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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
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Name : |
AARTI STEEL SENEGAL |
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Registered Office : |
Rua 4 Zone Industrielle 3.5 KM Boulevevard Centenairede La Dakar |
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Country : |
Senegal |
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Date of Incorporation : |
05.01.2010 |
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Legal Form : |
Limited Liability Company, Limited by shares |
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Line of Business : |
Manufacture and
supply Galvanized Corrugated Roofing Sheets, Steel, Zinc Coated Steel Sheets
etc |
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No. of Employees : |
20 |
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 – 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.
Source : CIA
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COMPANY REPORTED: |
AARTI STEEL SENEGAL |
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Principal Address: |
Rua 4 Zone Industrielle 3.5 KM Boulevevard Centenairede La Dakar,
Senegal |
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Telephone: |
+221-33-8326224 |
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Fax: |
+221-33-8245897 |
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Email: |
aartisenegal@yahoo.com & aartisenegal@gmail.com |
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Internet: |
None |
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Established: |
5/1/2010 |
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Registration: |
Dakar 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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20 |
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Office & Factories |
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Head offices |
Rua 4 Zone Industrielle 3.5 KM Boulevevard Centenairede La 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. M. Patel |
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Active in daily
business: |
Active |
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Current Title: |
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 |
Ms. Divya Sharma |
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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. M. Patel |
Director |
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Ms. Divya
Sharma |
Director |
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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 TT |
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Selling
terms |
100%
in cash |
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Suppliers |
Various
Companies |
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Customers |
Hardware
stores, firms and organizations |
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Recent
Sales |
CFA. 300,000,000 (2011 Estimated) |
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Exports |
None |
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Export
Ratio |
0.0% |
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Import
Ratio |
20.0% |
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Domestic
Market Share |
10.0% |
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Affiliated Companies |
None |
N/a
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Exchange Rate |
US$ 1 = CFA. 504.50 |
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Established: |
5/1/2010 |
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Registration: |
Dakar 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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20 |
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Office & Factories |
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Head offices |
Rua 4 Zone Industrielle 3.5 KM Boulevevard Centenairede La Dakar,
Senegal |
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Branches |
None |
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Business Activities |
Manufacture and
supply Galvanized Corrugated Roofing Sheets, Steel, Zinc Coated Steel Sheets
etc |
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Business Premises |
1000 Sft |
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Type of occupation
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Rented |
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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 |
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Banking
relationship |
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Main
Banks |
Bank of Africa Sénégal |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.04 |
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1 |
Rs.84.83 |
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Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.