MIRA INFORM REPORT

 

 

Report Date :

30.01.2014

 

IDENTIFICATION DETAILS

 

Name :

EQUINVEST SARL

 

 

Registered Office :

Résidence Etoile Analamanga, Andranovory Ambolokandrina, Antananarivo101 B. P. 3416 Antananarivo,

 

 

Country :

Madagascar

 

 

Date of Incorporation :

16.06.2005

 

 

Legal Form :

Societe Anonyme Responsibilitee Limitee.

 

 

Line of Business :

Subject operate as dealers in general merchandise such as agricultural food products,textiles, building materials, semi and gem stones, industrial supplies, mining, investment

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Madagascar

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MADAGASCAR - ECONOMIC OVERVIEW

 

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization that has been undermined since the start of the political crisis. This strategy placed the country on a slow and steady growth path from an extremely low level. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing 80% of the population. Exports of apparel boomed in recent years primarily due to duty-free access to the US, however, Madagascar's failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country's duty-free access in January 2010 and a sharp fall in textile production. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. The current political crisis, which began in early 2009, has dealt additional blows to the economy. Tourism dropped more than 50% in 2009 compared with the previous year, and many investors are wary of entering the uncertain investment environment. Growth was anemic during 2010 to 2012 although expansion in mining and agricultural sectors is expected to contribute to more growth in 2013

 

Source : CIA

 

 

 

 

 

SUBJECT'S NAME

           

Registered Name:

EQUINVEST SARL

Requested Name:

EQUINVEST SARL       

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Résidence Etoile Analamanga, Andranovory Ambolokandrina, Antananarivo101

Postal Address:

B. P. 3416

 

Antananarivo,

Country:

Madagascar

Phone:

261-20-2230226/330720394

Fax:

261-20-2230226/8

Email:

equinvest@moov.mg

Website:

None

_______________________________________________________________________

 

LEGAL

           

Legal Form:

Societe Anonyme Responsibilitee Limitee.

Date Incorporated:

16-June-2005

Reg. Number:

Madagascar

Nominal Capital

MGA. 1,000,000

Subscribed Capital

MGA. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Monja Roindefo

CEO

 

Mr. Andry Ralijaona

Manager

 

 

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 general merchandise such as agricultural food products,textiles, building materials, semi and gem stones, industrial supplies, mining, investment etc

Imports:

Asia,Middle East

Exports:

None

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

Local agencies, stores, firms and organizations  

Employees:

20 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Madagascar

Location:

Leased premises, 5,000 square feet,

 

AUDITORS AND INSURANCE   

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE

           

Currency Reported:

Madagascarn Ariary (MGA.)

Approx. Ex. Rate:

1 US Dollar = 2284.93 Madagascarn Ariary

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 USD.)

 

 

2013

Sales

 

18,272,000,000

 

BANK

           

Bank Name:

Access Bank

Branch:

Madagascar

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.62.20

UK Pound

1

Rs.103.12

Euro

1

Rs.84.96

 

 

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.