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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AASHIRWAD INTERNATIONAL SARL |
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Registered Office : |
Lot
IA 68, Isoraka, Antananarivo 101 |
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Country : |
Madagascar |
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Year of Establishment : |
2009 |
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Legal Form : |
Societe Anonyme
Responsibiliee Limitee |
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Line of Business : |
Dealer of general
merchandise such as FMCG products |
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No of Employees : |
10 |
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 : |
Slow But Correct |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Madagascar |
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 |
MADAGASCAR - ECONOMIC OVERVIEW
After discarding socialist
economic policies in the mid-1990s, Madagascar followed a World Bank- and
IMF-led policy of privatization and liberalization that has been undermined since
the start of the political crisis. This strategy placed the country on a slow
and steady growth path from an extremely low level. Agriculture, including
fishing and forestry, is a mainstay of the economy, accounting for more than
one-fourth of GDP and employing 80% of the population. Exports of apparel
boomed in recent years primarily due to duty-free access to the US, however,
Madagascar's failure to comply with the requirements of the African Growth and
Opportunity Act (AGOA) led to the termination of the country's duty-free access
in January 2010 and a sharp fall in textile production. Deforestation and
erosion, aggravated by the use of firewood as the primary source of fuel, are
serious concerns. The current political crisis, which began in early 2009, has
dealt additional blows to the economy. Tourism dropped more than 50% in 2009
compared with the previous year, and many investors are wary of entering the
uncertain investment environment. Growth was anemic during 2010 to 2012
although expansion in mining and agricultural sectors is expected to contribute
to more growth in 2013.
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Source
: CIA |
SUBJECT'S NAME
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Registered Name: |
AASHIRWAD
INTERNATIONAL SARL |
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Requested Name: |
AASHIRWAD INTERNATIONAL SARL |
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Other Names: |
None |
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ADDRESS AND TELECOMMUNICATION
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Physical Address: |
Lot IA 68, Isoraka, |
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Antananarivo 101 |
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Country: |
Madagascar |
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Phone: |
261-341146380/341156380/331156380 |
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Fax: |
261-20458954 |
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Email: |
asifbhotta@hotmail.com |
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Website: |
None |
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CREDIT OPINION
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Financial Index as of December 2013 shows subject firm with a medium
risk of credit. |
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LEGAL
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Legal Form: |
Societe Anonyme Responsibiliee Limitee |
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Date Incorporated: |
2009 |
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Reg. Number: |
Madagascar |
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Nominal Capital |
MGA. 1,000,000 |
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Subscribed Capital |
MGA. 1,000,000 |
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Subscribed Capital is Subscribed in the following
form: |
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Position |
Shares |
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Mr. Asif Mohmad Bhotta |
Director |
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Mrs. Rehana Bhutta |
Director |
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RELATED COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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AFRICAN TRADERS |
Affiliated company. |
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None |
Shareholder of subject firm. |
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None |
Branches of the firm |
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OPERATIONS
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Registered to operate as dealers in general merchandise such as FMCG
products |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Local agencies, stores, outlets |
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Employees: |
10 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Madagascar |
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Location: |
Rented premises, 2,500 square feet, |
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AUDITORS AND INSURANCE
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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FINANCE
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Currency Reported: |
Malagasy Ariary (MGA.) |
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Approx. Ex. Rate: |
1 US Dollar = 2312.11 Malagasy Ariary |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by
independent sources, the inflation at December 31st, 2013 was of 13%. |
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Financial Information not Submitted |
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Profit and Loss (expressed in MGA.) |
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2013 |
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Sales |
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2,500,000,000 |
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BANK
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Bank Name: |
BGFIBank Madagascar |
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Branch: |
Madagascar |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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COMMENTS / ADDITIONAL INFORMATION
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This information was obtained from outside sources other than the
subject company itself and confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.12 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
-- |
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.