MIRA INFORM REPORT

 

 

Report No. :

353405

Report Date :

10.12.2015

 

IDENTIFICATION DETAILS

 

Name :

JMD SARL

 

 

Registered Office :

Quartier Ali Dan Sofo, B.P. 445, Maradi,

 

 

Country :

Niger

 

 

Date of Incorporation :

12.05.2013

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

Subject operates as dealers in general merchandise such as household goods, motor cycles.

 

 

No. of Employees :

8

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Niger

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NIGER - ECONOMIC OVERVIEW

 

Niger is a landlocked, sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Agriculture contributes nearly 40% of GDP and provides livelihood for most of the population. The UN ranked Niger as the least developed country in the world in 2014 due to multiple factors such as food insecurity, lack of industry, high population growth, a weak educational sector, and few prospects for work outside of subsistence farming and herding. Since 2011 public debt has increased in part from a large loan financing a new uranium mine. The government relies on foreign donor resources for a large portion of its fiscal budget. The economy in recent years has been hurt by terrorist activity and kidnappings near its uranium mines and instability in Mali, and concerns about security have boosted fiscal spending on defense. Future growth may be sustained by exploitation of oil, gold, coal, and other mineral resources. Niger has sizable reserves of oil and oil production. Food insecurity and drought remain perennial problems for Niger, and the government plans to invest more in the agriculture sector, most notably irrigation. The mining sector may be affected by the government’s attempt to renegotiate extraction rights contracts to increase royalty rates and reduce tax exemptions. Despite Niger’s three-year $121 million IMF Extended Credit Facility agreement for years 2012-15, formal private sector investment needed for economic diversification and growth remains a challenge, given the country’s limited domestic markets, access to credit, and competitiveness.

 

Source : CIA

 

 

Company name

 

 

Registered Name:

JMD SARL

Requested Name:

JMD SARL

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Quartier Ali Dan Sofo,

Postal Address:

B.P. 445

 

Maradi,

Country:

Niger (West Africa)

Phone:

227-88832405/88832229

Fax:

227-88832405

Email:

None

Website:

None

 

CREDIT OPINION

 

 

Financial Index as of December 2014 shows subject firm with a medium risk of credit.

 

LEGAL

 

 

Legal Form:

Limited Corporation 

Date Incorporated:

12-May-2013

Reg. Number:

Niger (West Africa)

Nominal Capital

CFA. 1,000,000

Subscribed Capital

CFA. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Ashok Gulrajani

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 dealers in general merchandise such as household goods, motor cycles.

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

Local agencies etc  

Employees:

8 employees.

Vehicles:

3 motor vehicles.

Territory of sales:

Niger (West Africa)

Location:

Rented premises, 1,500 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

West African XOF (CFA.)

Approx. Ex. Rate:

1 US Dollar = 606.86 West African XOF

Fiscal Year End:

December 31, 2014

Inflation:

According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in CFA.)

 

 

2014

Sales

 

150,000,000

 

BANK

 

 

Bank Name:

Crédit du Niger

Branch:

Niger (West Africa)

Comments:

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.66.75

UK Pound

1

Rs.100.29

Euro

1

Rs.72.89

West African XOF (CFA)

1

Rs.0.015

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

TPT

 

               

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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