MIRA INFORM REPORT

Report No. :	490284
Report Date :	08.03.2018

IDENTIFICATION DETAILS

Name :	SML (SOCIETE MINES DU LIPTAKO) SA
Registered Office :	Mali Bera Boulevard 169IB 73 Street, P. O. Box 12470, Niamey
Country :	Niger
Financials (as on) :	2017 [Summarized]
Date of Incorporation :	03.04.1999
Com. Reg. No.:	6396518
Legal Form :	Societe Anonyme
Line of Business :	Registered to Operate Mining and Exploration Services
No. of Employees :	310

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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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)
Niger	B2	B2

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

NIGER - ECONOMIC OVERVIEW

Niger is a landlocked, sub-Saharan nation, whose economy centers on subsistence crops, livestock, and some of the world's largest uranium deposits. Agriculture contributes approximately 25% of GDP and provides livelihood for 87% of the population. The UN ranked Niger as the second least developed country in the world in 2016 due to multiple factors such as food insecurity, lack of industry, high population growth, a weak educational sector, and few prospects for work outside of subsistence farming and herding.

Since 2011 public debt has increased due to efforts to scale-up public investment, particularly that related to infrastructure, as well as due to increased security spending. The government relies on foreign donor resources for a large portion of its fiscal budget. The economy in recent years has been hurt by terrorist activity and kidnappings near its uranium mines and by instability in Mali and in the Diffa region of the country; concerns about security have resulted in increased support from regional and international partners on defense. Low uranium prices, demographics, and security expenditures may continue to put pressure on the government’s finances.

Future growth may be sustained by exploitation of oil, gold, coal, and other mineral resources. Although Niger has sizable reserves of oil, the prolonged drop in oil prices has reduced profitability. Food insecurity and drought remain perennial problems for Niger, and the government plans to invest more in irrigation. Niger’s three-year $131 million IMF Extended Credit Facility (ECF) agreement for the years 2012-15 was extended until the end of 2016. In February 2017, the IMF approved a new 3-year $134 million ECF. A $437 million Millennium Challenge Account compact for Niger, commencing in FY17, will focus on large-scale irrigation infrastructure development and community-based, climate-resilient agriculture, while promoting sustainable increases in agricultural productivity and sales.

Formal private sector investment needed for economic diversification and growth remains a challenge, given the country’s limited domestic markets, access to credit, and competitiveness. Although President ISSOUFOU is courting foreign investors, including those from the US, as of April 2017, there were no US firms operating in Niger.

Source : CIA

Company name
Registered Name:	SML (SOCIETE MINES DU LIPTAKO) SA
Requested Name:	SML (SOCIETE MINES DU LIPTAKO)
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Mali Bera Boulevard 169IB 73 Street
Postal Address:	P. O. Box 12470
	Niamey,
Country:	Niger
Phone:	227-20-753036
Fax:	227-20-753040
Email:	info@smlniger.com
Website:	None
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:		Societe Anonyme
Date Incorporated:		03-April-1999
Reg. Number:		6396518
Nominal Capital		CFA. 1,000,000,000
Subscribed Capital		CFA. 1,000,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Abdelkader Cissé		MD
Mr. Hamadou Kindo		Director
Mr. Abdourazakou Abdou Moumouni		Director
Société Du Patrimoine Des Mines Du Niger (SOPAMIN)		Holding Co.		100%
RELATED COMPANIES
Société Du Patrimoine Des Mines Du Niger (SOPAMIN)		Parent company.
None		Subsidiary company.
Various in group		Affiliated companies.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate mining and exploration services
Imports:		Asia
Exports:		USA, Europe and Asia
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		Industries, firms and organizations
Employees:		310 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Niger
Location:		Owned premises, 100,000 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			15,250,000,000
BANK
Bank Name:		African Development Bank
Branch:		Niger
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 64.96
UK Pound	1	INR 90.34
Euro	1	INR 80.75
CFA	1	INR 0.12

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.