MIRA INFORM REPORT

 

 

 

 

Report Date :

29.10.2013

 

IDENTIFICATION DETAILS

 

Name :

SEMAG MATFORCE

 

 

Registered Office :

RCI Zone Industrial Vridi Rue de la Pointe aux Fumeurs 01 BP 1844, Abidjan 01

 

 

Country :

Cote D’Ivoire

 

 

Date of Incorporation :

1985

 

 

Com. Reg. No.:

139 492

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as dealers in heavy duty machinery and equipments

 

 

No. of Employees :

100

 

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:

SEMAG MATFORCE

Requested Name:

SEMAG MATFORCE

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

RCI Zone Industrial Vridi Rue de la Pointe aux Fumeurs

Postal Address:

01 BP 1844,

 

Abidjan 01,

Country:

Cote D’Ivoire

Phone:

225-21758890/92/21275599

Fax:

225-21275196

Email:

j.raffoul@matforce.ci/ semag@comete.ci/

semag@aviso.ci/ direction@matforce.ci/

atelier@matforce.ci

Website:

None

 

 

LEGAL

           

Legal Form:

Limited Corporation 

Date Incorporated:

1985

Reg. Number:

139 492

Nominal Capital

CFA. 1,000,000

Subscribed Capital

CFA. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Jihad Raffoul

MD

 

Mr. Loïc Marchangy

Director

 

Groupe Chanic

Holding Co.

100%

 

 

RELATED COMPANIES

                                                                    

Groupe Chanic

Parent company.

None

Subsidiary company.

In Democratic Republic of the Congo

Affiliated company.

None

Shareholder of subject firm.

 

 

OPERATIONS

 

Registered to operate as dealers in heavy duty machinery and equipments

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (20%) and 25-90 days (80%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

100 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Cote D’Ivoire

Location:

Owned premises, 50,000 square feet,

 

 

AUDITORS AND INSURANCE

                                                                    

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

                                                                    

FINANCE

                                                                    

Currency Reported:

West Africa Franc (CFA.)

Approx. Ex. Rate:

1 US Dollar = 479.96 West Africa 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

 

1,520,000,000

 

 

BANK

                                                                    

Bank Name:

ECOBANK

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.61.50

UK Pound

1

Rs.99.49

Euro

1

Rs.84.88

 

 

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.