MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	ADAM AFRIQUE SARL
Registered Office :	Zone Industrielle De Koumassi Rue Des Des Travailleurs
Country :	Cote D’Ivoire
Date of Incorporation :	12.09.1987
Com. Reg. No.:	CI-ABJ-1987B125003
Legal Form :	Societe Anonyme Responsabilitee Limitee
Line of Business :	Manufacture And Distribution of Soaps, Detergents And Cleaning Products
No. of Employees :	500 employees

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 two-thirds 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 in climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country is also producing gold. The country also produces oil and boasted two offshore oil finds in 2012. 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. In June 2012, the IMF and the World Bank announced $4.4 billion in debt relief for Cote d'Ivoire under the Highly Indebted Poor Countries Initiative. Cote d'Ivoire's long-term challenges include political instability and degrading infrastructure.

Source : CIA

SUBJECT'S NAME
Registered Name:	ADAM AFRIQUE SARL
Requested Name:	ADAM AFRIQUE
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Zone Industrielle De Koumassi Rue Des Des Travailleurs
Postal Address:	18 BP 597,
	Abidjan
Country:	Cote D'Ivoire (Ivory Coast)
Phone:	225-21360607/362944/214902/00
Fax:	225-21360090
Email:	claudeal@afnet.net/ jeuxconcours@adamafrique.com
Website:	www.adamafrique.com
CREDIT OPINION
Financial Index as of December 2013 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Societe Anonyme Responsabilitee Limitee
Date Incorporated:		12/09/1987
Reg. Number:		CI-ABJ-1987B125003
Nominal Capital		CFA. 100,000,000
Subscribed Capital		CFA. 100,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Ghassan Soudan		CEO
Mr. Fayez Soudan		MD
Mr. Rohan Soudan		Director
Mr. Thomas Nicole		Director
Mrs. Astrid Gnahoure		Director
Mr. Venance Kouadio		Manager
Mr. Guillemin Alain		Accounts
Mr. Marwan Al Anis		Admin
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as manufacture and distribution of soaps, detergents and cleaning products
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, stores etc
Employees:		500 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Cote D’Ivoire (Ivory Coast)
Location:		Rented premises, 5,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		West African Franc (CFA.)
Approx. Ex. Rate:		1 US Dollar = 521.30 West African Franc
Fiscal Year End:		December 31, 2013
Inflation:		According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in CFA.)
			2013
Sales			4,500,000,000
BANK
Bank Name:		Bank of Africa - Côte d'Ivoire
Branch:		Cote D’Ivoire (Ivory Coast)
Comments:		None
TRADE REFERENCES
Experiences:		Good
NOTARIAL BONDS		None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SHG

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.