MIRA INFORM REPORT

Report No. :	351323.2
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	SARL AYA HORA IMPORT & EXPORT
Registered Office :	Cite 2248 Batiment 144 Ain Naadja Local N1, 16000 Gue De Constantine
Country :	Algeria
Date of Incorporation :	12.05.2011
Legal Form :	Societe Anonyme Responsabilitee Limitee
Line of Business :	Subject operates as general traders dealing with FMCG products, hardware.
No. of Employees :	15 Employees

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:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Algeria	B1	B1

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

NOTE

In absence of financials, no credit limit could be recommended.

SUBJECT'S NAME
Registered Name:	SARL AYA HORA IMPORT & EXPORT
Requested Name:	SARL AYA HORA IMPORT EXPORT
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Cite 2248 Batiment 144 Ain Naadja Local N1, 16000 Gue De Constantine
Country:	Algeria
Phone:	213-555243651
Fax:	213-555243651
Email:	None
Website:	None
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. We recommend Secured Credit.
LEGAL
Legal Form:		Societe Anonyme Responsabilitee Limitee
Date Incorporated:		12-May-2011
Reg. Number:		Algeria
Tax number:		001316098765572
Nominal Capital		DZD. 100,000
Subscribed Capital		DZD. 100,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Abbas Hora		Director		100%
_______________________________________________________________________
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
Mr. Abbas Hora		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as general traders dealing with FMCG products, hardware etc
Imports:		Asia,Middle East
Exports:		Neighboring countries
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		Local agencies, stores etc
Employees:		15 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Algeria
Location:		Rented premises, 1,000 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 = 108.43 Algerian Dinar
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 DZD.)
		2013	2014
Sales		45,000,000	52,400,000
BANK
Bank Name:		Crédit Populaire d'Algérie (CPA).
Branch:		Algeria
Comments:		None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources other than the subject company itself and confirmed the above subject. 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 up to date.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
DZD	1	Rs.0.62

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

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	NIT

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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