MIRA INFORM REPORT

 

 

Report Date :

23.05.2012

 

IDENTIFICATION DETAILS

 

Name :

FOURNITURE EXPO SA

 

 

Registered Office :

35, Rue Oge, Petion-ville, Haiti, HT 6140

 

 

Country :

Haiti

 

 

Year of Establishment :

1997

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Import and commercialization of office furniture

 

 

No. of Employees :

38

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Haiti

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

GEOPOLITICS – HAITI

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: High

Currency: 100 HTG = 2.38 USD

Branch Situation: Difficult

 

 

IDENTIFICATION

 

Legal Name:

Fourniture Expo SA

 

 

Legal Address

35, Rue Oge, Petion-ville, Haiti, HT 6140

 

 

Telephone:

(509) 3999-3976 / 3999-6683 / 3702-3976

NIF :

000-425-937-6

Fax:

(509) 2245-0066

Legal Form:

Societe Anonyme

Email:

cldumas@fourniturexpo.com / office@fourniturexpo.com

Registered in:

Haiti

Website:

www.fourniturexpo.com

Date Created:

1997

Manager:

Harry Claudel Dumas - General Manager

Date Incorporated:

N.A.

Staff:

38

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Import and commercialization of office furniture

 

 

BANKS

 

Name of the Bank

Capital Bank

Account Number

Confidential

Comments

N.A.

 

BUSINESS

 

HISTORY

 

The company started operating in 1997.

PRINCIPAL ACTIVITY

 

It specializes in the import and commercialization of office furniture.

Products/Services description:

 

The company sells pens, pencils, stationery, papers products, notebooks, folders, report covers, computer, printer, scanner, memory, storage, media, calculators, typewriters, chairs, desks, file storage, etc.

 

They also offers services such as delivery and assembly.

Sales are:

 

Wholesale, Retail

Brands:

 

Phoenix, Exacompta, Swintec, Esselte, HP, Hon, Compu Expo, Milan, FireKing, Filofax, among others.

Clients:

 

Government agencies (about 30% of the sales), companies (about 60% of the sales) and the general public (about 10% of the sales).

Suppliers:

 

EXACOMPTA, FRANCE

ESSELTE, FRANCE

SOTEFI, TUNISIA

Among others.

Operations area:

 

National, Local

The company imports from USA, France, Turkey, Tunisia, China and Argentina.

The company does not export

The subject employs 38 employee(s)

PAYMENTS

 

made on a 45 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company is headquartered at 35, Rue Oge, Petion-ville, Haiti, HT 6140.

The property is:

 

Owned

Comments on location:

 

The administrative office and operations of the company can be found at the above listed address.

 

Note: The company does not have anymore the branch located at 284, Avenue John Brown, Bourdon, Port-au-Prince Haiti.

Branches:

 

No branches were reported.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The company is privately held and Mr. Harry Claudel Dumas is the major shareholder.

Management:

 

Mr. Harry Claudel Dumas, General Manager

Mr. Jean-Emmanuel Castera, Executive Director



Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have contacted Mr. Castera, Executive Director, who provided us with the following data (estimates): 2008 Revenue.

 

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

Currency

DATE

 

USD

2011

 

Turnover

3,700,000

 

Operating Income

117,000

 

Net Income

109,000

 

Net worth

890,000

 

Bank liabilities

90,000

 

The cash flow is

normal

 

 

Currency

DATE

USD

2008

Turnover

2,500,000

Operating Income

200,000

The cash flow is

normal



 




 

Comments on the financial data: For the last 3 years (2004-2007) the companys revenue has been between USD 1,900,000 and USD 2,400,000.

The 2011 financial figures were not verified by the company.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 




Rating

 

Local credit bureau gave a normal credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

The company has 15 years of experience. They currently have the support of 38 employees for this reason it is considered a small sized company.

 

The company is engaged in the importation and commercialization of office furniture and supplies.

 

The company also deals with a well known bank in Haiti.

 

The figures available show that the company has a controlled indebtedness and that the cash is normal.

 

As we mentioned above, the 2011 financial figures were not verified by the company.

 

Also, our searches revealed that the payments are regular.

 

Considering the information gathered, we suggest guarantees when dealing with this company based on the current situation of the country.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

CORRECT

Public

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Person Interviewed

 

Harry Claudel Dumas

Position

 

General Manager

Comments

 

Mr. Harry C. Dumas with whom we spoke requested an email in order to help us.

 

So far we have not received any answer from him.

 

We tried as well to speak with Mr. Castera but he was not available.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.86.84

Euro

1

Rs.70.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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%)

 

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.