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Senegal market is very slow at present. With heavy stock and low sales, there is
fierce competition in the market. None of the importers are making profit.
Companies like LULU group and ETG are closing their business. Importers are
putting packaging units for duty benefits and better realisation.
With drop in international commodity prices, the market is expected to go down
further.
Only products selling now are rice and sugar which are under import quota
restrictions.
The duty for oil has gone up to 8,000,000 fcfa with customs being very strict on
oil imports. Hence, the prices of oil have shot to 14,900 FCFA.
The imports have slowed down in Senegal and hence the govt. department are
trying all means to cover the revenue deficit.
Liquidation progress:
1. Total Stock liquidated till 15th:
On Cash and 10 days credit: 2021 Bags
MILK
LAND
Two Cows
Maxymilk
Fonterra
1401
376
22
222
Debtors status
Cash flow:
Since we refused to work with our clearing agent, we lost the opportunity for
consistent cash flows. Based on the sales assumption, price assumption; we
expect to have 250,000 USD transferred in the month of August.
The sales realisation for august will happen in September and hence we expect
to transfer 400,000 USD in September.
Rest should be transferred by October.
The old debtors should be over the sales remittance to Dubai.
Met the Judge in Djourbel on a personal visit to him and tried to understand the
situation. He said that he will do his best to see that we have the result very fast.
He said that personally he feels that the verdict should be in our favour. The
issue is the time as the convict has a number of criminal cases pending against
him. The convict is still in prison.