MIRA INFORM REPORT

Report No. :	504896
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	ETS SAID NOUJAIM FRERES SA
Registered Office :	10-12 Avenue Lamine Gueye, BP 228 Dakar,
Country :	Senegal
Financials (as on) :	2017 (Summarized)
Date of Incorporation :	13.07.2016
Com. Reg. No.:	SN DKR B34644
Legal Form :	Societe Anonyme
Line of Business :	Subject operate as dealers in food products such as confectioneries (candy and cookies)
No. of Employees :	20

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 :	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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Senegal	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

SENEGAL - ECONOMIC OVERVIEW

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources 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. Senegal reached a growth rate of 6.5% in 2015 and surpassed that in 2016-17, due in part to a buoyant performance in agriculture because of higher rainfall and productivity in the sector.

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. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.

Senegal is receiving technical support from the IMF during 2015-17 under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s second review mission in March 2016. Investors have signaled confidence in the country through Senegal’s successful Eurobond issuances in recent years, including in 2014.

The government is focusing on 19 projects under the ESP to continue the structural transformation of the economy. These 19 projects include the Thies-Touba Highway, including the new airport- Mbour-Thies Highway. Senegal increased the national family allowances program and the community development emergency program in 2016. Electricity supply is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a program led by USAID and OPIC, plans to increase the current 500 MW of generating capacity to over 1,000 mW in the next three to five years. Recent gas discoveries on the Senegal-Mauritanian border, as well as just south of Dakar, will help alleviate some of the energy shortages.

Source : CIA

Company NAME

Registered Name:	ETS SAID NOUJAIM FRERES SA
Requested Name:	ETS SAID NOUJAIM FRERES SA
Other Names:	None
_______________________________________________________________________
ADDRESS AND TELECOMMUNICATION
Physical Address:	10-12 Avenue Lamine Gueye,
Postal Address:	BP 228
	Dakar,
Country:	Senegal
Phone:	221-33-8895353/8237717/2111/14
Fax:	221-33-8234839
Email:	maimouna@simoholding.com
Website:	None
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Societe Anonyme
Date Incorporated:		13-July-2010
Reg. Number:		SN DKR B34644
VAT Number:		00174932G3
Nominal Capital		CFA. 108,000,000
Subscribed Capital		CFA. 108,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Raymond Noujaïm		MD
Mr. David Noujaïm		Director
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as dealers in food products such as confectioneries (candy and cookies)
Imports:		Europe
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, stores, outlets
Employees:		20 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Senegal
Location:		Leased premises, 10,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		West African Franc (CFA.)
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 CFA.)
			2017
Sales			4,000,000,000
BANK
Bank Name:		Ecobank Sénégal
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	INR 66.70
UK Pound	1	INR 93.14
Euro	1	INR 81.43
CFA	1	INR 0.12

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TRU

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.