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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SENEGALAISE INDUSTRIE COMMERCE SARL |
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Registered Office : |
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Country : |
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Date of Incorporation : |
01.05.1997 |
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Com. Reg. No.: |
98B764 |
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Legal Form : |
Limited Liability Company, Limited by Shares |
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Line of Business : |
Importer and Distributors of Food Products. |
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No. of Employees : |
55 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Senegal |
B2 |
B2 |
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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 |
senegal - ECONOMIC OVERVIEW
senegal relies heavily on donor assistance. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. In January 1994, Senegal undertook a bold and ambitious economic reform program with the support of the international donor community. Government price controls and subsidies have been steadily dismantled. After seeing its economy contract by 2.1% in 1993, Senegal made an important turnaround, thanks to the reform program, with real growth in GDP averaging over 5% annually during 1995-2007. Annual inflation had been pushed down to the single digits. The country was adversely affected by the global economic downturn in 2009, when GDP growth fell to 2.2%. As a member of the West African Economic and Monetary Union, Senegal is working toward greater regional integration with a unified external tariff and a more stable monetary policy. High unemployment, however, continues to prompt migrants to flee Senegal in search of better job opportunities in Europe. Under the IMF''s Highly Indebted Poor Countries (HIPC) debt relief program, Senegal benefited from eradication of two-thirds of its bilateral, multilateral, and private-sector debt. In 2007, Senegal and the IMF agreed to a new, non-disbursing, Policy Support Initiative program which was completed in 2010. The IMF approved a new three-year policy support instrument in December 2010 to assist with economic reforms. Senegal receives disbursements from the $540 million Millennium Challenge Account compact it signed in September 2009 for infrastructure and agriculture development. In 2010, the Senegalese people protested against frequent power cuts. The government pledged to expand power capacity by 2012 and to promote renewable energy, but until Senegal has more capacity, more protests are likely. Foreign investment in Senegal is retarded by Senegal''s unfriendly business environment.
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Source : CIA |
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COMPANY REPORTED: |
SENEGALAISE INDUSTRIE
COMMERCE SARL |
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Other Names: |
SENICO |
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Principal Address: |
P.o. Box 17077 Dakar,
Senegal |
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Telephone: |
+221-33-8249940 |
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Fax: |
+221-33-8249939 |
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Email: |
senico@sentoo.sn/
senico@caramail.com |
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Internet: |
None |
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Established: |
01/05/1997 |
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Registration: |
98B764 Senegal |
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VAT number: |
0258310 Senegal |
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Legal Form: |
Limited Liability
Company, Limited by shares |
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Stock Listing: |
Not Listed |
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Workforce: |
2011 |
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55 |
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Office & Factories |
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Head offices |
Plot N 15, Zone
Industrielle Sonepi Sodida Dakar, Senegal |
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Branches |
None |
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Management/ Directors |
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President/
CEO (1) |
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Name |
Mr.
Moustapha Dia |
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Active
in daily business: |
Active |
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Current
Title: |
Managing
Director |
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Country of residence |
Senegal |
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Remarks |
Top Decision Maker |
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Director
(2) |
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Name |
Mr.
Abdoulaye Dia |
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Active
in daily business: |
Active |
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Current
Title: |
Director |
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Country of residence |
Senegal |
No negative information found.
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Company Profile: |
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Nominal Capital |
CFA.
10,000,000 |
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Paid in Capital |
CFA.
10,000,000 |
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Subscribed Capital |
CFA.
10,000,000 |
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Shareholders |
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Name |
Position |
Amount |
Ratio |
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Mr.
Moustapha Dia |
MD |
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Mr.
Abdoulaye Dia |
Director |
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Mr.
Djibril Sall |
Manager |
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Total |
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100.00% |
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Terms
of payment |
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Buying
terms |
30%
in cash, 70% on credit |
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Selling
terms |
80%
in cash, 20% on 30day credit |
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Suppliers |
Various
suppliers |
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Customers |
Local
agencies, stores, outlets etc |
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Recent
Sales |
CFA.
1,870,000,000 (2011 Estimated) |
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Exports |
Neighboring countries |
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Export
Ratio |
5.0% |
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Import
Ratio |
30.0% |
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Domestic
Market Share |
20.0% |
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Affiliated Companies |
None |
N/a
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Exchange Rate |
US$ 1 = CFA. 516.66 |
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Business Activities |
General
Traders dealing with import and distribution of food products |
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Business Premises |
5000 Sft |
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Type of occupation
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Owned |
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Location |
The subject is located
close to a major road network |
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Premises used as
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Offices, Workshop |
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Banking
relationship |
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Main
Banks |
BNA BANK |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.99 |
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1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
-- |
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.