MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	SARL AGRI TRADING
Registered Office :	Cite Cadat Lot No. 7, Ben Omar, Kouba,
Country :	Algeria
Date of Incorporation :	Not Available
Legal Form :	Not Available
Line of Business :	Subject operate as exporters of agricultural food products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Undetermined
Payment Behaviour :	--
Litigation :	--

NOTES :

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ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Algeria	B1	B2

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

ALGERIA - ECONOMIC OVERVIEW

Algeria's economy remains dominated by the state, a legacy of the country's socialist postindependence development model. In recent years the Algerian Government has halted the privatization of state-owned industries and imposed restrictions on imports and foreign involvement in its economy. Hydrocarbons have long been the backbone of the economy, accounting for roughly 60% of budget revenues, 30% of GDP, and over 95% of export earnings. Algeria has the 10th-largest reserves of natural gas in the world and is the sixth-largest gas exporter. It ranks 16th in oil reserves. Strong revenues from hydrocarbon exports have brought Algeria relative macroeconomic stability, with foreign currency reserves approaching $200 billion and a large budget stabilization fund available for tapping. In addition, Algeria's external debt is extremely low at about 2% of GDP. However, Algeria has struggled to develop non-hydrocarbon industries because of heavy regulation and an emphasis on state-driven growth. The government's efforts have done little to reduce high youth unemployment rates or to address housing shortages. A wave of economic protests in February and March 2011 prompted the Algerian Government to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. Long-term economic challenges include diversifying the economy away from its reliance on hydrocarbon exports, bolstering the private sector, attracting foreign investment, and providing adequate jobs for younger Algerians.

Source : CIA

Company name and address

SUBJECT'S NAME
Requested Name:	SARL AGRI TRADING
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	Cite Cadat Lot No. 7, Ben Omar, Kouba,
	Algiers
Country:	Algeria

CREDIT OPINION

Financial Index as of December 2013 shows subject firm with a high risk of credit. We recommend Secured Credit. The address provided for banking details i.e. Agence Dely Ibirahim, chemin ahmed quaked – dely ibrahim’Algeria belongs to ABC Bank Algeria We are having difficulty in getting subject’s file at the Registrar of companies office. It should however be noted that at the moment the office of the Registrar of companies is not very efficient and hence are not properly maintained and files are missing. The Index at the Registrar of Companies is not upto date. We are having difficulties in locating the above subject physically.The director below was found through public sources. Subject is not listed in any trade or telephone directory. Subject ownership is not known.
	Position	Shares
Mr. Mohammed Salah Chaabour	Director

RELATED COMPANIES

None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
None	Branches of the firm

OPERATIONS

Registered to operate as exporters of agricultural food products
Exports:	USA, Europe

FINANCE

Currency Reported:	Algerian Dinar (DZD.)
Approx. Ex. Rate:	1 US Dollar = 85.86 Algerian Dinar
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

BANK

Bank Name:	The housing bank for trade & finance Algeria
Branch:	Algeria
Comments:	None

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIS

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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