MIRA INFORM REPORT

Report No. :	502275
Report Date :	10.04.2018

IDENTIFICATION DETAILS

Name :	SPA GROUPE INDUSTRIEL SADIAL
Registered Office :	Route De La Wailaya N 11 BP141 Dar El Beida
Country :	Algeria
Financials (as on) :	2017 [Summarized]
Date of Incorporation :	11.03.2000
Com. Reg. No.:	00B0342357
Legal Form :	Limited Corporation
Line of Business :	Registered to Operate Manufacture and Supply of Pharmaceutical Products
No. of Employees :	1000

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Algeria	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ALGERIA - ECONOMIC OVERVIEW

Algeria's economy remains dominated by the state, a legacy of the country's socialist post-independence 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 30% of GDP, 60% of budget revenues, and nearly 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. Hydrocarbon exports enabled Algeria to maintain macroeconomic stability and amass large foreign currency reserves while oil prices were high. 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. Declining oil prices since 2014 have reduced the government’s ability to use state-driven growth to distribute rents and fund generous public subsidies. Algeria’s foreign exchange reserves have declined by more than 40% since late 2013 and its oil stabilization fund has decreased from about $75 billion at the end of 2013 to about $7 billion in 2017, which is the statutory minimum.

Algiers has strengthened protectionist measures since 2015 to limit its import bill and encourage domestic production of non-oil and gas industries. Since 2015, the government has imposed additional regulatory requirements on access to foreign exchange for imports and import quotas for specific products, such as cars, to limit their importation. Meanwhile, Algeria has not increased non-hydrocarbon exports, and hydrocarbon exports have declined because of field depletion and increased domestic demand.

With declining revenues caused by falling oil prices, the government has been under pressure to reduce spending. A wave of economic protests in February and March 2011 prompted Algiers to offer more than $23 billion in public grants and retroactive salary and benefit increases, moves which continue to weigh on public finances. In 2016, the government increased taxes on electricity and fuel, resulting in a modest increase in gasoline prices, and in 2017 raised by 2% the value-added tax on nearly all products, but has refrained from directly reducing subsidies, particularly for education, healthcare, and housing programs.

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

Company name
Registered Name:	SPA GROUPE INDUSTRIEL SADIAL
Requested Name:	SPA GROUPE INDUSTRIEL SADIAL
Other Names:	SAIDAL
Former Names:	L'ENTREPRISE NATIONAL DE PRODUCTION PHARMACEUTIQUE
ADDRESS AND TELECOMMUNICATION
Physical Address:	Route de la Wailaya N 11 BP141 Dar El Beida,
	Algiers
Country:	Algeria
Phone:	213-21505982/23920176/21505818/5268/69/42/ 822571/508573/23920176
Fax:	213-23920178
Email:	groupesaidaldg@gmail.com/ dg.groupesaidal@saidalgroup.dz/ bg.marches@saidalgroup.dz
Website:	www.saidalgroup.dz
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		11-March-2000
Reg. Number:		00B0342357
Tax Number:		099916151191516
Nominal Capital		DZD. 800,000,000
Subscribed Capital		DZD. 800,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Yacine Tounsi		Chairman
Amar Yahia		Director
Youcef Ouakli		Director
Wahiba Louibi		Director
Other Investors		Shareholder		20%
Government of Algeria		Parent		80%
RELATED COMPANIES
Government of Algeria		Parent company.
None		Subsidiary company.
None		Affiliated company.
Other Investors		Shareholders of subject firm.
Various in Algeria		Branches of the firm
OPERATIONS
Registered to operate manufacture and supply of pharmaceutical products
Imports:		Middle East, Europe
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		1000 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Algeria
Location:		Owned premises, 10,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Algerian Dinar (DZD.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in DZD.)
			2017
Sales			3,207,291,741
BANK
Bank Name:		Banque AlBaraka Algérie
Branch:		Algeria
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	INR 64.93
UK Pound	1	INR 91.50
Euro	1	INR 79.69
DZD	1	INR 0.57

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.