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Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
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Name : |
NEW PEARL GROUPE SARL |
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Registered Office : |
Avenue
De La Victoire, Cotonou |
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Country : |
Benin |
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Date of Incorporation : |
15.06.2011 |
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Com. Reg. No.: |
RB/COT/33126B |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as FMCG products |
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No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Benin |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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: NEW PEARL GROUPE SARL
Requested Name: NEW
PEARL GROUPE SARL
Other Names: None
Physical Address: Avenue De La Victoire, Cotonou
Postal Address: 01 BP 2893
Cotonou
Country: Benin
Phone: +229
97078807
Fax: +229
21325228
Email: None
Website: None
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. We recommend secured Credit (letters of credit)
Legal Form: Limited Corporation
Date Incorporated: 15/6/2011
Reg. Number: RB/COT/33126B
Nominal Capital CFA. 10,000,000
Subscribed Capital CFA. 10,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as FMCG products
Imports: Middle
East Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 20
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Cameroon
Location: Rented
premises, 1,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Central African Franc (CFA.)
Approx. Ex. Rate: 1 US Dollar = 528 Central 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 198,000,000
Bank Name: Union Bank
Branch: Cameroon
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.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
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.