MIRA INFORM REPORT

 

 

Report Date :

22.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SOMTEL INTERNATIONAL LTD.

 

 

Registered Office :

Somtel Head HQ, 26 June Avenue hargeisa, Somaliland, Hargeisa, Somalia

 

 

Country :

Somalia

 

 

Date of Incorporation :

15.01.1998

 

 

Com. Reg. No.:

421249

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

providers of telecommunications services and solutions

 

 

No. of Employees :

30

 

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 :

Usually Correct 

 

 

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

(31.03.2012)

Current Rating

(30.06.2012)

Somalia

D

D

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Somalia - ECONOMIC OVERVIEW

 

Despite the lack of effective national governance, Somalia has maintained a healthy informal economy, largely based on livestock, remittance/money transfer companies, and telecommunications. Agriculture is the most important sector with livestock normally accounting for about 40% of GDP and more than 50% of export earnings. Nomads and semi-pastoralists, who are dependent upon livestock for their livelihood, make up a large portion of the population. Livestock, hides, fish, charcoal, and bananas are Somalia's principal exports, while sugar, sorghum, corn, qat, and machined goods are the principal imports. Somalia's small industrial sector, based on the processing of agricultural products, has largely been looted and the machinery sold as scrap metal. Somalia's service sector has grown. Telecommunication firms provide wireless services in most major cities and offer the lowest international call rates on the continent. In the absence of a formal banking sector, money transfer/remittance services have sprouted throughout the country, handling up to $1.6 billion in remittances annually. Mogadishu's main market offers a variety of goods from food to the newest electronic gadgets. Hotels continue to operate and are supported with private-security militias. Somalia's arrears to the IMF have continued to grow. Somalia's capital city - Mogadishu - has enjoyed a rebirth following the departure of al-Shabaab in August 2011. Mogadishu has witnessed the development of the city's first gas stations, supermarkets, and flights between Europe (Istanbul-Mogadishu) since the collapse of central authority in 1991. This economic growth has yet to expand outside of Mogadishu.

         

 

Source : CIA

 

 

SUBJECT'S NAME   

 

Registered Name:                                   SOMTEL INTERNATIONAL LTD.

Requested Name:                                   SOMTEL INTERNATIONAL LTD.

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Somtel Head HQ, 26 June Avenue hargeisa, Somaliland, Hargeisa,

                                                              Somalia

Postal Address:                                      Somtel Head HQ, 26 June Avenue hargeisa, Somaliland,

                                                              Hargeisa,

Country:                                                 Somalia

Phone:                                                   252-79888999/1387512

Fax:                                                       252-1387512

Email:                                                     info@corporate2.com/somtel@emirates.net.ae

Website:                                                 www.somtelnetwork.net

 

 

LEGAL

 

Legal Form:                                                     Limited Corporation 

Date Incorporated:                                           15-Jan-1998

Date Started:                                                   04-March-2010

Reg. Number:                                                  421249

Nominal Capital                                                SOS. 1,000,000,000

Subscribed Capital                                           SOS. 1,000,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Mohamed Saed Duale                                Chairman                        

Mr. Hirsi Hassan                                               CEO                               

Mr. Abdirashid Mohamed Duale                        Director                          

Mr. Abdul Rahman Awl                                     Director                          

Mr. Nouh Said Doualeh                                    Director                          

                                                                                                             

                                                                                                             

RELATED COMPANIES  

 

None                                                               Parent company.

None                                                               Subsidiary company.

DAHABSHIL MONEY TRANSFER,

DAHABSHIL BANK.                                         Affiliated company.

None                                                               Shareholder of subject firm.

Sharjah, U.A.E. and  Djibouti                            Branches of the firm

 

OPERATIONS

 

Registered to operate as providers of telecommunications services and solutions

 

Imports:                                                           Asia, Middle East, Africa

Exports:                                                          None

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                     30 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             Somalia

Location:                                                         Owned premises, 2,500 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                         Information not available.

Insurance Brokers:                                            Information not available.

 

 

FINANCE 

 

Currency Reported:                                          Somalia Shilling (SOS.)

Approx. Ex. Rate:                                            1 US Dollar = 1589.99 Somalia Shilling

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 SOS.)

                                                                       2011                        2012

Sales                                                               12,500,000,000         13,750,000,000

 

 

BANK 

 

Bank Name:                                                     DAHABSHIL BANK INTERNATIONAL

Branch:                                                            Somalia

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.54.28

UK Pound

1

Rs.82.06

Euro

1

Rs.70.23

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.