MIRA INFORM REPORT

 

 

Report Date :

04.04.2013

 

IDENTIFICATION DETAILS

 

Name :

AQUA SYSTEM SA

 

 

Registered Office :

101 Rue Lambert, Petionville, Haiti

 

 

Country :

Haiti

 

 

Date of Incorporation :

2007

 

 

Legal Form :

Not Available

 

 

Line of Business :

Distributor of water systems.

 

 

No. of Employees :

10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

 

 

Payment Behaviour :

Slow  

 

 

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)

Haiti

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HAITI - ECONOMIC OVERVIEW

 

Haiti is a free market economy that enjoys the advantages of low labor costs and tariff-free access to the US for many of its exports. Poverty, corruption, and poor access to education for much of the population are among Haiti's most serious disadvantages. Haiti's economy suffered a severe setback in January 2010 when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas. Already the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake inflicted $7.8 billion in damage and caused the country's GDP to contract 5.4% in 2010. Following the earthquake, Haiti received $4.59 billion in internatioonal pledges for reconstruction, which has proceeded slowly. Two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. US economic engagement under the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act, passed in December 2006, has boosted apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the legislation until 2020 under the Haiti Economic Lift Program Act (HELP); the apparel sector accounts for about 90% of Haitian exports and nearly one-tenth of GDP. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP and more than twice the earnings from exports. Haiti suffers from a lack of investment, partly because of limited infrastructure and a lack of security. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. Haiti received debt forgiveness for over $1 billion through the Highly-Indebted Poor Country initiative in mid-2009. The remainder of its outstanding external debt was cancelled by donor countries following the 2010 earthquake but has since risen to over $600 million. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources. The MARTELLY administration in 2011 launched a campaign aimed at drawing foreign investment into Haiti as a means for sustainable development

Source : CIA

GEOPOLITICS – HAITI

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: High

Currency: 100.00 HTG  =  2.33918 USD

Branch Situation: Difficult

 

 

IDENTIFICATION

 

Ordered as:

AQUA SYSTEM SA

Address in the order:

BLVD TOUSSAINT LOUVERTUREPORT AU PRINCE, HAITI

Comments on data supplied:

Dear Client, we have found registries of a company doing business as "AQUA SYSTEM S.A." in Haiti. However, we could not find any relation to the address provided in the order. We are providing you a report on the data found.

 

Legal Name:

AQUA SYSTEM SA

 

 

Legal Address

101 Rue Lambert, Petionville, Haiti. (not verified)

 

Operative Address

101 Rue Lambert, Petionville, Haiti. (not verified)

 

Telephone:

+509-257-1041 // 401-2019 (not in service)

Registration Number :

N.A.

Fax:

N.A.

Legal Form:

N.A.

Email:

N.A.

Registered in:

Haiti

Website:

N.A.

Date Created:

-

Manager:

N.A.

Date Incorporated:

N.A.

Staff:

N.A.

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Distributor of water systems.

 

 

BANKS

 

Name of the Bank

Bank of the Republic of Haiti

 

 

BUSINESS

 

HISTORY

 

Despite our searches, we have not found information about the company's registration in Haiti. But according to our sources, the company has been operating at least since 2007.

 

PRINCIPAL ACTIVITY

 

The company engages as a distributor of water systems in Haiti.

Products/Services description:

 

The company offers: Water Tanks, Septic Tanks, Solar Water Heaters, HDPE Pipes, Water Pumps, Cooling Fans, supplies and related accessories.

 

Sales are:

 

Wholesale, Retail

Clients:

 

The company serves professionals in the water installation industry and the general public as well.

 

Suppliers:

 

*AURANGABAD ROTOPLAST PVT. LTD. (India)

*Vinodrai Engineers Pvt., Ltd. (India)

*Changzhou Dahua Imp. And Exp. Corp., Ltd. (China)

*Eurobath International Ltd. (UK)

 

Operations area:

 

International

 

 

The company imports from Worldwide, depending on the demand.

The company exports to the Caribbean.

The subject employs 10 employee(s)

 

 

 

 

Comments on staff:

 

The figures were not been disclosed by the company. They were conciliated with our private sources and from a particular analysis of the company´s structure.

 

PAYMENTS

 

To be Monitored.

LOCATION

Headquarters

 

The company is headquartered at: Blvd Toussaint Louverture, Rue T. Guilbaud, Derrière Batimat, Port-au-Prince, Haiti.

 

Comments on location:

 

Operative location and executive office.

Branches:

 

The company does not report any branches.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a private company. Despite our searches, we have not found information about the company's suppliers.

Management:

 

Albert Levy, Director.

Related Companies:

 

The company would be related to:

 

*Alliance Distribution SA

27 Route du Canapé Vert

27.330 Petionville, Haití

Tel.: +509 25130374, 28130374

Email: info@allianced.com

http://www.allianced.com/

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have contacted the company, but the contacted representative refused to provide us information on grounds of confidentiality.

 

Comments on the financial data: At this time, the 2011 financial figures were neither revealed nor released to our sources.

Legal Filings

The sources consulted record no detrimental legal or labor court information.

 

 

Rating

Local credit bureau gave a LOW credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

The subject is a small sized company from Haiti which has been operating at least since 2007. It is active and operational.

 

Its business structure is small and seems to be established. It operates a location in Port-au-Prince and employs approximately 10 people.

 

Haiti has a largely traditional economic system in which most of the economy relies on subsistence farming, and government regulation is widely constrained.

 

Low Government of Haiti revenue collection rates (barely 10% of GDP) are due to a large informal economy, inefficient tax administration, widespread tax evasion, and the initial negative impact of the January 2010 earthquake.

 

The reconstruction is subject to the actual disbursement of aid, a slow and complex process impeded by an often difficult coordination of local and international actors and by inadequate infrastructure. Corruption and both health and security risks could also undermine the process.

 

The State capacity to solve structural problems is constrained and always deficitary. There is neither private investment in order to achieve any economical development engaged in gaining profit.

 

Based on those premises, we suggest working with guarantees.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

N.A.

Payments

TO BE MONITORED

Cash

N.A.

 

 

 

 

APPENDIX

 

Comments

 

We have contacted the company, but the contacted representative refused to provide us information on grounds of confidentiality.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.38

UK Pound

1

Rs.82.04

Euro

1

Rs.69.58

 

 

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%)

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.