MIRA INFORM REPORT

 

 

Report Date :

23.10.2013

 

IDENTIFICATION DETAILS

 

Name :

STAR AUTO SA  

 

 

Registered Office :

21, Rue Pierre Et Marie Curie, Zone 4c Abidjan 01 , 01 Bp 4054  Abidjan 01,

 

 

Country :

Cote D’Ivoire

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

18.02.1983

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Subject operate as a motor sales company, dealing with Importation and Distribution of motor verhicles, spares, accessories

 

 

No. of Employees :

400

 

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)

Cote D’Ivoire

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 - 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. In late 2011, Cote d'Ivoire's economy began to recover from a severe downturn of the first quarter of the year that was caused by widespread post-election fighting. In June 2012, the IMF and the World Bank announced $4.4 billion in debt relief for Cote d'Ivoire under the Highly Indebted Poor Countries Initiative. Cote d'Ivoire's long-term challenges include political instability and degrading infrastructure

Source : CIA

 

SUBJECT'S NAME

    

Registered Name:

STAR AUTO SA

Requested Name:

STAR AUTO SA

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

21, Rue Pierre Et Marie Curie, Zone 4c Abidjan 01 ,

Postal Address:

01 Bp 4054

 

Abidjan 01,

Country:

Cote D’Ivoire

Phone:

225-21751000/19/43

Fax:

225-21751090

Email:

starauto@starauto.ci

Website:

www.mercedes-benz.ci

 

CREDIT OPINION

    

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.

 

LEGAL

                              

Legal Form:

Societe Anonyme

Date Incorporated:

18-Feb-1983

Reg. Number:

CI-ABJ- 1983-B-69871

Nominal Capital

CFA. 1,690,520,000

Subscribed Capital

CFA. 1,690,520,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Thomas Witzel

Chairman

 

Mr. Michael Raub

CEO

 

Mr. Guy Roland Ouassenan Kinanhia

Director

 

RELATED COMPANIES

    

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate as a motor sales company, dealing with Importation and Distribution of motor verhicles, spares, accessories etc

Imports:

Asia, Europe, USA

Exports:

None

Trademarks:

Chrysler, Jeep, Dodge

Terms of sale:

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

 

 

Main Customers:

Local agencies, firms and organizations  

Employees:

400 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Cote D’Ivoire

Location:

Owned premises, 52,000 square feet,

 

AUDITORS AND INSURANCE  

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE 

 

Currency Reported:

West African Franc (ETB.)

Approx. Ex. Rate:

1 US Dollar = 479.96 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 ETB.)

 

 

2012

Sales

 

6,259,000,000

 

BANK

                              

Bank Name:

BICIS Bank

Branch:

Cote D’Ivoire

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.61.78

UK Pound

1

Rs.99.66

Euro

1

Rs.84.49

 

 

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.