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Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
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Name : |
STE INOVA |
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Registered Office : |
C/1063 Bd Du |
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Country : |
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Date of Incorporation : |
15.04.2012 |
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Com. Reg. No.: |
12/B8566 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
dealers in general merchandise such as manufacture
and supply of foot wear products etc |
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No. of Employees : |
05 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
|
|
C1 |
C1 |
|
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 |
BENIN - ECONOMIC OVERVIEW
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output had averaged almost 4% before the global recession but fell to 2.7% in 2009 and 2.6% in 2010. Inflation has subsided over the past several years. In order to raise growth, Benin plans to attract more foreign investment, place more emphasis on tourism, facilitate the development of new food processing systems and agricultural products, and encourage new information and communication technology. Specific projects to improve the business climate by reforms to the land tenure system, the commercial justice system, and the financial sector were included in Benin's $307 million Millennium Challenge Account grant signed in February 2006. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture. The Paris Club and bilateral creditors have eased the external debt situation with Benin benefiting from a G-8 debt reduction announced in July 2005, while pressing for more rapid structural reforms. An insufficient electrical supply continues to adversely affect Benin''s economic growth though the government recently has taken steps to increase domestic power production. Private foreign direct investment is small, and foreign aid accounts for the majority of investment in infrastructure projects. Cotton, a key export, suffered from flooding in 2010-11, but high prices supported export earnings. The government agreed to 25% increase in civil servant salaries in 2011, following a series of strikes, has increased pressure on the national budget. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory.
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Source : CIA |
Registered Name: STE INOVA BENIN
Requested Name: STE
INOVA BENIN
Other Names: SOCIETE
INOVA BENIN
Physical Address: C/1063 Bd Du Canada, Cotonou
Postal Address: 04 BP 0784
Cotonou,
Country: Benin
Phone: 229-95969538
Fax: 229-21305815
Email: None
Website: None
Projected Financial Index as of December 2012 shows subject firm with a
medium risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 05/4/2012
Reg. Number: 12/B8566
Nominal Capital CFA. 1,000,000
Subscribed Capital CFA. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Michael Didier GM
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as dealers in general merchandise such as
manufacture and supply of foot wear products etc
Imports: Asia,
Africa
Exports: None
Trademarks: None
Terms of sale: Cash
(80%) and 25-90 days (20%), invoices.
Main Customers: General
Public
Employees: 5
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Benin
Location: Rented
premises, 800 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: West Africa XOF (CFA.)
Approx. Ex. Rate: 1 US Dollar = 508.85 West Africa XOF
Projected Fiscal
Year End: December 31, 2012
Projected
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2012 was of 13%.
Financial
Information not Submitted
Projected Profit and Loss (expressed in CFA.)
2012
Projected Sales 110,000,000
Bank Name: ECOBANK
Branch: Benin
Comments: None
None
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
UK Pound |
1 |
Rs.88.38 |
|
Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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.