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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ABOU MERHI COTONOU |
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|
|
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Registered Office : |
Commune De Semepkodji Quartier Djeffa, 01B7885 Cotonou |
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Country : |
Benin |
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Date of Incorporation : |
10.04.2008 |
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Com. Reg. No.: |
RB/COT/2008 B 3716 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as a
shipping company providing vehicle and rolling cargo transportation |
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No. of Employees : |
25 Employees. |
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 |
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Maximum Credit Limit : |
USD 65,000 |
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Status : |
Satisfactory |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Benin |
B2 |
B2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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: |
ABOU MERHI
COTONOU |
|
Requested Name: |
ABOU MERHI COTONOU |
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Other Names: |
AMC ABOU MERHI COTONOU |
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Physical Address: |
Commune
de semepkodji quartier Djeffa |
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Postal Address: |
01B7885 |
|
|
Cotonou, |
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Country: |
Benin |
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Phone: |
229-21-326488 |
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Cell: |
229-97977474/97222222/96222222/97976362/ 97339999 |
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Fax: |
229-21-326488 |
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Email: |
samir.elbezri@aboumerhilines.com/mostapha.massry@aboumerhilines.com/amc@aboumerhilines.com/
aml.cotonou@hotmail.com/
aml.cotonou@hotmail.com |
|
Website: |
www.aboumerhigroup.net |
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Financial Index as of
December 2013 shows subject firm with a medium risk of credit. We recommend
Credit of USD 65,000 on 90 days. |
|
Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-April-2008 |
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Reg. Number: |
RB/COT/2008 B 3716 |
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VAT Number: |
3200801575914 |
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Nominal Capital |
CFA.
50,000,000 |
|
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Subscribed Capital |
CFA.
50,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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|
Position |
Shares |
|
Mr. Merhi Abou Merh |
Group
Chairman |
|
|
Mr. Samir Mohammed EL Bezri |
MD |
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Mr. Ahmad El Bezri |
Director |
|
|
Mr. Moustapha Massry |
Manager |
|
|
Abou Merhi Group |
Holding
Co. |
100% |
|
Abou Merhi Group |
Parent company. |
|
None |
Subsidiary company. |
|
In Group |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate as
a shipping company providing vehicle and rolling cargo transportation |
|
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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|
|
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Main Customers: |
firms and organizations |
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Employees: |
25 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Nigeria |
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Location: |
Rented premises, 1,500 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
West African Franc (CFA.) |
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Approx. Ex. Rate: |
1 US Dollar = 532.82 West
African Franc |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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||
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Financial Information not
Submitted |
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Profit and Loss
(expressed in CFA.) |
||
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|
2013 |
|
Sales |
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620,000,000 |
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Bank Name: |
ECOBANK |
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Branch: |
Benin |
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Comments: |
None |
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Experiences: |
Good |
None
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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.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
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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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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 |
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|
-- |
NB |
New Business |
-- |
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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.