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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
FAIR AVENUE VENTURES INTERNATIONAL SEAL |
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Registered Office : |
HLM
Grand Yoff, BP 13029, Dakar |
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Country : |
Senegal
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Date of Incorporation : |
2005 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
general traders dealing with hygiene products |
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No of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Senegal |
B2 |
B1 |
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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 |
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.
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Source
: CIA |
Company
Name
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Registered Name: |
FAIR AVENUE
VENTURES INTERNATIONAL SEAL |
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Requested Name: |
FAIR AVENUE VENTURES INTERNATIONAL SEAL |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
HLM
Grand Yoff, |
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Postal Address: |
BP
13029 |
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Dakar, |
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Country: |
Senegal |
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Phone: |
221-33-8674052/771662329/706477400 |
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Fax: |
221-33-8674052 |
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Email: |
hanaah.boateng@yahoo.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: |
Limited Corporation |
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Date Incorporated: |
2005 |
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Reg. Number: |
Senegal |
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Nominal Capital |
CFA.
1,000,000 |
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Subscribed Capital |
CFA.
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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Mrs. Hanaah Boateng |
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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None |
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
general traders dealing with hygiene products |
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Imports: |
Asia, Middle East |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (80%) and 25-90 days (20%), 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: |
Senegal |
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Location: |
Rented premises, 1,500 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: |
West African Franc (CFA.) |
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Approx. Ex. Rate: |
1 US Dollar = 511.55 West
African Franc |
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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 CFA.) |
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2013 |
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Sales |
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210,000,000 |
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BANK
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Bank Name: |
ECOBANK |
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Branch: |
Senegal |
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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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.23 |
|
|
1 |
Rs.98.67 |
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Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.