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Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SAFINA |
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Formerly Known as: |
SAFINA AGROCAP |
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Registered Office : |
Bp 22102 Dakar Ponty Baobab Sebikotane |
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Country : |
Senegal |
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Date of Incorporation : |
12.09.1992 |
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Com. Reg. No.: |
97B1324 Senegal |
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Legal Form : |
Limited Liability Company, Limited
by shares |
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Line of Business : |
Producers of frozen fruits , meats,
Sausages and vegetables etc |
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No. of Employees : |
220 |
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 : |
Usually Correct |
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Litigation : |
Clear
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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 (31.03.2012) |
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: |
SAFINA |
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Actual Name |
SOCIETE AFRICAINE INDUSTRIELLE ET AGRICOLE
SA |
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Trade Names: |
SAFINA SA |
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Former name |
SAFINA AGROCAP |
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Principal Address: |
Bp 22102 Dakar Ponty Baobab Sebikotane
Senegal |
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Telephone: |
+221-33-8360828 |
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Fax: |
+221-33-8360829 |
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Email: |
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Internet: |
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Established: |
12/9/1992 |
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Registration: |
97B1324 Senegal |
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National ID: |
00311542G3 |
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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: |
2012 |
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220 |
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Office & Factories |
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Head offices |
40 Km De Dakar Rue Docteur Theze, Dakar,
Senegal |
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Branches 3 |
In Senegal |
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Management/
Directors |
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President/ CEO (1) |
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Name |
Mr. Mounir Filfili |
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Active in daily business: |
Active |
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Remarks |
Top Decision Maker |
̃ 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.
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Company Profile: |
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Nominal Capital |
CFA. 290,000,000 |
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Paid in Capital |
CFA. 290,000,000 |
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Subscribed Capital |
CFA. 290,000,000 |
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Shareholders |
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Name |
Position |
Amount |
Ratio |
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Mr. Mounir Filfili |
CEO |
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Safina filfili Group |
Holding Co. |
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100.00% |
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Total |
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100.00% |
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Terms of payment |
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Buying terms
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10% in cash, 90% on credit |
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Selling terms |
50% in cash, 50% on credit |
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Recent Sales |
CFA. 7,200,000,000 (2012 Estimated) |
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Exports |
Europe |
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Export Ratio |
70.0% |
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Import Ratio |
40.0% |
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Domestic Market Share |
50.0% |
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Affiliated Companies |
None Stated |
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Business Activities |
Producers of frozen fruits , meats, Sausages
and vegetables etc |
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Suppliers |
Farms and Producers |
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Customers |
chain Stores and outlets |
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Business Premises |
10,000 Sft |
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Type of occupation
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Owned |
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Location
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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 |
BOA Bank, CITI Bank |
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Credit
Check of Subject, President & CEO (as of report date) |
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Payment Morale: |
In the documents at our disposal nothing
adverse has been shown so far. |
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CREDIT RATING: |
Financial situation is average. |
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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.54.39 |
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UK Pound |
1 |
Rs.82.32 |
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Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.