MIRA INFORM REPORT

 

 

Report No. :

328202

Report Date :

24.06.2015

 

IDENTIFICATION DETAILS

 

Name :

GIE SOLUMEX

 

 

Registered Office :

Commerce Import-Export, Sicap Liberte, 4 No. 5607/J, Dakar

 

 

Country :

Senegal

 

 

Date of Incorporation :

06.07.2005

 

 

Legal Form :

Sole Proprietorship

 

 

LINE OF BUSINESS :

IMPORTERS AND EXPORTERS OF GENERAL MERCHANDISE SUCH AS FMCG PRODUCTS

 

 

No of Employees :

10

 

 

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)

Senegal

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

D

 

 

SENEGAL ECONOMIC OVERVIEW

 

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture which is the primary source of employment in rural areas. The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and it is also working on oil exploration projects. Senegal relies heavily on donor assistance, remittances and foreign direct investment. President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. Senegal received technical support from the IMF in 2010-2014 under a Policy Support Instrument to assist economic reform through sound macroeconomic and fiscal policies to reduce the fiscal deficit, increase transparency and facilitate private investment. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan, which aims to implement priority economic reforms and investment projects to increase economic growth. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.

 

Source : CIA

 

 

SUBJECT'S NAME

 

 

Registered Name:

GIE SOLUMEX

Requested Name:

GIE SOLUMEX

Other Names:

None

_______________________________________________________________________

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Commerce Import-Export, Sicap Liberte, 4 No. 5607/J

Postal Address:

P. o. Box

 

Dakar

Country:

Senegal

Phone:

221-33-8892600

Cell;

221-776389598

Fax:

221-33-8231870

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:

Sole Proprietorship

Date Incorporated:

06-July-2005

Reg. Number:

Senegal

Nominal Capital

CFA. 500,000

Subscribed Capital

CFA. 500,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Rajesh T.

MD

 

 

 

 

_______________________________________________________________________

 

RELATED COMPANIES

 

 

None

Parent company.

None

Subsidiary company.

GIE ALPEX

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

___________________________________________________________________________

 

OPERATIONS

 

Registered to operate importers and exporters of general merchandise such as FMCG products

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Local agencies, stores, etc

Employees:

10 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Senegal

Location:

Rented premises, 2,500 square feet,

_______________________________________________________________________

 

AUDITORS AND INSURANCE

 

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

_______________________________________________________________________

 

FINANCE

 

 

 

Currency Reported:

West African Franc (CFA.)

Approx. Ex. Rate:

1 US Dollar = 578.19 West African Franc

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:

Banque Régionale de Solidarité

Branch:

Senegal

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. 63.64

UK Pound

1

Rs. 100.41

Euro

1

Rs. 71.62

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.