MIRA INFORM REPORT

Report No. :	495401
Report Date :	22.03.2018

IDENTIFICATION DETAILS

Name :	SANIFER SARL
Registered Office :	Lot LI I 20 AA Morarano Route Deu Pape B.P.1481 Antananarivo
Country :	Madagascar
Date of Incorporation :	12.06.1983
Com. Reg. No.:	RC44729
Legal Form :	Societe Anonyme Responsabilitee Limitee
Line of Business :	Subject operate as traders and dealers in building and construction materials and related products
No. of Employees :	70

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)
Madagascar	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

MADAGASCAR - ECONOMIC OVERVIEW

Madagascar is a mostly unregulated economy with many untapped natural resources, but no capital markets, a weak judicial system, poorly enforced contracts, and rampant government corruption. The country faces challenges to improve education, healthcare, and the environment to boost long-term economic growth. 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 bushfires, slash-and-burn clearing techniques, and the use of firewood as the primary source of fuel, are serious concerns to the agriculture dependent economy.

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 to 2013. The strategy had 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. Madagascar produces around 80% of the world’s vanilla supply; although supply was constrained by hurricane-related damage in 2017, international demand drove prices to record highs, increasing export earnings for Malagasy vanilla. Madagascar’s financial sector remains weak, limiting the use of monetary policy to control inflation, but an ongoing IMF program aims to strengthen financial and investment management capacity.

Source : CIA

Company NAME

Registered Name:	SANIFER SARL
Requested Name:	SANIFER
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Lot LI I 20 AA Morarano Route Deu Pape,
Postal Address:	B.P.1481
	Antananarivo,
Country:	Madagascar
Phone:	261-20-2253081/202242122/5319835199//2253082
Fax:	261-20-2253080
Email:	sanifer@dts.mg/sanifer.mga@blueline.mg
Website:	www.sanifer.mg
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 Responsabilitee Limitee
Date Incorporated:		12-June-1983
Reg. Number:		RC44729
Nominal Capital		MGA. 1,500,000
Subscribed Capital		MGA. 1,500,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Abdelkarim Mejbar		MD		60%
Mr. Rivo Randrianarijaona		Director		10%
Mrs. Séverine Munoz		Director		15%
Mr. Randrianovona Solofo		Director		15%
Ms. Susana Galeano Alfaro		Manager
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
Mr. Abdelkarim Mejbar Mr. Rivo Randrianarijaona Mrs. Séverine Munoz Mr. Randrianovona Solofo		Shareholders of subject firm.
Tanjombato and Jumbo Score Zoom Ankorondrano in Madagascar		Branches of the firm
OPERATIONS
Registered to operate as traders and dealers in building and construction materials and related products
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, distributors, firms and organizations
Employees:		70 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:		Malagasy Ariary (MGA.)
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 MGA.)
			2017
Sales			6,850,000,000
BANK
Bank Name:		Banque Industrielle et Commerciale de Madagascar
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	INR 65.22
UK Pound	1	INR 91.33
Euro	1	INR 79.96
MCA	1	INR 0.021

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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