Company name and address

SPECIFIC NAMES OF PRODUCTS /SERVICES

CAPITAL STRUCTURE

MANAGEMENT

MAJOR SHAREHOLDERS

TRADE REFERENCE AND RELATED PARTIES

BANK DETAILS

MIRA INFORM REPORT

3decades

Report No. :	508626.2
Report Date :	31.05.2018

IDENTIFICATION DETAILS

Name :	SHNC AND CEFE J.V

Registered Office :	Barakai St., Suite 14, Kalemzai Tower, Parwan 2, Kabul

Country :	Afghanistan

Date of Incorporation :	30.09.2012

Com. Reg. No.:	101801

Legal Form :	Joint Venture

Line of Business :	Service Provider of Petroleum, Logistics & amp; Transportation, Construction, Consultancy.

No. of Employees :	40

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Unknown

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)

Afghanistan

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

AFGHANISTAN - ECONOMIC OVERVIEW

Afghanistan is gradually recovering from decades of conflict. Before 2014, the economy had sustained nearly a decade of strong growth, largely because of international assistance. Since 2014, however, the economy has slowed, in large part because of the withdrawal of nearly 100,000 foreign troops that had artificially inflated the country’s economic growth. Despite improvements in life expectancy, incomes, and literacy since 2001, Afghanistan is extremely poor, landlocked, and highly dependent on foreign aid. Much of the population continues to suffer from shortages of housing, clean water, electricity, medical care, and jobs. Corruption, insecurity, weak governance, lack of infrastructure, and the Afghan Government's difficulty in extending rule of law to all parts of the country pose challenges to future economic growth. Afghanistan's living standards are among the lowest in the world.

The international community remains committed to Afghanistan's development, pledging over $83 billion at ten donors' conferences between 2003 and 2016. In October 2016, the donors at the Brussels conference pledged an additional $3.8 billion in development aid annually from 2017 to 2020. Despite this help, the Government of Afghanistan will need to overcome a number of challenges, including low revenue collection, anemic job creation, high levels of corruption, weak government capacity, and poor public infrastructure.

In 2017 Afghanistan's growth rate was only marginally above that of the 2014-2016 average. The drawdown of international security forces that started in 2012 has negatively affected economic growth, as a substantial portion of commerce, especially in the services sector, has catered to the ongoing international troop presence in the country. Afghan President Ashraf GHANI Ahmadzai is dedicated to instituting economic reforms to include improving revenue collection and fighting corruption. The government has implemented reforms to the budget process and in some other areas. However, many other reforms will take time to implement and Afghanistan will remain dependent on international donor support over the next several years.

Source : CIA

NOTE: In absence of company financials, no credit limit could be recommended.

Company Name (legal name)	SHNC AND CEFE J.V Construction,Road Building
Other business name used	ساختمانی سرکسازی اس اچ ان سي و سي اي اف اي جي.وي CEFE JV
Business Address	Barakai St., Suite 14, Kalemzai Tower, Parwan 2, Kabul , Afghanistan
Tel No	+93 786 688 080 +93 797 767 522 +93 700 053 073	Fax No	+93
E-mail	info@cefegroup.com	Website	www.cefegroup.com

Location :

Owned

Rented

Leased

Area

Sq. ft.

Type (M, I, T, E, S)	Service Provider		Industry		Construction,Road Building
Date of Incorporation	30 Sep, 2012		Authorized Capital (local)				202,000,000 AFN
Chairman’s name	Zabihullah Ziarmal			Sex			Male
Legal Form (General)	Public Listed Co Joint-stock company Foreign Co State-owned Co Sole Proprietorships Partnership Limited Liability Co Joint Venture others (please specify)
Legal Form (Specific)	CO LLC LTD JSC EST JV others (please specify)
Registered No. (License Number)	101801	AISA				I-41809
Issuing Authority	Ministry of Trade Afghanistan Investment Support Agency Afghanistan Central Business Registry ________ Others

No. of Employees :	In Office :	40	In Factory :
	In Branch :		Total :

Main Products & Services

CEFE Group International is a pure Afghan investment group of companies lead by a team of Afghan professionals along with expat workers.

Company Overview / Historical Events

CEFE has entered the Afghan Market after completing any required registrations and documentation through a step by step process of investment, starting from the CEFE Consulting; to Ajeer Institute; to CEFE Construction; CEFE Petroleum, and still finally to CEFE Trading & Logistics.

CEFE Group Petroleum Division is operating under Cefe Group Holding’s umbrella as an oil and gas supplier with operating licenses in Afghanistan, Turkmenistan and Middle East.

Activity (M, I, E, T, S)	Detailed Products
Service Provider	Petroleum, Logistics & Transportation, Construction, Consultancy

Note: (M) Manufacture; (T) Trader; (I) Importer; (E) Exporter; (S) Service

Authorized Capital

202,000,000 AFN

No. of Shares

202,000

Share Value :

1,000

Paid-up Capital

202,000,000 AFN

No. of Shares

202,000

Share Value :

1,000

First name	Zabihullah	Last Name	Ziarmal	Age
Nationality	Afghan	Job Description	President	Sex	Male

First name

Munshi Abdus

Last Name

Shalek Reza

Age

Nationality

Afghan

Job Description

Program Manager

Sex

Male

First name	Michael	Last Name	Owhadi	Age
Nationality	American	Job Description	Vice President	Sex	Male
Department		Email address
Other details

First name

Ulfat

Last Name

Omerkhail

Age

Nationality

Afghan

Job Description

Finance Manager

Sex

Male

First name

Gregory

Last Name

Maroko

Age

Nationality

American

Job Description

Human Resources and Administration

Sex

Male

Names of Shareholders	% of Shares
Parent company :
CEFE Group International House#8, Street#7, Taimani (Old), Kabul Afghanistan Tel : +93 786 688 080 Email : info@cefegroup.com www.cefegroup.com	50 50
SHNC Construction - Afghanistan

Detailed Data

Subsidiaries (*)

CEFE Trading and Logistics Ltd (Afghanistan)

Note (*): Please indicate the country, company name, address and contact details

Type of Office :

Commercial Office Bldg

Semi-commercial office Bldg

Industrial Park

Business Center

Home Office

Residential Bldg

Bank Name :	Afghanistan International Bank
Bank Address :	Kabul, Afghanistan

Bank Name :	Banke Millie Afghan
Bank Address :	Kabul, Afghanistan

ADDITIONAL INFORMATION

USA Office:

712 H Street NE, Suite 1010 Washington DC 20002 United States of America

UAE Office:

P.O. Box 336827, Jumeirah Lake Towers, Cluster I, Silver Tower, Office 12G, Dubai – UAE

Tel : +971 (4) 3685226
Tel :+971 (4) 430 8373

Reporter Comment Date: 30/05/2018

Name/Title:

The subject refused us

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.62
UK Pound	1	INR 89.70
Euro	1	INR 78.19
AFN	1	INR 0.95

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

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.