MIRA INFORM REPORT

 

 

Report Date :

17.11.2012

 

IDENTIFICATION DETAILS

 

Name :

Rising Sun International Sarl U

 

 

Registered Office :

 

26 BP 311 Abidjan 26

 

 

 

 

Country :

Ivory Coast (Cote D’Ivoire)

 

 

 

 

Date of Incorporation :

29.10.2010

 

 

 

 

Com. Reg. No.:

CI-ABJ-2010-B-4855

 

 

 

 

Legal Form :

Societe Anonyme Responsabilite Limitee

 

 

 

 

Line of Business :

Dealers in Agricultural Products, Wood Products and Related Facilities.

 

 

 

 

No. of Employees :

20

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Ivory Coast (Cote D’Ivoire)

C1

C1

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

IVORY COAST - ECONOMIC OVERVIEW

 

Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly 68% of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products, and, to a lesser extent, in climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country is also producing gold. Since the end of the civil war in 2003, political turmoil has continued to damage the economy, resulting in the loss of foreign investment and slow economic growth. GDP grew by more than 2% in 2008 and around 4% per year in 2009-10. Per capita income has declined by 15% since 1999 but registered a slight improvement in 2009-10. Power cuts caused by a turbine failure in early 2010 slowed economic activity. Cote d'Ivoire in 2010 signed agreements to restructure its Paris Club bilateral, other bilateral, and London Club debt. Cote d'Ivoire's long term challenges include political instability and degrading infrastructure. In late 2011, Cote D'Ivoire's economy was recovering from a severe downturn of the first quarter of the year that was caused by widespread post-election fighting.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

RISING SUN INTERNATIONAL SARL U

Actual Names:

RISING SUN INTERNATIONAL SARL (RSI)

Principal Address:

26 BP 311 Abidjan 26, Ivory Coast (Cote D’Ivoire)

Telephone:

+225-21350711

Fax:

+225-21350569

Email:

None

Internet:

None

Established:

29/10/2010

Registration:

CI-ABJ-2010-B-4855

Legal Form:

Societe Anonyme Responsabilite Limitee.

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

20

 

 

 

Office & Factories

 

Head offices

Rue De Majorettes, Bietry Lot No. 389, Abidjan, Ivory Coast (Cote D’Ivoire)

Branches

None

 

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

 

President/ CEO (1)

 

Name

Mr. Tulsiani Prakash Narain

Active in daily business:

Active

Current Title:

Managing Director

Country of residence

Ivory Coast (Cote D’Ivoire)

Remarks

Top Decision Maker

 

 

Director (2)

 

Name

Mr. Charles Amon

Active in daily business:

Active

Current Title:

Director

Country of residence

Ivory Coast (Cote D’Ivoire)

 

Ž  Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.

 

Credit Check of Subject, President & CEO (as of report date)

Payment Morale:

: In the documents at our disposal nothing adverse has been shown so far.

CREDIT RATING:

: Financial situation is average.

 

 

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Company Profile:

 

Nominal Capital

CFA. 50,000,000

Paid in Capital

CFA. 50,000,000

Subscribed Capital

CFA. 50,000,000

Shareholders

 

Name

Position

   Amount  

       Ratio

Mr. Tulsiani Prakash Narain

MD

 

 

Mr. Charles Amon

Director

 

 

Mr. Rajnish Dhiman

Accounts

 

 

Total

 

 

100.00%

 

 

PAYMENT INFORMATION

 

 

Terms of payment

Buying terms 

30% in cash, 70% on credit

Selling terms

80% in cash, 20% on credit

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

 

FINANCIAL INFORMATION

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = CFA. 516.75

 

 

ADDITIONAL INFORMATION

 

Business Activities

Dealers in agricultural products, wood products and related facilities

Suppliers

Various companies

Customers

Local agencies, outlets etc

 

 

Recent Sales

CFA. 980,000,000  (2011 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

40.0%

Domestic Market Share

20.0%

Business Premises

2000 Sft

Type of occupation                                              

Rented

Location 

The subject is located close to a major road network                      

Premises used as                                               

Offices

Banking relationship

 

Main Banks

ECOBANK

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.