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Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
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Name : |
COMORES TELECOM |
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Registered Office : |
Place De France Moroni |
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Country : |
Comoros |
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Date of Incorporation : |
12.02.2004 |
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Com. Reg. No.: |
2790-B-05 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
providers of
telecommunications and IT services and solutions |
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No. of Employees : |
1200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
TATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Comoros |
C2 |
C2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Comoros ECONOMIC OVERVIEW
One of the world's poorest
countries, Comoros is made up of three islands that have inadequate transportation
links, a young and rapidly increasing population, and few natural resources.
The low educational level of the labor force contributes to a subsistence level
of economic activity, high unemployment, and a heavy dependence on foreign
grants and technical assistance. Agriculture, including fishing, hunting, and
forestry, contributes 50% to GDP, employs 80% of the labor force, and provides
most of the exports. Export income is heavily reliant on the three main crops
of vanilla, cloves, and ylang-ylang; and Comoros' export earnings are easily
disrupted by disasters such as fires. The country is not self-sufficient in
food production; rice, the main staple, accounts for the bulk of imports. The
government - which is hampered by internal political disputes - lacks a
comprehensive strategy to attract foreign investment and is struggling to
upgrade education and technical training, privatize commercial and industrial
enterprises, improve health services, diversify exports, promote tourism, and
reduce the high population growth rate. Political problems have inhibited
growth, which averaged only about 1% in 2006-09 but more than 2% per year in
2010-12. Remittances from 150,000 Comorans abroad help supplement GDP. In
September 2009 the IMF approved Comoros for a three-year $21 million loan, but
the government has struggled to meet program targets, such as restricting
spending on wages, strengthening domestic revenue collection, and moving
forward on structural reforms. In December 2012, IMF and the World Bank's International
Development Association supported $176 million in debt relief for Comoros,
resulting in a 59% reduction of its future external debt service over a period
of 40 years.
Source
: CIA
Registered Name: COMORES TELECOM
Requested Name: COMORES
TELECOM
Other Names: SOCIÉTÉ
NATIONALE DES TÉLÉCOMMUNICATIONS DES
COMORES
Physical Address: Place De France Moroni
Postal Address: BP 7000,
Moroni
Country: Union De Comoros
Phone: 269-7734300/44300
Fax: 269-7731079
Email: comorestelecom@comorestelecom.km
Website: www.snpt.km
Financial Index as of December 2012 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: 12-Feb-2004
Reg. Number: 2790-B-05
Nominal Capital KMF. 600,000,000
Subscribed Capital KMF. 600,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Abiamri Mahamoud CEO
Mr. Thabit Mhadji CFO
Mr. Amerdine Saadi Director
Mr. Djamaldine Mtiti Director
Mr. Said Bouhtane Director
Mr. Ahmed Abdou Director
Employee Scheme Shareholder 15%
Government Of Comoros Shareholder 34%
Private Investors Shareholder 51%
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
In Comoros Branches of the firm
Registered to operate as providers of telecommunications and IT services
and solutions
Imports: Asia,
Europe
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 1200
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Comoros
Location: Owned
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Comorian Franc (KMF.)
Approx. Ex. Rate: 1 US Dollar = 363.19 Comorian Franc
Fiscal
Year End: December 31, 2012
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2012 was of 13%.
Financial Information
not Submitted
Profit and Loss (expressed in KMF.)
2012
Sales 2,200,000,000
Bank Name: Banque de Développement des
Comores
Branch: Comoros
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.