MIRA INFORM REPORT

 

 

Report Date :

06.09.2012

 

IDENTIFICATION DETAILS

 

Name :

GREENCARE INTERNATIONAL FZE

 

 

Registered Office :

P.o. Box 2827 Freezone

 

 

 

 

Country :

Djibouti

 

 

 

 

Date of Incorporation :

21.04.2006

 

 

 

 

Legal Form :

Limited Liability Company, Limited by shares

 

 

 

 

Line of Business :

Import and distribution of Asphalt

 

 

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Djibouti

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

DJIBOUTI - ECONOMIC OVERVIEW

 

The economy is based on service activities connected with the country's strategic location and status as a free trade zone in the Horn of Africa. Two-thirds of Djibouti's inhabitants live in the capital city; the remainder are mostly nomadic herders. Scanty rainfall limits crop production to fruits and vegetables, and most food must be imported. Djibouti provides services as both a transit port for the region and an international transshipment and refueling center. Imports and exports from landlocked neighbor Ethiopia represent 70% of port activity at Djibouti's container terminal. Djibouti has few natural resources and little industry. The nation is, therefore, heavily dependent on foreign assistance to help support its balance of payments and to finance development projects. An unemployment rate of nearly 60% in urban areas continues to be a major problem. While inflation is not a concern, due to the fixed tie of the Djiboutian franc to the US dollar, the artificially high value of the Djiboutian franc adversely affects Djibouti's balance of payments. Per capita consumption dropped an estimated 35% between 1999 and 2006 because of recession, civil war, and a high population growth rate (including immigrants and refugees). Djibouti has experienced relatively minimal impact from the global economic downturn, but its reliance on diesel-generated electricity and imported food leave average consumers vulnerable to global price shocks.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

GREENCARE INTERNATIONAL FZE

Principal Address:

P.o. Box 2827 Freezone, Djibouti

Telephone:

+253-21355463

Fax:

+253-21355463

Email:

greencarefze@gmail.com

Internet:

None

Established:

21/4/2006

Registration:

Djibouti, Djibouti

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

20

 

 

 

Office & Factories

Head offices

Freezone industrial Area, Djibouti, Djibouti

Branches

None

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

President/ CEO (1)

Name

Mr. Mesele Belihu

Active in daily business:

Active

Current Title:

Managing Director

Country of residence

Djibouti

Remarks

Top Decision Maker

 

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.

 

NEGATIVE INFORMATION

 

No negative information found

 

SHARE & SHARE CAPITAL INFORMATION

 

Company Profile:

Nominal Capital

DJF. 1,000,000

Paid in Capital

DJF. 1,000,000

Subscribed Capital

DJF. 1,000,000

Shareholders

Name

Position

   Amount  

       Ratio

Mr. Mesele Belihu

MD

 

 

Total

 

 

100.00%

 

PAYMENT INFORMATION

 

 

Terms of payment

Buying terms 

30% in cash, 70% on credit

Selling terms

80% in cash, 20% on credit

Suppliers

None Stated

Customers

Firms and organizations

 

 

Recent Sales

DJF. 250,000,000  (2011 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

20.0%

Domestic Market Share

10.0%

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

FINANCIAL INFORMATION

 

N/a

 

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = DJF. 180.98

 

ADDITIONAL INFORMATION

 

Established:

21/4/2006

Registration:

Djibouti, Djibouti

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

20

 

 

 

Office & Factories

Head offices

Freezone industrial Area, Djibouti, Djibouti

Branches

None

 

Business Activities

Import and distribution of Asphalt

 

Business Premises

1000 Sft

Type of occupation                                              

Leased

Location 

The subject is located close to a major road network                      

Premises used as                                                

Offices

 

Banking relationship

Main Banks

Banque de Djibouti et du Moyen Orient SA

 

NOTES & COMMENTS

 

--

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.89

UK Pound

1

Rs.88.63

Euro

1

Rs.70.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.