MIRA INFORM REPORT

 

 

Report Date :

30.06.2014

 

IDENTIFICATION DETAILS

 

Name :

ST DJESS COMPANY SARL

 

 

Registered Office :

Aitchévi ilot 322 Parcelle M, Contonou

 

 

Country :

Benin

 

 

Date of Incorporation :

12.08.2013

 

 

Com. Reg. No.:

RB/OUIDAH/13B076DU080713

 

 

Legal Form :

Societe Anonyme Responsibilitee Limitee

 

 

Line of Business :

Subject operate as general traders dealing with import and supply of FMCG products, electronics, computers, telecommunication facilities and also providers of transport services

 

 

No of Employees :

10

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

--

 

Status :

New Company

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Benin

B2

B2

 

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

 

 

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

 

 

 

 

SUBJECT'S NAME   

 

Registered Name:                                   ST DJESS COMPANY SARL

Requested Name:                                   ST DJESS COMPANY SARL

Other Names:                                          None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Aitchévi ilot 322 Parcelle M, Contonou

Postal Address:                                      BP811 Missebo

                                                              Contonou

Country:                                                 Benin

Phone:                                                   229-21309457/97717217

Fax:                                                       229-21309457

Email:                                                     None

Website:                                                 None

 

 

CREDIT OPINION

 

Projected Financial Index as of December 2014 shows subject firm with a high risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                     Societe Anonyme Responsibilitee Limitee

Date Incorporated:                                           12-Aug-2013

Reg. Number:                                                  RB/OUIDAH/13B076DU080713

Nominal Capital                                                CFA. 1,000,000

Subscribed Capital                                           CFA. 1,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Lingbé Cyrille Djessouho                            CEO                               

Mrs. Elognisse Dany Coresse Djessouho          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 general traders dealing with import and supply of FMCG products, electronics, computers, telecommunication facilities and also providers of transport services

 

Imports:                                                           Asia, UAE

Exports:                                                          None

Trademarks:                                                     None

Terms of sale:                                                  Cash (30%) and 25-90 days (70%), invoices.

                                                                      

Main Customers:                                              Local agencies, stores, etc  

Employees:                                                     10 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             Benin

Location:                                                         Leased premises, 5,500 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 = 482.11 West African Franc

Projected Fiscal Year End:                               December 31, 2014

Projected Inflation:                                           According to information given by independent sources, the

                                                                       inflation at December 31st, 2014 was of 13%.

 

Financial Information not Submitted              

                                                                      

Profit and Loss (expressed in CFA.)

                                                                               2014

Projected Sales                                                       10,000,000

 

BANK 

 

Bank Name:

                                                                       Banque Atlantic Bénin

Branch:                                                            Benin

Comments:                                                      None

                                                                      

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

Subject confirmed Ceege FZE LLC, Shop No 2 Adnan Al Hashemi Bldg Souk Al Kabeer Bur Dubai P O Box 16111 Ras Al Khaimahae as suppliers.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.102.40

Euro

1

Rs.81.88

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

 

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.