MIRA INFORM REPORT

 

 

Report Date :

06.11.2013

 

IDENTIFICATION DETAILS

 

Name :

COCIMECAM SARL

 

 

Registered Office :

L'immeuble siège de COCIMECAM est situé au coeur de la ville de Douala au lieu dit Feu Rouge Bessengue, Douala, B.P. 2802

 

 

Country :

Cameroon

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

14.04.1992

 

 

Com. Reg. No.:

278364

 

 

Legal Form :

Societe Anonyme Responsibilitee Limitee 

 

 

Line of Business :

Subject operate as dealers in automotives, spare parts and related accessories

 

 

No. of Employees :

50

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Cameroon

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CAMEROON - ECONOMIC OVERVIEW

 

Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. Subsidies for electricity, food, and fuel have strained the budget. Cameroon recently began several large infrastructure projects, including a deep sea port in Kribi, a natural gas powered electricity generating plant, and several hydroelectric dams. Cameroon must attract more investment to improve its inadequate infrastructure, but its business environment is a deterrent to foreign investment

Source : CIA

 

company NAME    

 

Registered Name:

COCIMECAM SARL

Requested Name:

COCIMECAM

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

L'immeuble siège de COCIMECAM est situé au coeur de la ville de Douala au lieu dit Feu Rouge Bessengue, Douala,

Postal Address:

B.P. 2802

 

Douala,

Country:

Cameroon

Phone:

237-334072248/96942328

Cell:

237-75406050

Fax:

237-33402693

Email:

infos@cocimecamsarl.com

Website:

www.cocimecamsarl.com

 

LEGAL

 

Legal Form:

Societe Anonyme Responsibilitee Limitee 

Date Incorporated:

14-April-1992

Reg. Number:

278364

Nominal Capital

CFA. 100,000,000

Subscribed Capital

CFA. 100,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. M. Nwamla       

Director

 

Mr. Virgil Tematio

Director

 

Mr. Didier Mvondo

Director

 

Mr. Bertrand Naoussi

Manager

 

 

RELATED COMPANIES 

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

Agence de Bamenda II, Small Mankon., Bamenda

Branches of the firm

 

OPERATIONS

 

Registered to operate as dealers in automotives, spare parts and related accessories

Imports:

UK,Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

50 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Cameroon

Location:

Leased premises, 5,000 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 = 475.10 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

 

20,000,000,000

BANK

                              

Bank Name:

BOA Bank

Branch:

Cameroon

Comments:

None

 

TRADE REFERENCES

                              

Experiences:

Good

 

NOTARIAL BONDS   

 

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.61.79

UK Pound

1

Rs.98.66

Euro

1

Rs.83.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.