MIRA INFORM REPORT

 

 

Report Date :

04.09.2012

 

 

IDENTIFICATION DETAILS

 

Name :

LA SOCIETE GENERALE DE DISTRIBUTION

 

 

 

 

Registered Office :

Bp 7468 Dakar

 

 

 

 

Country :

Senegal

 

 

 

 

Date of Incorporation :

2001

 

 

 

 

Legal Form :

Limited Liability Company, Limited by shares

 

 

 

 

Line of Business :

General Traders

 

 

 

 

No. of Employees :

Not Available

 

 

 

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 :

Unknown

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Senegal

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

LA SOCIETE GENERALE DE DISTRIBUTION

Principal Address:

Bp 7468 Dakar, Senegal

Telephone:

+221-70631010

Fax:

+221-70631010

Email:

None

Internet:

None

Established:

2001

Registration:

Dakar, Senegal

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

 

 

 

 

Office & Factories

 

Head offices

4.5 KM BCCD Ex route de Rufisque, Dakar, Senegal

Branches

None

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

 

President/ CEO (1)

 

Name

M H Griffin

Active in daily business:

Active

Ţ  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

 

Na

 

SHARE & SHARE CAPITAL INFORMATION

 

Company Profile:

 

Nominal Capital

CFA. 50,000,000

Paid in Capital

CFA. 50,000,000

Subscribed Capital

CFA. 50,000,000

Shareholders

 

Name

Position

   Amount  

       Ratio

M H Griffin

MD

 

 

Total

 

 

100.00%

 

PAYMENT INFORMATION

 

 

Terms of payment

Buying terms 

None Stated

Selling terms

80% in cash, 20% on credit

Recent Sales

CFA. 2,250,000,000  (2011 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

10.0%

Domestic Market Share

20.0%

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

 

Company (1)

AL-BURJ TRADING SARL

 

FINANCIAL INFORMATION

 

Na

 

FOREIGN EXCHANGE RATES

 

Na

 

ADDITIONAL INFORMATION

 

Business Activities

General Traders

Suppliers

None Stated

Customers

Public

 

Business Premises

1000 Sft

Type of occupation                                              

Leased

Location 

The subject is located close to a major road network                      

Premises used as                                               

Offices

 

Banking relationship

 

Main Banks

Banque Atlantique Sénégal

 

Credit Check of Subject, President & CEO (as of report date)

Payment Morale:

In the documents at our disposal nothing adverse has been shown so far.

CREDIT RATING:

Financial situation is average.

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.45

UK Pound

1

Rs.87.98

Euro

1

Rs.69.69

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.