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Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
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Name : |
CORLAY |
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Formerly Known As : |
TEXACO CAMEROUN SA |
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Registered Office : |
BP 214 |
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Country : |
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Date of Incorporation : |
10.07.2009 |
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Legal Form : |
Societe Anonyme |
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Line of Business : |
Oil, petroleum and gas distributors |
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No. of Employees : |
550 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Cameroon |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Cameroon - ECONOMIC OVERVIEW
Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. Subsidies for electricity, food, and fuel have strained the budget. New mining projects - in diamonds, for example - have attracted foreign investment, but large ventures will take time to develop. Cameroon's business environment - one of the world's worst - is a deterrent to foreign investment.
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Source : CIA |
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COMPANY REPORTED: |
CORLAY CAMEROUN |
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Trade Names: |
CORLAY CAMEROUN SA |
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Former Names: |
TEXACO CAMEROUN SA |
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Principal Address: |
BP 214 Douala, Cameroun |
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Telephone: |
+237-33-423028/429989/430073/430958 |
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Fax: |
+273-33-428312/433036 |
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Email: |
None |
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Internet: |
None |
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Established: |
10/07/2009 |
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Registration: |
Cameroun |
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Legal Form: |
Societe Anonyme |
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Stock Listing: |
Not Listed |
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Workforce: |
2011 |
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550 |
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Office & Factories |
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Head offices |
114, Boulevard De La
Liberté, Douala, Cameroun |
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Branches |
In Yaounde and
Bafoussam, Cameroun |
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130 service station in
Cameroun |
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Management/ Directors |
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President/ CEO (1) |
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Name |
Mr.
Dabo Mohamadou |
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Active in daily
business: |
Active |
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Current Title: |
Chairman |
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Country of residence |
Cameroun |
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Remarks |
Top Decision Maker |
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Director (2) |
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Name |
Mr.
Emmanuel Forson |
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Active in daily
business: |
Active |
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Current Title: |
Managing
Director |
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Country of residence |
Cameroun |
No negative information found.
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Company Profile: |
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Nominal Capital |
CFA.
1,000,000 |
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Paid in Capital |
CFA.
1,000,000 |
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Subscribed Capital |
CFA.
1,000,000 |
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Shareholders |
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Name |
Position |
Amount
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Ratio |
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Mr.
Dabo Mohamadou |
Chairman |
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Mr.
Emmanuel Forson |
MD |
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Mr.
Jean Sadrick Bikai |
Finance |
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Mr.
Sayyu Dantata |
Director |
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Mr.
Patrice Alberti |
Director |
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Mr.
Musa Yahaya |
Director |
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Corlay
Global S.A. |
Holding Co. |
|
100.00% |
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Total |
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100.00% |
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Terms of payment |
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Buying terms |
70% in cash, 30% on LC,
TT |
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Selling terms |
80% in cash, 20% on
credit |
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Suppliers |
Various companies |
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Customers |
Public, Industries,
firms and organizations |
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Recent Sales |
CFA. 3,600,000,000 (2011 Estimated) |
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Exports |
Africa |
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Export Ratio |
10.0% |
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Import Ratio |
30.0% |
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Domestic Market Share |
20.0% |
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Affiliated Companies |
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Company (1) |
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Company (2) |
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Company (3) |
CORLAY BENIN |
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Company (4) |
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Company (5) |
PETRO WEST LIMITED |
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Exchange Rate |
US$ 1 = CFA. 514.64 |
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Business Activities |
Oil,
petroleum and gas distributors |
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Business Premises |
10000 Sft |
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Type of occupation |
Leased |
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Location |
The subject is located
close to a major road network |
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Premises used as
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Offices |
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Banking relationship |
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Main Banks |
Commercial Bank of
Cameroon (CBC) |
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Credit Check of Subject,
President & CEO (as of report date) |
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Payment Morale: |
In the documents at our
disposal nothing adverse has been shown so far. |
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CREDIT RATING: |
Financial situation is average. |
Corlay Global S.A. is a direct subsidiary of the consortium MRS Holdings Ltd and Petroci Holding.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.