MIRA INFORM REPORT

 

 

Report Date :

26.12.2013

 

IDENTIFICATION DETAILS

 

Name :

AGK SARL

 

 

Registered Office :

Mutsamuda Anjouan, Moroni, Comoros P. o. Box 1194, Moroni

 

 

Country :

Comoros

 

 

Date of Incorporation :

2008

 

 

Legal Form :

Societe Anonyme Responsibilitee Limitee

 

 

Line of Business :

Subject operate as consultancy firm

 

 

No. of Employees :

50

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Comoros

C2

C2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

COMOROS - ECONOMIC OVERVIEW

 

One of the world's poorest countries, Comoros is made up of three islands that have inadequate transportation links, a young and rapidly increasing population, and few natural resources. The low educational level of the labor force contributes to a subsistence level of economic activity, high unemployment, and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, contributes 50% to GDP, employs 80% of the labor force, and provides most of the exports. Export income is heavily reliant on the three main crops of vanilla, cloves, and ylang-ylang; and Comoros' export earnings are easily disrupted by disasters such as fires. The country is not self-sufficient in food production; rice, the main staple, accounts for the bulk of imports. The government - which is hampered by internal political disputes - lacks a comprehensive strategy to attract foreign investment and is struggling to upgrade education and technical training, privatize commercial and industrial enterprises, improve health services, diversify exports, promote tourism, and reduce the high population growth rate. Political problems have inhibited growth, which averaged only about 1% in 2006-09 but more than 2% per year in 2010-12. Remittances from 150,000 Comorans abroad help supplement GDP. In September 2009 the IMF approved Comoros for a three-year $21 million loan, but the government has struggled to meet program targets, such as restricting spending on wages, strengthening domestic revenue collection, and moving forward on structural reforms. In December 2012, IMF and the World Bank's International Development Association supported $176 million in debt relief for Comoros, resulting in a 59% reduction of its future external debt service over a period of 40 years

Source : CIA

Company name and address

 

SUBJECT'S NAME

 

Registered Name:

AGK SARL

Requested Name:

AGK SARL

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Mutsamuda Anjouan, Moroni, Comoros

Postal Address:

P. o. Box 1194,

 

Moroni,

Country:

Comoros

Phone:

269-7736908

Fax:

269-7736908/736333

Email:

None

Website:

None

 

 

LEGAL

           

Legal Form:

Societe Anonyme Responsibilitee Limitee

Date Incorporated:

2008

Reg. Number:

Comoros

Nominal Capital

KMF. 1,000,000

Subscribed Capital

KMF. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Amine Kalfane

CEO

 

Chama Kalfane

Director

 

A.G.K GROUP

Holding Co.

100%

 

RELATED COMPANIES 

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate as consultancy firm

Imports:

Asia, Middle East

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

50 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Comoros

Location:

Rented premises, 8,000 square feet,

 

AUDITORS AND INSURANCE  

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE

           

Currency Reported:

Comorian Franc (KMF.)

Approx. Ex. Rate:

1 US Dollar = 359.70 Comorian Franc

Fiscal Year End:

December 31, 2012

Inflation:

According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted

 

 

 

 

 

Profit and Loss (expressed in KMF.)

 

 

2012

Sales

 

650,000,000

 

BANK

           

Bank Name:

Exim Bank (Comores)

Branch:

Comoros

Comments:

None

 

TRADE REFERENCES

           

Experiences:

Good

 

 

NOTARIAL BONDS   

 

None

 

COMMENTS / ADDITIONAL INFORMATION   

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.101.10

Euro

1

Rs.84.65

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.