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Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MINAYA SPICE |
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Registered Office : |
83 Rue Capois, Port-au-Prince, Post code
6100 |
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Country : |
Haiti |
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Year of Establishment : |
1985 |
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Legal Form : |
Societe En Nom Collectif (Partnership Concern) |
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Line of Business : |
importer and trader
of groceries and spices such as Garlic, Bouillon Cube,
Pepper, Cereals & Calcium Hypochloride |
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No of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Haiti |
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 |
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.
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Source
: CIA |
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IDENTIFICATION |
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Legal Name: |
Minaya Spice |
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Legal Address |
83 Rue Capois |
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Postal Town |
Port-au-Prince |
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Post Code |
6100 |
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Primary Geographic Area |
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Country |
HT |
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Location Status |
Headquarters,Single Location, |
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Mailing Address |
83 Rue Capois BP 222 Port-au-Prince 6100 Haiti |
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Telephone: |
+509 3701 8854/ 3701 1744/ 3701 3003 |
: |
N A |
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Fax: |
N A |
Legal Form: |
Societe En Nom Collectif
(Partnership Concern) |
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Email: |
Registered in: |
HT |
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Website: |
N A |
Date Created: |
1985 |
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MANAGERS: |
Philip Villedrouin |
Date Incorporated: |
January, 2001 |
|
Staff: |
20 |
Stock: |
N A |
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SIC Code: |
5149 |
Value: |
N A |
|
Activity: |
importer and trader
of groceries and spices such as Garlic, Bouillon Cube,
Pepper, Cereals & Calcium Hypochloride |
||
|
Management: |
|
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Philip Villedrouin Import Director Elisabeth Fouchard General Manager |
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Legal Fillings |
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The sources consulted record no
detrimental legal or labor court information. |
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PAYMENTS |
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Unknown |
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Shareholders -
MANAGERS - RELATED COMPANIES |
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Shareholders Parent Company(ies): |
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The concern is part of the Villedrouin Groupe.The main shareholders are
Michele Villedrouin,Philip Villedrouin, Marcel Villedrouin |
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RELATED COMPANIES: |
M. Villedrouin & Co., Succrs. located at the same address 83 Rue
Capois 6100 Port-au-Prince Isha Food Co 83 Rue Capois 6100 Port-au-Prince |
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FINANCIALS -
COMMERCIAL TRENDS AND FORECAST |
|
As a private concern the subject does not publish any financial
statements. |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Republic
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Currency: 1.00
USD = 44 HTG |
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BANKS |
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Name of the Bank |
Sogebank |
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Comments |
This information was not confirmed by the concern |
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BUSINESS HISTORY |
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The concern first started in 1985. |
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Products/Services description: |
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The concern imports and trades groceries and spices: - Garlic - Bouillon cube - Pepper - Cereals - Calcium hypochloride |
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Sales are: |
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Wholesale, Retail |
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Clients: |
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Supermarkets |
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Operations area: |
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National, Local |
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The concern imports from China, Europe |
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The concern does not export |
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Trade References: |
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|
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Harel Mallac Export Ltd ( Mauritius) February 2014 2000 bags of Sodium Bicarbonate |
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Comments on staff: |
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This information was not confirmed by the concern |
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LOCATION |
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Headquarters |
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83 Rue Capois 6100 Port-au-Prince Haiti |
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Comments on location: |
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At the address listed above are located the offices. |
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Branches: |
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We did not locate any other branch for the concern. |
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Business
Overview: |
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HAITI. CRITICAL POINTS. The reconstruction programs are delayed, some
programs were stopped. Social outbursts may still arise. EXPORTERS. Encouraged, since it would be the only profitable sector in
the country. IMPORTERS. Good scenario. The country needs to import everything in
order to survive. INNER COMMERCE. Precarious, but profitable. GOOD POINTS. Better administration of the programs of international
help. Foreign Direct Investments (FDI) are expected. |
RATING |
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Local credit bureau did not rate this concern. The concern is in Good Standing. This means that all local and federal
taxes were paid on due date. |
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Profitability |
N.A. |
Public |
NO |
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Indebtedness |
CONTROLLED |
Payments |
Unknown |
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Cash |
CORRECT |
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Final Opinion |
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It is a privately owned and operated
concern founded in 1985.It is a small size business with the support of 20
employees. It is owned by a well known family the
"Villedrouin" who established their first business in 1955. We did not find a specific adverse record
against the subject However the subject is located in Haiti
which is still a country with a high economic risk.
We suggest
cooperation with guarantees |
APPENDIX |
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Person Interviewed |
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Operator |
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Comments |
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We called the concern and we have been asked to call directly Mr.
Marcel Villedrouin at +509 3701 3003 (direct line) which we did several times
but we only hit the voicemail. We left a message we will update the report if
we get an answer. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
UK Pound |
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
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 |
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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 |
|
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 |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.