MIRA INFORM REPORT

 

 

Report Date :

19.04.2014              

 

IDENTIFICATION DETAILS

 

Name :

FLEXIBLE PLACKING COTE D IVOIRE

 

 

Registered Office :

Yopougon Zone Indust Lots 203, 205 Et 207 Ilot 28 Abidjan 08  05 BP 1753 Abidjan

 

 

Country :

Cote D’Ivoire

 

 

Date of Incorporation :

12.05.2012

 

 

Com. Reg. No.:

CI- ABJ-2012-B1364

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as dealers in packaging products and related solutions

 

 

No. of Employees

20

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Cote D’Ivoire

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

COTE D’IVOIRE ECONOMIC OVERVIEW

 

Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly two-thirds 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 in climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country is also producing gold. The country also produces oil and boasted two offshore oil finds in 2012. 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 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

 

 

 

Company name and address

 

SUBJECT'S NAME

 

Registered Name:

FLEXIBLE PLACKING COTE D IVOIRE

Requested Name:

FLEXIBLE PLACKING COTE D IVOIRE

Trade Names:

FLEPACI

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Yopougon Zone Indust Lots 203, 205 Et 207 Ilot 28 Abidjan 08

Postal Address:

05 BP 1753

 

Abidjan

Country:

Cote D’Ivoire

Phone:

225-20333385

Fax:

225-20333385

Email:

None

Website:

None

 

LEGAL

           

Legal Form:

Limited Corporation 

Date Incorporated:

12-May-2012

Reg. Number:

CI- ABJ-2012-B1364

VAT Number:

4273143

Nominal Capital

CFA. 50,000,000

Subscribed Capital

CFA. 50,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Ali Fawaz

CEO

 

Mr. Ali Sarhini

Deputy CEO

 

Mr. Zuhair Ezzeddine

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 dealers in packaging products and related solutions

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

20 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Cote D’Ivoire

Location:

Owned premises, 10,000 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 = 475.23 West African Franc

Fiscal Year End:

December 31, 2013

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

Sales

 

220,000,000

 

BANK 

 

Bank Name:

Banque Atlantique Côte d'Ivoire (BACI)

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.60.38

UK Pound

1

Rs.101.63

Euro

1

Rs.83.57

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.