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Report Date : |
01.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ECO BANK |
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Registered Office : |
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Country : |
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Year of Establishment : |
1988 |
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Com. Reg. No.: |
N° RCCM / RB/COT/15054 B |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Operate as a banking institution providing financial services and related solutions |
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No. of Employees : |
399 employees. |
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RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Benin |
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 |
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.
Source : CIA
Registered Name: ECO BANK
Requested Name: ECO
BANK
Other Names: None
Physical Address: Cotonou, Cadjehoun, Carrefour Voie 40 Cadjehoun
Postal Address: 01 BP 1280
Cotonou (Littoral/Atlantique)
Country: Benin
Phone: 229-21301344/313069
Fax: 229-21300938/313385
Email: ecobankbj@ecobank.com
Website: www.ecobank.com
Financial Index as of December 2011 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 1988
Reg. Number: N°
RCCM / RB/COT/15054 B
Nominal Capital CFA. 17,000,000,000
Subscribed Capital CFA. 17,000,000,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Kolapo Lawson Chairman
Mr. André Siaka Vice Chairman
Mr. Arnold Ekpe Group CEO
Mr. Albert Essien Deputy Group CEO
Mr. Kwasi A.
Boatin Director
Mr. Paulo Gomes Director
Mr. Arnold Ekpe Director
Mr. Babatunde
Ademola M. Ajibade Director
Mr. Isyaku Umar Director
Mrs. Laurence do
Rego Director
Mr. Assaad J.
Jabre Director
ECOBANK GROUP Holding Co 100%
ECOBANK GROUP Parent company.
None Subsidiary company.
Various in Africa Affiliated company.
None Shareholder of subject firm.
29 in Benin Branches of the firm
Registered to operate as a banking institution providing financial
services and related solutions
Imports: Asia,
Europe
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Individuals,
firms and organizations
Employees: 399
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Benin
Location: Owned
premises, 10,000 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: West African Franc (CFA.)
Approx. Ex. Rate: 1 US Dollar = 507.31 West African Franc
Fiscal Year End: December
31, 2011
Inflation:
According
to information given by independent sources, the inflation at December
31st, 2011 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in CFA.)
2010 2011
Sales 685,000,000,000 743,500,000,000
Bank Name: BCEAO
Branch: Benin
Comments: None
Experiences: Good
None
This information was obtained from outside sources other than the subject
company itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.69 |
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1 |
Rs.85.71 |
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Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.