MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	LETOILE SA
Registered Office :	38 Rue Du Maghasin De Leat Port Au Prince - 54 , Haiti
Country :	Haiti
Date of Incorporation :	Not Available
Legal Form :	Sociedad Anónima
Line of Business :	Cosmetic Store
No. of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Haiti	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

HAITI - ECONOMIC OVERVIEW

Haiti is a free market economy that enjoys the advantages of low labor costs and tariff-free access to the US for many of its exports. Poverty, corruption, vulnerability to natural disasters, and low levels of education for much of the population are among Haiti's most serious impediments to economic growth. Haiti's economy suffered a severe setback in January 2010 when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas. Currently the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake further inflicted $7.8 billion in damage and caused the country's GDP to contract. In 2011, the Haitian economy began recovering from the earthquake. However, two hurricanes adversely affected agricultural output and the low public capital spending slowed the recovery in 2012. Two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. US economic engagement under the Caribbean Basin Trade Preference Agreement (CBTPA) and the 2008 Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE II) Act helped increase apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the CBTPA and HOPE II until 2020 under the Haiti Economic Lift Program (HELP) Act; the apparel sector accounts for about 90% of Haitian exports and nearly one-twentieth of GDP. Remittances are the primary source of foreign exchange, equaling one-fifth of GDP and representing more than five times the earnings from exports in 2012. Haiti suffers from a lack of investment, partly because of weak infrastructure such as access to electricity. Haiti's outstanding external debt was cancelled by donor countries following the 2010 earthquake, but has since risen to $1.1 billion as of December 2013. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources. The MARTELLY administration in 2011 launched a campaign aimed at drawing foreign investment into Haiti as a means for sustainable development. To that end, the MARTELLY government in 2012 created a Commission for Commercial Code Reform, effected reforms to the justice sector, and inaugurated the Caracol industrial park in Haiti's north coast. In 2012, private investment exceeded donor assistance for the first time since the 2010 earthquake

Source : CIA

Company name and address
Legal Name:	LETOILE SA
Trade Name:	L'etoile SA
ID:	NA
Date Created:	NA
Date Incorporated:	NA
Legal Address:	38 Rue Du Maghasin De Leat Port Au Prince - 54 , Haiti
Operative Address:	38 Rue Du Maghasin De Leat Port Au Prince - 54 , Haiti
Telephone:	50 9 5583289 / (509) 28 11 91 20
Fax:	No fax
Legal Form:	Sociedad Anónima
Email:	NA
Registered in:	Haiti
Website:	No website
Manager:	NA
Staff:	3
Activity:	Cosmetic Store
BANKS
Name of the Bank:	Bank of the Republic of Haiti
	The company does not make its banking information public.
HISTORY
	Despite our long search, we could not confirm creation date
PRINCIPAL ACTIVITY
	This is a store dedicated to the commerce of cosmetic ítems
Products/Services description:	Perfumes Dental Products Drugs Cosmetic items
Brands:	NA
Sales are:	Retail
Clients:	General Clientele
Suppliers:	Sarudha Industries Mumbai, India
Operations area:	Local
The company imports from	India
The company exports	No exports
The subject employs	3 employees
Payments:	Regular
LOCATION
Headquarters :	38 Rue Du Maghasin De Leat Port Au Prince - 54 , Haiti
Branches:	The company does not have branches
Business Overview:	Haiti has a largely traditional economic system in which most of the economy relies on subsistence farming, and government regulation is widely constrained. The State capacity to solve structural problems is constrained and always deficitary. There is neither private investment in order to achieve any economical development engaged in gaining profit.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	Despite our long search, we could not confirm major holders-
Management:	NA
Subsidiary Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financials public. Despite our long search, we could not confirm its finacials.
LEGAL FILINGS
	There are no legal/crimminal -
SUMMARY
	This is a private company located in Haiti, operating as a cosmetic store which mainly imports from India. It has a low market profile with a small structure. There are no negative; however, we could not confirm financial data. Considering its small size, low profile and the current economic crisis in Haiti, we suggest working with guarantees.
RISK INFORMATION
DEBTS	Unknown
PAYMENTS	Regular
CASH FLOW	Unknown
ENTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We ocntacted the company several times but the manager was not available to speak. We will try again and keep you informed.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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