|
Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDUSTRIES CHIMIQUES DU SENEGAL S.A. |
|
|
|
|
Registered Office : |
KM 18 Route de Rufisque, P. O. Box 3835, Dakar |
|
|
|
|
Country : |
Senegal |
|
|
|
|
Year of Establishment : |
1977 |
|
|
|
|
Com. Reg. No.: |
SNDKR1977B13 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
Marketing, Distribution and
Exportation of Fertilizers, and Agro Chemicals and Crop Protection Products. |
|
|
|
|
No. of Employees : |
2200 employees. |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Senegal |
B2 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SENEGAL - ECONOMIC OVERVIEW
Senegal’s economy is driven
by agriculture and that sector is the primary source of employment for the
rural areas. 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. senegal relies heavily on donor
assistance and foreign direct investment. President Macky SALL, who was elected
in March 2012 under a reformist policy agenda, inherited an economy with a weak
infrastructure, challenging business environment, and a culture of overspending
that still plagued the country in 2013. The IMF completed a non-dispersing,
Policy Support Initiative program in December 2010 and approved a new
three-year policy support instrument to assist with economic reforms. The
economy continues to suffer from unreliable power supplies and rising costs of
living, 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: |
INDUSTRIES
CHIMIQUES DU SENEGAL S.A. |
|
Requested Name: |
INDUSTRIES CHIMIQUES DU SENEGAL |
|
Other Names: |
ICS |
|
Physical Address: |
KM
18 Route de Rufisque |
|
Postal Address: |
P.
o. Box 3835 |
|
|
Dakar,
|
|
Country: |
Senegal |
|
Phone: |
221-33-9395000/8343357/8791000/8340041/9395500 /8791444 |
|
Fax: |
221-33-9556160/8346990/8340814/8340509/8340390 /9556117 |
|
Email: |
icsdf@ics.sn/ icssenchim@ics.sn/ icssg@ics.sn |
|
Website: |
www.ics.sn |
|
Legal Form: |
Societe Anonyme |
|
|
Date Incorporated: |
1977 |
|
|
Reg. Number: |
SNDKR1977B13 |
|
|
Tax Number: |
0022955 |
|
|
Nominal Capital |
CFA.
44,572,000,000 |
|
|
Subscribed Capital |
CFA.
44,572,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Dr. U.S Awasthi |
Chairman |
|
|
Mr. Amit Lohia |
Vice
Chairman |
|
|
Mr. Alassane Diallo |
CEO |
|
|
Mr. Sri Prakash Lohia |
Director |
|
|
Mr. Manish Mundra |
Director |
|
|
Mr. Munish Jindal |
Director |
|
|
Mr. Vishnu Swaroop Baldwa |
Director |
|
|
Mr. Anil Kumar Jain |
Director |
|
|
Mr. Anil Kumar Rana |
Director |
|
|
Mr. Pape Ousmane Gueye |
Director |
|
|
Mr. Modienne Guisse |
Director |
|
|
Mr. Sham Lal Goyal |
Director |
|
|
Mr. Alla Dieng |
Manager |
|
|
Mr. Addoulaye Drame |
Manager |
|
|
Mr. Elhadj Ibrahima Gadjigo Sow |
Manager |
|
|
Government of India |
Shareholder |
0.46% |
|
Government of Senegal |
Shareholder |
15.00% |
|
IFFCO |
Shareholder |
18.54% |
|
Indorama Holdings B.V. Hollande |
Holding
Co. |
66.00% |
|
Indorama Holdings B.V. Hollande |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
Government of India, Government of Senegal, IFFCO. |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate
marketing, distribution and Exportation of fertilizers, and agro chemicals
and Crop protection products. |
|
|
Imports: |
Europe |
|
Exports: |
Central African Countries, Europe, Thailand, India and South America |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
Industries, firms and organizations |
|
Employees: |
2200 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Senegal |
|
Location: |
Owned premises, 10,000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
West African Franc (CFA.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 527.47 West
African Franc |
|
|
Fiscal Year End: |
December 31, 2013 |
|
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
|
|
|
||
|
Financial Information not
Submitted |
|
|
|
|
|
|
|
Profit and Loss
(expressed in CFA.) |
||
|
|
|
2013 |
|
Sales |
|
180,000,000,000 |
|
Bank Name: |
ECOBANK |
|
Branch: |
Senegal |
|
Comments: |
Other banks |
|
|
BANQUE OUEST AFRICAINE DE
DEVELOPPEMENT |
|
|
BICIS |
|
|
BANQUE EUROPEENNE D'INVESTISSEMENT |
|
|
ATTIJARIWAFA BANK |
|
|
CREDIT DU SENEGAL |
|
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.61.68 |
|
|
1 |
Rs.96.94 |
|
Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.