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Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
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Name : |
QUINCAILLERIE EL MEDINA EL MOUNAWARA |
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Registered Office : |
161 Rue Atlas, Nouakchott |
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Country : |
Mauritania |
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Date of Incorporation : |
01.07.2005 |
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Com. Reg. No.: |
15084 |
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Legal Form : |
Societe A Responsibilite Limitee |
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Line of Business : |
Subject company is engaged in trade of hardware, tools,
plumbing and electrical supplies. |
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No. of Employees : |
6 |
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 : |
Unknown |
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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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Mauritania |
C1 |
C1 |
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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 |
MAURITANIA - ECONOMIC OVERVIEW
Half the population still depends on agriculture and livestock for a livelihood, even though many of the nomads and subsistence farmers were forced into the cities by recurrent droughts in the 1970s and 1980s. Mauritania has extensive deposits of iron ore, which account for nearly 40% of total exports. The nation's coastal waters are among the richest fishing areas in the world but overexploitation by foreigners threatens this key source of revenue. The country''s first deepwater port opened near Nouakchott in 1986. Before 2000, drought and economic mismanagement resulted in a buildup of foreign debt. In February 2000, Mauritania qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative and nearly all of its foreign debt has since been forgiven. A new investment code approved in December 2001 improved the opportunities for direct foreign investment. Mauritania and the IMF agreed to a three-year Poverty Reduction and Growth Facility (PRGF) arrangement in 2006. Mauritania made satisfactory progress, but the IMF, World Bank, and other international actors suspended assistance and investment in Mauritania after the August 2008 coup. Since the presidential election in July 2009, donors have resumed assistance. Oil prospects, while initially promising, have largely failed to materialize, and the government has placed a priority on attracting private investment to spur economic growth. The Government also emphasizes reduction of poverty, improvement of health and education, and privatization of the economy. Economic growth remained above 5% in 2010-11, mostly because of rising prices of gold, copper, iron ore, and oil.
Source
: CIA
QUINCAILLERIE EL MEDINA EL MOUNAWARA
Current Recommended Credit:
Payment Record: UNDETERMINED
This rating is based on available data. In the event of
additional information a possibility for a different rating applies.
Registration
Number: 15084
Registration
Date: 01/07/2005
Legal
Form: SOCIETE
A RESPONSIBILITE LIMITEE
Latest
Financials: N/A
Nominal
Capital: 15,000,000
Mauritanian Ouguiya
Issued
Capital: N/A
Turnover: N/A
Net
Profit: N/A
Net
Worth: N/A
Company
Name: QUINCAILLERIE
EL MEDINA EL MOUNAWARA
Headquarter
Address: 161
Rue Atlas,
Nouakchott,
Mauritania
Postal
Address: P.O.Box
2589,
Nouakchott
Telephone: +2224525
1866
+2224525
2582
Fax: +2224525
1866
E‑Mail: qmm.sa@hotmail.com
Company
was originally started on 01/07/2005
Current
Legal Form: SOCIETE
A RESPONSIBILITE LIMITEE
Registration
Address: 161 Rue
Atlas,
Nouakchott
Registration
Number: 15084
Registration
Date: 01/07/2005
Year/Date
Company Established: 01/07/2005
Registration
Town: Nouakchott
Currency: Mauritanian
Ouguiya
Authorized
Capital: 15,000,000
Paid
Up Capital: 15,000,000
Shareholders:
Name/Other Information Shares Held % of Voting/Non‑Voting capital
Mr.
Mustapha Ould Cheikh, 100.00%
(VOTING)
Nouakchott,
Mauritania
Name: Mr
Mustapha Ould Cheikh
Position
within the company: Managing
director
Country
of Birth: Mauritania
Nationality: Mauritanian
Can
fluently speak: Arabic
and French
NACE
Codes: 4674 Wholesale of hardware, plumbing and heating equipment and
supplies
Subject
company is engaged in trade of hardware, tools, plumbing and electrical
supplies.
Employees Company
Employs: 6
HQ Premises Operates
from: Rented Office , Shop
Location: Central Business Area
Imports
Import
% and type of product: 100% Finished
Goods
Imports
From: Spain,
United Arab Emirates, Tunisia
Importing
Terms: Bank
transfer
Exports
Export
% and type of product: Subject does
not export
Trading & Selling
Territory: 100% Regional
Type
of Customer: Group
Companies
Subsidiaries
Affiliates
Information
on Related Companies is not available/applicable
Banque
El Wafa Mauritanienne Islamique BAMIS,
Branch:
Nouakchott
758
Rue 22‑018, Avenue du Roi Fayçal,
Nouakchott,
Mauritania
Subject's
payments reported to be: UNDETERMINED
Name/Title: Mr. Mustapha Ould Cheikh Managing director
Comment: Company Officials have refused to co‑operate with local reporters in
confirming/providing information.
Reporter Comment: Please note that we contacted the subject company but Mr. Mustapha Ould Cheikh, Managing
Director, refused to cooperate with us in providing information.
The above mentioned information is from a previous report on 27/02/2012.
Local Reputation: Local informants have not adequate information to assess the Subject's local
reputation.
General Conclusion: Informants suggest that suppliers monitor this account.
Owner/Shareholders Comments: All or most of the owners / shareholders have an active articipation in the running of the business.
Age of Business: The company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
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|
1 |
Rs.83.72 |
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Euro |
1 |
Rs.72.08 |
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 |
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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.