MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	SOCIETE NATIONALE DE LEASING SPA
Registered Office :	Avenue du 1er Novembre,16001 Zéralda
Country :	Algeria
Date of Incorporation :	02.11.2010
Com. Reg. No.:	10B1003928
Legal Form :	Società per Azioni
Line of Business :	Subject operate as a financial institution providing leasing services and related solutions
No of Employees :	45

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 :

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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

SUBJECT'S NAME
Registered Name:	SOCIETE NATIONALE DE LEASING SPA
Requested Name:	SOCIETE NATIONALE DE LEASING SPA
Other Names:	SNL
ADDRESS AND TELECOMMUNICATION
Physical Address:	Avenue du 1er Novembre,16001 Zéralda
Country:	Algeria
Phone:	213-21-328955/3/329103/9065/8944/9018
Fax:	213-21-328955
Email:	contact@snl.dz/administration-finances@snl.dz/ systeme-information@snl.dz/ engagement@snl.dz/ audit-controle-interne@snl.dz/juridique@snl.dz/ marketing-documentation@snl.dz
Website:	www.snl.dz
CREDIT OPINION
Financial Index as of December 2013 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Società per Azioni
Date Incorporated:		02-Nov-2010
Started:		01-June-2011
Reg. Number:		10B1003928
Nominal Capital		DZD. 3,500,000,000
Subscribed Capital		DZD. 3,500,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Mohammed Krim		CEO
Banque de Développement Local (BDL)		Shareholder		50%
Banque Nationale d'Algérie (BNA)		Shareholder		50%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
Banque de Développement Local (BDL) Banque Nationale d'Algérie (BNA)		Shareholders of subject firm.
In Algeria		Branches of the firm
OPERATIONS
Registered to operate as a financial institution providing leasing services and related solutions
Imports:		Middle East, Europe
Exports:		None
Trademarks:		None
Terms of sale:		Cash (20%) and 25-90 days (80%), invoices.
Main Customers:		SMEs,Industries,firms and organizations
Employees:		45 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Algeria
Location:		Owned premises, 100,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Algerian Dinar (DZD.)
Approx. Ex. Rate:		1 US Dollar = 83.24 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
Profit and Loss (expressed in DZD.)
			2013
Sales			3,500,000,000
BANK
Bank Name:		Banque Nationale d'Algérie (BNA)
Branch:		Algeria
Comments:		Other Banks
		Banque de Développement Local (BDL)
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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.