|
Report No. : |
310572 |
|
Report Date : |
13.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
GRANDE COTE OPERATIONS SA |
|
|
|
|
Registered Office : |
Immeuble
Atryun Center 2 EME Etage / Floor 6, Route De Ouakam FAce Lycee Fracais Jean
Mermoz, Dakar, BP 16844, Dakar Fann |
|
|
|
|
Country : |
Senegal
|
|
|
|
|
Date of Incorporation : |
01.07.1991 |
|
|
|
|
Com. Reg. No.: |
28492582Y3 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
Subject operate mining
and exploration services |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Senegal |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
Company
name
|
|
|||
|
Registered Name: |
GRANDE COTE
OPERATIONS SA |
|||
|
Requested Name: |
GRANDE COTE OPERATIONS SA |
|||
|
Other Names: |
None |
|||
|
|
||||
ADDRESS
AND TELECOMMUNICATION
|
||||
|
Physical Address: |
Immeuble
Atryun Center 2 EME Etage / Floor 6, Route De Ouakam FAce Lycee Fracais Jean
Mermoz, Dakar, |
|||
|
Postal Address: |
BP
16844, |
|||
|
|
Dakar
Fann |
|||
|
Country: |
Senegal |
|||
|
Phone: |
221-33-8693181/8204873 |
|||
|
Fax: |
221-33-8204873 |
|||
|
Email: |
mdlmail@mineraldeposits.com.au |
|||
|
Website: |
www.mineraldeposits.com.au |
|||
|
|
||||
CREDIT
OPINION
|
|
|||
|
Financial Index as of
December 2014 shows subject firm with a medium risk of credit. However, bank and
credit information obtained reveal a history of prompt payments. |
||||
|
|
||||
LEGAL
|
|
|||
|
Legal Form: |
Societe Anonyme |
|||
|
Date Incorporated: |
31-Jan-2008 |
|||
|
Founded: |
01-July-1991 |
|||
|
Reg. Number: |
28492582Y3 |
|||
|
Nominal Capital |
CFA. 100,000,000 |
|||
|
Subscribed Capital |
CFA. 100,000,000 |
|||
|
Subscribed Capital is Subscribed in the following form: |
||||
|
|
Position |
Shares |
||
|
Mr. Bruno Delanoue |
Chairman |
|
||
|
Mr. Simon Finnis |
CEO |
|
||
|
Dr. Bobby Danchin |
Director |
|
||
|
Mr. Nic Limb |
Director |
|
||
|
Mr. Rick Sharp |
Director |
|
||
|
Mr. Clever Fonseca |
Director |
|
||
|
Tizir Limited, UK |
Holding Co. |
100% |
||
|
|
||||
RELATED
COMPANIES
|
||||
|
Tizir Limited, UK |
Parent company. |
|||
|
None |
Subsidiary company. |
|||
|
None |
Affiliated company. |
|||
|
None |
Shareholder of subject
firm. |
|||
|
Rue 26 N'gor Derriere Station Shell, Dakar, Senegal |
Branches of the firm |
|||
|
|
||||
OPERATIONS
|
||||
|
Registered to operate mining
and exploration services |
||||
|
Imports: |
Asia, Middle East |
|||
|
Exports: |
None |
|||
|
Trademarks: |
None |
|||
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|||
|
|
|
|||
|
Main Customers: |
firms and organizations |
|||
|
Employees: |
300 employees. |
|||
|
Vehicles: |
Several motor vehicles. |
|||
|
Territory of sales: |
Senegal |
|||
|
Location: |
Owned premises, 10,000 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 = 598.34 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 |
|
6,565,000,000 |
||
|
|
||||
BANK
|
|
|||
|
Bank Name: |
BICIS
Bank |
|||
|
Branch: |
Senegal |
|||
|
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.62.57 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.