MIRA INFORM REPORT

 

 

Report Date :

28.12.2012

 

IDENTIFICATION DETAILS

 

Name :

SOMACOM SARL

 

 

 

 

Registered Office :

Avenue Bakaby Makha Nouakchott Mauritanie

 

 

Country :

Mauritania

 

 

Year of Establishment :

2008

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Dealers in electrical and electronic appliances

 

 

No. of Employees :

40 employees.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Mauritania

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MAURITANIA - ECONOMIC OVERVIEW

 

Half the population still depends on agriculture and livestock for a livelihood, even though many of the nomads and subsistence farmers were forced into the cities by recurrent droughts in the 1970s and 1980s. Mauritania has extensive deposits of iron ore, which account for nearly 40% of total exports. The nation's coastal waters are among the richest fishing areas in the world but overexploitation by foreigners threatens this key source of revenue. The country's first deepwater port opened near Nouakchott in 1986. Before 2000, drought and economic mismanagement resulted in a buildup of foreign debt. In February 2000, Mauritania qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative and nearly all of its foreign debt has since been forgiven. A new investment code approved in December 2001 improved the opportunities for direct foreign investment. Mauritania and the IMF agreed to a three-year Poverty Reduction and Growth Facility (PRGF) arrangement in 2006. Mauritania made satisfactory progress, but the IMF, World Bank, and other international actors suspended assistance and investment in Mauritania after the August 2008 coup. Since the presidential election in July 2009, donors have resumed assistance. Oil prospects, while initially promising, have largely failed to materialize, and the government has placed a priority on attracting private investment to spur economic growth. The Government also emphasizes reduction of poverty, improvement of health and education, and privatization of the economy. Economic growth remained above 5% in 2010-11, mostly because of rising prices of gold, copper, iron ore, and oil.

Source : CIA

 

SUBJECT'S NAME   

 

Registered Name:                                  SOMACOM SARL

Requested Name:                                  SOMACOM SARL

Other Names:                                        SOMACOM IMPORT & EXPORT CO.,LTD

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                 Avenue Bakaby Makha Nouakchott Mauritanie

Postal Address:                                    Avenue Bakaby Makha,

                                                            Nouakchott,

Country:                                                Mauritania

Phone:                                                  222-45258772/45293275

Fax:                                                      222-36302896/22456032

Email:                                                   None

Website:                                               None

 

 

CREDIT OPINION

 

Financial Index as of December 2011 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                          2008

Reg. Number:                                                 Mauritania

Nominal Capital                                              MRO. 1,000,000

Subscribed Capital                                         MRO. 1,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Jake P.                                                     GM                                 

                                                                                                           

 

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 dealers in electrical and electronic appliances

Imports:                                                         Asia

Exports:                                                         Neighboring countries

Trademarks:                                                   None

Terms of sale:                                                Cash (40%) and 25-90 days (60%), invoices.

                                                                    

Main Customers:                                            Stores, outlets, firms and organizations  

Employees:                                                    40 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                           Mauritania

Location:                                                        Leased premises, 5,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          Information not available.

                                                                    

 

FINANCE 

 

Currency Reported:                                         Mauritania Ouguiya (MRO)

Approx. Ex. Rate:                                           1 US Dollar = 298.75 Mauritania Ouguiya

Fiscal Year End:                                             December 31, 2011

Inflation:                                                         According to information given by independent sources, the inflation at December 31st, 2011 was of 13%.

 

Financial Information not Submitted                

                                                                    

                                                                    

Profit and Loss (expressed in MRO.)

                                                                                   2011

Sales                                                                           255,000,000

 

 

BANK 

 

Bank Name:                                                    BMCI

Branch:                                                          Mauritania

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.54.84

UK Pound

1

Rs.88.55

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.