MIRA INFORM REPORT

 

 

Report Date :

18.02.2013

 

IDENTIFICATION DETAILS

 

Name :

MADCI IMPORT EXPORT SARL

 

 

Registered Office :

28 BP 1024 AbidjanX,

 

 

Country :

Cote D'Ivoire (Ivory Coast)

 

 

Date of Incorporation :

05.08.2009

 

 

Legal Form :

Societe Anonyme Responsabilite Limitee.

 

 

Line of Business :

General Traders dealing with general merchandise such as hardware etc

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Cote D'Ivoire (Ivory Coast)

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

COTE D'IVOIRE (IVORY COAST)- ECONOMIC OVERVIEW

 

Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly 68% of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products, and, to a lesser extent, in climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country is also producing gold. Since the end of the civil war in 2003, political turmoil has continued to damage the economy, resulting in the loss of foreign investment and slow economic growth. GDP grew by more than 2% in 2008 and around 4% per year in 2009-10. Per capita income has declined by 15% since 1999 but registered a slight improvement in 2009-10. Power cuts caused by a turbine failure in early 2010 slowed economic activity. Cote d'Ivoire in 2010 signed agreements to restructure its Paris Club bilateral, other bilateral, and London Club debt. Cote d'Ivoire's long term challenges include political instability and degrading infrastructure. In late 2011, Cote D'Ivoire's economy was recovering from a severe downturn of the first quarter of the year that was caused by widespread post-election fighting.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

MADCI IMPORT EXPORT SARL

Principal Address:

28 BP 1024 AbidjanX, Cote D'Ivoire (Ivory Coast)

Telephone:

+225-22414795/7747474

Fax:

+225-22417847

Email:

madci_2009@hotmail.fr

Internet:

None

Established:

5/08/2009

Registration:

Cote D'Ivoire (Ivory Coast)

Legal Form:

Societe Anonyme Responsabilite Limitee.

Stock Listing:

Not Listed

Workforce:

2012

 

 

 

 

20

 

 

 

Office & Factories

 

Head offices

Rue Agban Cour AbidjanX, Cote D'Ivoire (Ivory Coast)

Branches

None

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

 

President/ CEO (1)

 

Name

Mr. Mansour Nidal

Active in daily business:

Active

Current Title:

Managing Director

Country of residence

Cote D’Ivoire

Remarks

Top Decision Maker

 

Ž  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

 

Nominal Capital

CFA. 1,000,000

Paid in Capital

CFA. 1,000,000

Subscribed Capital

CFA. 1,000,000

Shareholders

 

Name

Position

   Amount  

       Ratio

Mr. Mansour Nidal

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

Various suppliers

Customers

Local agencies, stores, public

 

 

Recent Sales

CFA. 450,000,000  (2012 Estimated)

Exports

Neighboring countries

Export Ratio

10.0%

Import Ratio

20.0%

Domestic Market Share

15.0%

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

FINANCIAL INFORMATION

 

N/a

 

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = CFA. 489.85

 

ADDITIONAL INFORMATION

 

Business Activities

General Traders dealing with general merchandise such as hardware etc

 

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

BNI BANQUE NATIONALE, 01 BP 670 Abidjan,Cote DIvoire

 

NOTES & COMMENTS

 

--

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.99

UK Pound

1

Rs.83.72

Euro

1

Rs.72.08

 

 

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.