MIRA INFORM REPORT

 

 

Report Date :

10.10.2012

 

IDENTIFICATION DETAILS

 

Name :

SILAC

 

 

Registered Office :

BP 5072 Antananarivo

 

 

Country :

Madagascar

 

 

Date of Incorporation :

21.05.1993

 

 

Com. Reg. No.:

59813 Madagascar

 

 

Legal Form :

Limited Liability Company, Limited by shares

 

 

Line of Business :

Processing of rice and hydroagricutlural services

 

 

No. of Employees :

65 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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Madagascar

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

madagascar - ECONOMIC OVERVIEW

 

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization that has been undermined since the start of the political crisis. This strategy placed the country on a slow and steady growth path from an extremely low level. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing 80% of the population. Exports of apparel boomed in recent years primarily due to duty-free access to the US, however, Madagascar's failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country's duty-free access in January 2010 and a sharp fall in textile production. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. The current political crisis, which began in early 2009, has dealt additional blows to the economy. Tourism dropped more than 50% in 2009 compared with the previous year, and many investors are wary of entering the uncertain investment environment.

 

Source : CIA

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

SILAC

Full Names:

SOCIETE INDUSTRIELLE DU LAC ALAOTRA

Principal Address:

BP 5072 Antananarivo, Madagascar

Telephone:

+261-20223054/ 202261017/ 205408030

Fax:

+261-2228997

Email:

Silac@moov.mg/ silac2@wanadoo.mg

Internet:

None

Established:

21/05/1993

Registration:

59813 Madagascar

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

65

 

 

 

Office & Factories

Head offices

176 Bis Route Circulaire 101 Ankorahotra Antananarivo, Madagascar

Branches

BP 89 Avaradrova Ambatondrazaka, Madagascar

 

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

President/ CEO (1)

Name

Mr. Alain Rasolofondraibe

Active in daily business:

Active

Current Title:

Managing Director

Country of residence

Madagascar

Remarks

Top Decision Maker

Director (2)

Name

Mr. Faly Ramelison Andriambololomanana

Active in daily business:

Active

Current Title:

Director

Country of residence

Madagascar

 

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

 

Company Profile:

Nominal Capital

MGA. 100,000,000

Paid in Capital

MGA. 100,000,000

Subscribed Capital

MGA. 100,000,000


Shareholders

Name

Position

   Amount  

       Ratio

Mr. Alain Rasolofondraibe

MD

 

 

Mr. Faly Ramelison Andriambololomanana

Director

 

 

Mr. M. Rasolofondraire

Director

 

 

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

Farmers

Customers

Stores, firms and organizations

 

 

Recent Sales

MGA. 13,750,000,000  (2011 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

20.0%

Domestic Market Share

10.0%

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

 

FINANCIAL INFORMATION

 

N/a

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = MGA. 2189.20

 

ADDITIONAL INFORMATION

 

Established:

21/05/1993

Registration:

59813 Madagascar

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

65

 

 

 

Office & Factories

Head offices

176 Bis Route Circulaire 101 Ankorahotra Antananarivo, Madagascar

Branches

BP 89 Avaradrova Ambatondrazaka, Madagascar

Business Activities

Processing of rice and hydroagricutlural services

 

Business Premises

2000 Sft

Type of occupation                                              

Owned

Location 

The subject is located close to a major road network                      

Premises used as                                               

Offices

 

Banking relationship

Main Banks

BMOI BANK

 

 

NOTES & COMMENTS

 

The address you provided for the subject company i.e. 176 Bis Route Circulaire 101 Ankorshotra, Madagascar, the name Ankorshotra is misspelt it should be as above.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.38

UK Pound

1

Rs.83.99

Euro

1

Rs.67.99

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.