MIRA INFORM REPORT

 

 

Report Date :

17.01.2013

 

IDENTIFICATION DETAILS

 

Name :

SONICO SPRL

 

 

Registered Office :

N° 8, Avenue Bakongo, Enface De Olela, Coin - Av. Bokassa, c / Barumbu, Kinshasa DRC

 

 

Country :

Congo

 

 

Year of Incorporation :

2012

 

 

Legal Form :

Societe Privee Anonyme Responsabilite Limitee.

 

 

Line of Business :

Dealers in general merchandise such as food products, alcoholic beverages, household appliances, electronics, Kitchenware etc

 

 

No. of Employees :

10 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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)

Congo

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CONGO - ECONOMIC OVERVIEW

 

The economy of the Democratic Republic of the Congo - a nation endowed with vast potential wealth - is slowly recovering from decades of decline. Systemic corruption since independence in 1960 and conflict that began in May 1997 has dramatically reduced national output and government revenue, increased external debt, and resulted in the deaths of more than 5 million people from violence, famine, and disease. Foreign businesses curtailed operations due to uncertainty about the outcome of the conflict, lack of infrastructure, and the difficult operating environment. Conditions began to improve in late 2002 with the withdrawal of a large portion of the invading foreign troops. The transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress has been slow and the International Monetary Fund curtailed its program for the DRC at the end of March 2006 because of fiscal overruns. Much economic activity still occurs in the informal sector and is not reflected in GDP data. Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth from 2006-08, however, the government's review of mining contracts that began in 2006, combined with a fall in world market prices for the DRC's key mineral exports temporarily weakened output in 2009, leading to a balance of payments crisis. The recovery in mineral prices beginning in mid 2009 boosted mineral exports, and emergency funds from the IMF boosted foreign reserves. An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the mining sector and for the economy as a whole. The global recession cut economic growth in 2009 to less than half its 2008 level, but growth returned to 6-7% in 2010-11. The DRC signed a Poverty Reduction and Growth Facility with the IMF in 2009 and received $12 billion in multilateral and bilateral debt relief in 2010.

Source : CIA

SUBJECT'S NAME   

 

Registered Name:                                  SONICO SPRL

Requested Name:                                  SONICO SPRL

Other Names:                                        STE SONICO SPRL

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  N° 8, Avenue Bakongo, Enface De Olela, Coin - Av. Bokassa, c / Barumbu, Kinshasa

Postal Address:                                     N° 8, Avenue Bakongo, Enface De Olela, Coin - Av. Bokassa, c / Barumbu, Kinshasa

Country:                                                DRC

Phone:                                                  243-9900346123

Fax:                                                      243-9900346123

Email:                                                   None

Website:                                               None

 

 

CREDIT OPINION

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:                                                    Societe Privee Anonyme Responsabilite Limitee.

Date Incorporated:                                           2012

Reg. Number:                                                 DRC

Nominal Capital                                               CFA. 1,000,000

Subscribed Capital                                          CFA. 1,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Rajesh P.                                                 Director                           

                                                                                                           

 

RELATED COMPANIES      

 

None                                                              Parent company.

None                                                              Subsidiary company.

STE GAY IMPEX                                            Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

OPERATIONS

 

Registered to operate as dealers in general merchandise such as food products, alcoholic beverages, household appliances, electronics, Kitchenware etc

Imports:                                                          Asia, Middle East

Exports:                                                         Neighboring countries

Trademarks:                                                   None

Terms of sale:                                                 Cash (80%) and 25-90 days (20%), invoices.

                                                                    

Main Customers:                                             Local agencies, outlets, public

Employees:                                                    10 employees.

Vehicles:                                                        2 motor vehicles.

Territory of sales:                                            DRC

Location:                                                        Rented premises, 1,000 square feet,

 

 

AUDITORS AND INSURANCE        

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          Information not available.

                                                                    

 

FINANCE   

 

Currency Reported:                                         West African Franc (CFA.)

Approx. Ex. Rate:                                           1 US Dollar = 491.69 West African Franc

Projected Fiscal Year End:                              December 31, 2013

Projected Inflation:                                           According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

 

Financial Information not Submitted                 

                                                                    

                                                                    

Profit and Loss (expressed in CFA.)

                                                                                   2013

Projected Sales                                                            230,000,000

 

 

BANK   

 

Bank Name:                                                   ECOBANK

Branch:                                                          DRC

Comments:                                                     None

                                                                    

 

COMMENTS / ADDITIONAL INFORMATION          

 

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.54.82

UK Pound

1

Rs.87.99

Euro

1

Rs.72.83

 

 

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.