|
Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
UBADINMA VENTURES LIMITED |
|
|
|
|
Registered Office : |
C/No
189 Aidjeco Cotonou BJ |
|
|
|
|
Country : |
Benin |
|
|
|
|
Date of Incorporation : |
02.06.2011 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
importers,
exporters and general traders in food products and beverages |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
TATUS |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Benin |
C1 |
C1 |
|
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 and it has returned to roughly that level in 2011-12.
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 a 25% increase in civil servant salaries in
2011, following a series of strikes, increasing pressure on the national
budget. Benin has appealed for international assistance to mitigate piracy
against commercial shipping in its territory.
|
Source : CIA |
Registered Name: UBADINMA VENTURES LIMITED
Requested Name: UBADINMA
VENTURES LIMITED
Other Names: None
Physical Address: C/No 189 Aidjeco Cotonou BJ
Postal Address: P. o. Box 6325
Cotonou
Country: Benin
Phone: 229-97579388
Fax: 229-97579388
Email: None
Website: None
Financial Index as of December 2012 shows subject firm with a medium
risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 2-June-2011
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
Mr. Dallas Onyeije Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as importers, exporters and general traders in
food products and beverages
Imports: Asia
Exports: Neighboring
countries, UK
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: Local
agencies
Employees: 15
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Benin
Location: Rented
premises, 1,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: West African Franc (CFA.)
Approx. Ex. Rate: 1 US Dollar = 482.54 West African 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 CFA.)
2012
Sales 50,000,000
Bank Name: ECOBANK
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
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 |
|
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.