MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	ASIA PERFUMES & COSMETIC FACTORY

Registered Office :	Al Shingita Street, Omdurman

Country :	Sudan

Date of Incorporation :	2004

Legal Form :	Sole Proprietorship

Line of Business :	Engaged in the processing, blending and packaging of perfumes

No of Employees :	15 employees

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Sudan

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

SUDAN ECONOMIC OVERVIEW

Sudan is an extremely poor country that has experienced protracted social conflict, civil war, and, in July 2011, the loss of three-quarters of its oil production due to the secession of South Sudan. The oil sector had driven much of Sudan's GDP growth since 1999. For nearly a decade, the economy boomed on the back of rising oil production, high oil prices, and significant inflows of foreign direct investment. Since the economic shock of South Sudan's secession, Sudan has struggled to stabilize its economy and make up for the loss of foreign exchange earnings. The interruption of oil production in South Sudan in 2012 for over a year and the consequent loss of oil transit fees further exacerbated the fragile state of Sudan’s economy. Sudan is also subject to comprehensive US sanctions. Sudan is attempting to develop non-oil sources of revenues, such as gold mining, while carrying out an austerity program to reduce expenditures. The world’s largest exporter of gum Arabic, Sudan produces 75-80% of the world’s total output. Agriculture continues to employ 80% of the work force. Sudan introduced a new currency, still called the Sudanese pound, following South Sudan's secession, but the value of the currency has fallen since its introduction. Khartoum formally devalued the currency in June 2012, when it passed austerity measures that included gradually repealing fuel subsidies. Sudan also faces rising inflation, which reached 47% on an annual basis in November 2012, but subsided to 25% in 2013. Ongoing conflicts in Southern Kordofan, Darfur, and the Blue Nile states, lack of basic infrastructure in large areas, and reliance by much of the population on subsistence agriculture keep close to half of the population at or below the poverty line.

Source : CIA

SUMMARY

Company Name : ASIA PERFUMES & COSMETIC FACTORY

Country of Origin : Sudan

Legal Form : Sole Proprietorship

Registration Date : 2004

Invested Capital : SD 1,000,000

Total Workforce : 15

Activities : Processing, blending and packaging of perfumes

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

ASIA PERFUMES & COSMETIC FACTORY

company ADDRESS

Registered & Physical Address

Location : Al Shingita Street

Town : Omdurman

Country : Sudan

Mobile : (249-912) 375858 / (249-918) 248248

Email : chardamit@gmail.com

Premises

Subject operates from a small suite of offices and a factory that are rented and located in the Industrial Area of Omdurman.

KEY PRINCIPALS

Name Position

· Amit Arun Lalit Charavada Proprietor & General Manager

· Chetan Lalit Charavada Assistant General Manager

LEGAL FORM & OWNERS

Date of Establishment : 2004

Legal Form : Sole Proprietorship

Invested Capital : SD 1,000,000

Mr Amit Arun Lalit Charavada is the sole proprietor of the business.

AFFILIATED COMPANIES

· Anjani Trading FZE

Ajman

United Arab Emirates

· Ashika Perfumes & Cosmetic Factory

Al Shingita Street

Omdurman

Mob: (249-912) 375858 / (249-918) 248248

OPERATIONS

Activities: Engaged in the processing, blending and packaging of perfumes.

Import Countries: India, France and China

International Suppliers:

· Paragati Glass India

· Expression France

· Yiwu Industries China

Brand Names: ASHIKA and AFIA

Subject has a workforce of 15 employees.

FINANCIAL DATA

Companies registered in Sudan are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Tadamon Islamic Bank

PO Box: 846

Omdurman

Tel: (249-187) 577330

Fax: (249-187) 555733

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.95
UK Pound	1	Rs. 97.15
Euro	1	Rs. 76.74

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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%)

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