MIRA INFORM REPORT

Report Date :

16.10.2014

IDENTIFICATION DETAILS

Name :	MARSAVCO SARL
Formerly Known As :	COMPAGNIE DES MARGARINES, SAVONS ET COSMETIQUES AU CONGO
Registered Office :	Kin 1, Avenue Kalemie, Gombe, BP 8914 Gombe, Kinshasa
Country :	Democratic Republic of Congo
Date of Incorporation :	18.01.1922
Com. Reg. No.:	2018
Legal Form :	Societe Anonyme Responsabilite Limitee
Line of Business :	Subject is engaged in manufacture and distribution of a variety of products; Food, cosmetic, beauty , laundry and household cleaning products
No of Employees :	300

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)
Democratic Republic of Congo	B2	C1

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

DEMOCRATIC REPUBLIC OF CONGO - ECONOMIC OVERVIEW

The economy of the Democratic Republic of the Congo - a nation endowed with vast natural resource wealth - is slowly recovering after decades of decline. Systemic corruption since independence in 1960, combined with country-wide instability and conflict that began in the mid-90s has dramatically reduced national output and government revenue and increased external debt. With the installation of a transitional government in 2003 after peace accords, economic conditions slowly began to improve as the transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress has been slow to reach the interior of the country although clear changes are evident in Kinshasa and Lubumbashi. An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the mining sector and for the economy as a whole. Much economic activity still occurs in the informal sector and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, has boosted Kinshasa's fiscal position and GDP growth in recent years. The global recession cut economic growth in 2009 to less than half its 2008 level, but growth returned to around 7% per year in 2010-12. The DRC signed a Poverty Reduction and Growth Facility with the IMF in 2009 and received $12 billion in multilateral and bilateral debt relief in 2010, but the IMF at the end of 2012 suspended the last three payments under the loan facility - worth $240 million - because of concerns about the lack of transparency in mining contracts. In 2012, the DRC updated its business laws by adhering to OHADA, the Organization for the Harmonization of Business Law in Africa. The country marked its tenth consecutive year of positive economic expansion in 2012.

Source : CIA

SUBJECT'S NAME
Registered Name:	MARSAVCO SARL
Requested Name:	MARSAVCO SARL
Trade Names:	MARGARINERIE ET SAVONERIE DU COSMETIQUES
Former Names:	COMPAGNIE DES MARGARINES, SAVONS ET COSMETIQUES AU CONGO
ADDRESS AND TELECOMMUNICATION
Physical Address:	Kin 1, Avenue Kalemie, Gombe,
Postal Address:	BP 8914 Gombe,
	Kinshasa,
Country:	Democratic Republic of Congo
Phone:	243-98311766/812536751/8976223/311766/ 810823333/818971666
Fax:	243-810823333
Email:	udayan@marsavco.com/ shahgad@marsavco.com
Website:	www.marsavco.com
LEGAL
Legal Form:		Societe Anonyme Responsabilite Limitee
Date Incorporated:		18-Jan-1922
Reg. Number:		2018
Nominal Capital		CDF. 50,000,000
Subscribed Capital		CDF. 50,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Mazhar Rawji		Group Chairman
Mr. Dominic Carvalho		MD/CEO
Mr. Rahil Rawji		Director
Mr. Mushtaque Rawji		Director
Mr. Udayan Mukherjee		Director
Mr. H. Manjunath		Director
Mr. Sambhaji Deshmukh		GM
Mr. Yannick Kisula		Manager
Mr. Sudhesh Chouhan		Manager
Rawji Group		Holding Co.		100%
RELATED COMPANIES
Rawji Group		Parent company.
None		Subsidiary company.
BELTEXCO SARL MARSAVCO SARL PRODIMPEX SARL SOGALKIN SPRL RAFI SPRL PARKLAND SPRL RAWBANK SARL RAWHOLDING SA EMAXICOM, ANGOLA HEXAGON GMBH CHINA BELTEXCO GENERAL TRADING LLC, DUBAI MATIMPEX, BRUSSELS, BELGIUM MATIMPEX DUBAI GENERAL TRADING		Affiliated companies.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate manufacture and distribution of a variety of products; Food, cosmetic, beauty , laundry and household cleaning products
Imports:		Asia, Africa
Exports:		None
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		Local agencies, stores, outlets etc
Employees:		300 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Democratic Republic of Congo
Location:		Rented premises, 40,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Congo Franc (CDF.)
Approx. Ex. Rate:		1 US Dollar = 916.86 Congo 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 CDF.)
			2013
Sales			29,250,000,000
BANK
Bank Name:		Raw Bank
Branch:		Democratic Republic of Congo
Comments:		None
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.61.11
UK Pound	1	Rs.98.15
Euro	1	Rs.77.68

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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