MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
BELL BENIN COMMUNICATIONS SA |
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Registered Office : |
Carré 185, Place Bulgarie, Cotonou |
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Country : |
Benin |
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Date of Incorporation : |
30.01.2001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Mobile Communication
Service Company, Offering a full GSM Coverage on 900 and 1800 Mhz. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
Company name
BELL BENIN COMMUNICATIONS SA
address
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Physical
address : Mailing
address : Telephone : Fax : |
Carré 185, Place Bulgarie, Cotonou, Benin 01 BP 2905 – Cotonou 01- Benin 229-21.30.52.00 229-21.30.84.84 |
summary
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Corporate
ID# : State : Judicial
form : Date
incorporated : Stock
value : Name of manager: |
26922-B Cotonou S.A. 01-30-2001 100,000,000 CFA (approx. USD 244,966=) Salifou ISSA |
ACTIVITIES
& OPERATIONS
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Business Staff: |
Bell Benin Communications
is a mobile communication service company, offering a full GSM coverage on
900 and 1800 Mhz. 35 |
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Operations & branches: |
At above address, we find
the corporate office, on lease. |
SHAREHOLDERS & MANAGERS
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Shareholders : |
This is privately held
and managed company. |
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Management : |
Salifou ISSA is the
Director and CEO. As far as we know, he is
not involved in other local business. |
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Subsidiaries
& Partnership : |
None |
FINANCIALS
On December 30, 2007, the
corporate office of the Company were closed by proclamation of the Tax Office, due to non payment of more
of 1 billion CFA.
An agreement was found but
the company is still under a very difficult tax control.
No financials could be
obtained.
Banks
Bank of Africa – Benin
Avenue Pape Jean-Paul II – 08 BP 0879
Cotonou
Tél. : (229) 21 31 32 28
Fax : (228) 21 31 31 17
LEGAL FILINGS
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Legal filings
& complaints : |
There are several legal filings
pending with the Tax Office. |
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Secured debts
summary : |
- |
COUNTRY
MARKET ANALYSIS & FORECAST
The improvement of the
business connections with Nigeria and the désengorgement of the Port of Cotonou
doped the activity of re-exportation in 2007. However, the shortage of energy,
consecutive to the drought, and an afraid resumption of the cotton production
moderated the economic stimulus plan begun in 2006.
In 2008, the activity
should benefit at the same moment from the normalization of the relations with
Nigeria, from the increase of the cotton production as well as from the pursuit
of the reforms (disengagement of the State of the cotton company SONAPRA and
privatization of the management of the Port of Cotonou). The growth remains
however vulnerable in the climatic chances, in the inspiration of oil prices
and in the resurgence of commercial tensions with the regional partners.
The public finances remain
affected by the narrow-mindedness of the fiscal base, limited by the poverty
and the scale of the informal economy, while the public investments and the
checking of arrears press on the expenses. For all that, the need of financing
interns house widely covered by the international assistance.
The current balance, as for
it, should continue to improve in 2008 thanks to the increase of the cotton
exports and to the good orientation of the world prices which compensate,
partially, for the increase of the imports of the capital goods and the
heaviness of the oil invoice. The reduction of the debt servicing, further to
the cancellations of bilateral and multilateral debt in 2005, and the
importance of the international assistance allow Benin to cover widely its need
of external financing and to post a level of very comfortable reserve.
The narrow majority
obtained by the governmental coalition in the general election of March, 2007,
strengthen the capacity of the President Bonus Yayi to pursue the structural
reforms engaged in the sectors of the cotton (sector which employs the quarter
of the population), of the electricity, the telecommunications and the harbour
facilities.
Major
European export credit insurance companies estimate that uncertainties in the
economic and financial plan and sometimes difficult environment of the business
may affect behavior of payment.
COMPANY
CREDIT HISTORY
The Company is facing
difficulties with the Tax Department due to non payment of several amounts
since 3 years.
All accounts are being
controlled by State agents.
Our opinion:
We suggest you to be
extremely careful.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.32 |
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UK Pound |
1 |
Rs.74.20 |
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Euro |
1 |
Rs.60.73 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)