MIRA INFORM REPORT

Report No. :	323966
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	EXPO COMMODITIES SARL
Registered Office :	Lot B3, Tana Water Front, Ambodivona, Antananarivo
Country :	Madagascar
Date of Incorporation :	02.05.2011
Legal Form :	Limited Corporation
Line of Business :	Traders in general merchandise such as food products e.g. cloves, sugar, rice, nutmeg, vegetables, fruits, green gram, green moong, black eye beans, black pepper, tea, coconuts, dessicated coconut powder, essential oils, herbal medicines, herbal products and also scrap paper & cartons, scrap metal, cement
No of Employees :	50 employees

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)
Madagascar	B2	B2

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

MADAGASCAR ECONOMIC OVERVIEW

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization until the onset of a political crisis , which lasted from 2009-2013 . The free market strategy had previously placed the country on a slow and steady growth path from an extremely low starting point. Exports of apparel boomed after gaining duty-free access to the US in 2000; however, Madagascar's failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country's duty-free access in January 2010, a sharp fall in textile production, and a loss of more than 100,000 jobs; Madagascar regained AGOA access in January 2015 following the democratic election of a new President the previous year. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing roughly 80% of the population. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. Many investors remain wary of investing for fear of a return to political instability in the country and because of weaknesses in the business environment. Expansion in mining and agricultural sectors contributed to growth in 2014. International organizations and foreign donors resumed development aid to Madagascar after RAJAONARIMAMPIANINA appointed a new government in mid-2014, however full-scale assistance will require further policy reforms, particularly on addressing rampant corruption.

Source : CIA

SUBJECT'S NAME
Registered Name:	EXPO COMMODITIES SARL
Requested Name:	EXPO COMMODITIES SARL
Other Names:	None
_______________________________________________________________________
ADDRESS AND TELECOMMUNICATION
Physical Address:	Lot B3, Tana Water Front, Ambodivona,
	Antananarivo,
Country:	Madagascar
Phone:	261-325784912
Fax:	261-325784912
Email:	expocmb@expolanka.com
Website:	www.expolimited.com
_______________________________________________________________________
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit.
_______________________________________________________________________
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		02-May-2011
Reg. Number:		Madagascar
Nominal Capital		MGA. 1,000,000
Subscribed Capital		MGA. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Mohamed Fazil		GM
Mr. Erfan Ismeer		Manager
Expolanka (Pvt) Limited		Holding Co.		100%
_______________________________________________________________________
RELATED COMPANIES
Expolanka (Pvt) Limited		Parent company.
None		Subsidiary company.
None		Affiliated companies.
None		Shareholder of subject firm.
None		Branches of the firm
___________________________________________________________________________
OPERATIONS
Registered to operate as traders in general merchandise such as food products e.g. cloves, sugar, rice, nutmeg, vegetables, fruits, green gram, green moong, black eye beans, black pepper, tea, coconuts, dessicated coconut powder, essential oils, herbal medicines, herbal products and also scrap paper & cartons, scrap metal, cement etc
Imports:		Asia
Exports:		Africa. Asia
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		Local agencies, stores, outlets. firms and organizations
Employees:		50 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Madagascar
Location:		Leased premises, 10,000 square feet,
_______________________________________________________________________
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
_______________________________________________________________________
FINANCE
Currency Reported:		Madagascar Ariary (MGA.)
Approx. Ex. Rate:		1 US Dollar = 3145.24 Madagascar Ariary
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 MGA.)
			2014
Sales			350,000,000
_______________________________________________________________________
BANK
Bank Name:		BFV-Societe Generale
Branch:		Madagascar
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. 63.90
UK Pound	1	Rs. 98.16
Euro	1	Rs. 69.73

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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