MIRA
INFORM REPORT
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Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SIMEX |
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Registered Office : |
117 Avenue J. F. Kenedy Nouakchott |
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Country : |
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Date of Incorporation : |
01.02.1987 |
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Com. Reg. No.: |
9195 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Non‑specialised wholesale trade |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Registration Briefing
Registration
Number: 9195
Registration
Date: 01/02/1987
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: N/A
Financial Briefing
Nominal
Capital: 600,000,000
Mauritanian Ouguiya
Issued
Capital: N/A
Turnover: 12,660,200,000
Mauritanian Ouguiya
Net
Profit: N/A
Net
Worth: N/A
Original Investigation Details
Company
Name: SIMEX
Country: MM
Street
Name: 117
Avenue J. F. Kenedy
City
Code:
Phone
Number: 2225251021
Fax
Number: 2225258846
Comments: REC
CR EUR 300 000
We
require FRESHLY Investigated Report (with last 2/3 years
financials
– if possible) in lights of current scenario and
development
in and around the subject and any important
guidelines
or suggestions to make on
Please
provide the maximum credit limit & latest financials on
the
subject company
Company Details
Company
Name: SIMEX
Headquarter
Address: 118
Avenue J. F. Kennedy,
Postal
Address:
Telephone: +2224525
1021
Fax: +2224525
8846
E‑Mail: simex@simex.mr
Web
Site: www.simex.mr
Company was originally started on 1988
Registration & Legal Details
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 118
Avenue J. F. Kennedy,
Registration
Number: 9195
Registration
Date: 01/02/1987
Year/Date
Company Established: 1988
Tax
Registration Number: 833501
D
Capital
Currency: Mauritanian
Ouguiya
Authorized
Capital: 600,000,000
Paid
Up Capital: 600,000,000
Shareholders
Shareholders:
Name/Other
Information Shares
Held % of Voting/Non‑Voting capital
Mr.
El Yedali Ould Abdellahi, 68.00%
(VOTING)
Mr.
Mohamed Ould Mohamed
Mr.
Mohamed Yacoub Ould Isselmou, 16.00%
(VOTING)
Principals
Name: Mr
Mohamed Yacoub Ould Isselmou
Position
within the company: General
Director
Country
of Birth:
Nationality: Mauritian
Can
fluently speak: Arabic
& French
Name: Mr
Sidi El Moctar
Position
within the company: Commercial
Director
Country
of Birth:
Nationality: Mauritanian
Can
fluently speak: Arabic
& French
Name: Mr
Mohamedou Ould Cherif
Position
within the company: Operations
Manager
Country
of Birth:
Nationality: Mauritanian
Can
fluently speak: Arabic
& French
Company Activities
NACE
Codes: 4690 Non‑specialised wholesale trade
SIMEX is a Mauritanian import & export
trading company founded in 1987 specialised in representing and distributing
foreign
brands
products : food, household appliances, electronics, cosmetic & cleaning
products ...
Local
Reporters consider the investigated company to be LARGE in their field of
concern.
Operations
Employees Company
Employs: 48
HQ Premises Operates
from: Owned Offices , Shop
Premises
Size: 450 square meters
Location: Central Business Area
Branches Quartier
Ksar,
Branch
is: Owned
Description
of branch: Showroom
Branch
premises size: 1,425.00 sq.mtrs.
Zone
Industrielle,
Branch
is: Owned
Description
of branch: Factory
Branch
premises size: 615.00 sq.mtrs.
Other Branches
Subject
has numerous other branches nationally.
Number
of Branches: 1
Additional
Information: Warehouse of
7000 m²
Imports
Import
% and type of product: 100% Finished
Goods
Imports From: Europe,
Importing
Terms: C.O.D.
Agencies:
WESTPOOL Household
appliances
SACSAC Juice
BLU Cleaning
products
Exports
Export
% and type of product: Subject does
not export
Trading & Selling
Territory: 100%
Nationally
Type
of Customer: Distributors
& Wholesalers
Related Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Bankers
Banque
Nationale de Mauritanie (BNM),
Branch:
Avenue
Roi Faiçal ‑ BP 291 & 614,
Banque
Mauritanienne pour le Commerce International (BMCI),
Branch:
Avenue
Gamal Abdel Nasser ‑ BP 622,
Financial Information
Source: Mr.
Mohamedou Ould Cherif Operations Manager
Figures
are: Official
Figures
Currency: Mauritanian
Ouguiya
Months Sales Figures Sales Gross Profit/Loss Net Profit/Loss
12 31/12/2010 12,660,200,000
12 31/12/2009 10,105,514,600 374,987,547
12 31/12/2008 9,907,692,300 352,818,470
Payments
Subject's
payments reported to be: NO COMPLAINTS
Interview & Reporter Comments
Name/Title: Mr.
Mohamedou Ould Cherif Operations Manager
Comment: Subject
has confirmed the general details shown in the report.
Latest
Financial Statements are not currently available.
Conclusions
Local Reputation: The company being investigated is
considered by local reporters to be a Fair / Normal Trade Risk.
Owner/Shareholders Comments: Some of the owners / shareholders have
an active participation in the running of the
business.
Financial Results Trend: Financial Information
indicates that the business activities of the company are showing an upward
turn.
Age
of Business: The
company is long established in the local market.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
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|
1 |
Rs.73.56 |
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Euro |
1 |
Rs.63.68 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.