MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	STE VEEKARO TRADELINK SARL

Registered Office :	C/1008-1012 Zone des Ambassade Cotonou, Atlantic

Country :	Benin

Date of Incorporation :	15.09.2004

Legal Form :	Societe Anonyme Responsabilite Limitee.

Line of Business :	Import and distribution of general merchandise such as health products, beauty products, food products, alcoholic beverages etc

No. of Employees :	40

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Benin

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

SUBJECT'S NAME

Registered Name:	STE VEEKARO TRADELINK SARL
Requested Name:	STE VEEKARO TRADELINK SARL
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	C/1008-1012 Zone des Ambassade Cotonou, Atlantic
Postal Address:	C/1008-1012 Zone des Ambassade Cotonou, Atlantic
Country:	Republique Du Benin
Phone:	229-93479026/97886763/93235291
Fax:	229-97886763
Email:	None
Website:	None

LEGAL

Legal Form:	Societe Anonyme Responsabilite Limitee.
Date Incorporated:	15-Sept-2004
Reg. Number:	Benin
Nominal Capital	CFA. 1,000,000
Subscribed Capital	CFA. 1,000,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Dr. Dossu Akuffor	MD
Mr. Marculay Umaru	Director
Dr. Musa Diouf	Director

RELATED COMPANIES

None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
None	Branches of the firm

OPERATIONS

Registered to operate import and distribution of general merchandise such as health products, beauty products, food products, alcoholic beverages etc
Imports:	Asia
Exports:	None
Trademarks:	None
Terms of sale:	Cash (40%) and 25-90 days (60%), invoices.

Main Customers:	firms and organizations
Employees:	40 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Benin
Location:	Leased premises, 2,000 square feet,

AUDITORS AND INSURANCE

Auditors:	Information not available.
Insurance Brokers:	Information not available.

FINANCE

Currency Reported:	West African Franc (CFA.)
Approx. Ex. Rate:	1 US Dollar = 509.52 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	308,500,000	338,800,000

BANK

Bank Name:	Eco Bank
Branch:	Benin
Comments:	None

TRADE REFERENCES

Experiences:	Good

NOTARIAL BONDS	None

COMMENTS / ADDITIONAL INFORMATION

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.52.69
UK Pound	1	Rs.85.71
Euro	1	Rs.68.14

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.