cote D’Ivoire
Remarks	Top Decision Maker

Manager (2)
Name	Mr. Mohamed Sounkere
Active in daily business:	Active
Current Title:	Manager
Country of residence	Cote D’Ivoire

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

Nominal Capital	CFA. 2,000,000
Paid in Capital	CFA. 2,000,000
Subscribed Capital	CFA. 2,000,000

Shareholders
Name	Position	Amount	Ratio
Mr. Daniel Thiery	GM
Mr. Mohamed Sounkere	Manager
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 suppliers and manufacturers such as SOPAL etc
Customers	Building and construction firms, Hardware stores, etc
Recent Sales	CFA. 500,000,000 (2011 Projected)
Exports	None
Export Ratio	0.0%
Import Ratio	30.0%
Domestic Market Share	20.0%

GROUP STRUCTURE & AFFILIATED COMPANIES

Affiliated Companies

None

FINANCIAL INFORMATION

N/a

FOREIGN EXCHANGE RATES

Exchange Rate

US$ 1 = CFA. 516.75

ADDITIONAL INFORMATION

Business Activities

Engineering and construction industry dealing in electrical products, paints, sanitaryware, cement, roofinh products and related facilties

Business Premises	5000 Sft
Type of occupation	Leased
Location	The subject is located close to a major road network
Premises used as	Offices

Banking relationship
Main Banks	Bank of Africa - Côte d'Ivoire

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.93
UK Pound	1	Rs.87.38
Euro	1	Rs.69.93

INFORMATION DETAILS

Report Prepared by :

PDT

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.