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Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SABODALA MINING COMPANY SARL |
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Registered Office : |
Rue Grassland X Rue Raffenel Dakar |
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Country : |
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Date of Incorporation : |
11.03.2007 |
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Com. Reg. No.: |
20B7818 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Exploration and mining of gold, zircon and other minerals |
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No. of Employees : |
10 employees. |
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 : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Senegal |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
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 and foreign
direct investment. 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. After seeing its economy contract by 2.1% in 1993,
Senegal made an important turnaround, thanks to an economic reform program
backed by the donor community, which led to real growth in GDP averaging over
5% annually during 1995-2007. Annual inflation was pushed down to the single
digits. The global economic downturn reduced growth to 2.2% in 2009. The IMF
completed a non-dispersing, Policy Support Initiative program in 2010 and
approved a new three-year policy support instrument in December 2010 to assist
with economic reforms. Senegal also receives disbursements from a $540 million
Millennium Challenge Account for infrastructure and agriculture development. In
2012, the economy began to rebound after a weak 2011. The economy continues to
suffer from unreliable power supply, which has led to public protests and high
unemployment and has prompted migrants to flee Senegal in search of better job opportunities
in Europe.
Source
: CIA
Registered Name: SABODALA MINING
COMPANY SARL
Requested Name: SMC
SARL
Other Names: SMC
SARL
Physical Address: Rue Grassland X Rue Raffenel
Dakar
Postal Address: Rue 26, N’Gor Derriere La Station Shell
Dakar
Country: Senegal
Phone: +221-8613181
Fax: +221-8603683
Email: None
Website: None
Financial Index as of December 2012 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 11-March-2007
Reg. Number: 20B7818 Dakar, Senegal
Nominal Capital CFA.
50,000,000
Subscribed Capital CFA.
50,000,000
Subscribed Capital is Subscribed
in the following form:
Position Shares
Sheik Faye Director
Jeff Williams Director
Nicholas Limb Director
None Parent company.
None Subsidiary company.
MINERAL DEPOSITS (OPERATIONS) SENEGAL SARL Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as Exploration and mining of gold, zircon and other
minerals
Imports: Middle
East
Exports: Asia
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 10
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Rented
premises, 5,200 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Central African Franc (CFA.)
Approx. Ex. Rate: 1 US Dollar = 528 Central African 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 USD.)
2012
Sales 5,412,000
Bank Name: Eco Bank
Comments: None
Experiences: Good
None
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.60.34 |
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|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.