MIRA INFORM REPORT

Report Date :

19.05.2014

IDENTIFICATION DETAILS

Name :	VERMA INTERNATIONAL SARL
Registered Office :	Lot-2119, Quarier Menontin Cotonou
Country :	Benin
Financials (as on) :	2013
Year of Establishment :	2011
Legal Form :	Societe Anonyme Responsibilitee Limitee
Line of Business :	Trader of dwaling with FMCG products, hardware
No of Employees :	10 employees

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, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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:	VERMA INTERNATIONAL SARL
	Requested Name:	VERMA INTERNATIONAL SARL
	Other Names:	None
	ADDRESS AND TELECOMMUNICATION
	Physical Address:	Lot-2119, Quarier Menontin Cotonou
	Postal Address:	P. o. Box 2854
		Cotonou
	Country:	Benin (WA)
	Phone:	229-25006771/72
	Fax:	229-25006773
	Email:	None
	Website:	None
	CREDIT OPINION
	Financial Index as of December 2013 shows subject firm with a high risk of credit.
	LEGAL
	Legal Form:		Societe Anonyme Responsibilitee Limitee
	Date Incorporated:		2011
	Reg. Number:		Benin
	Nominal Capital		CFA. 1,000,000
	Subscribed Capital		CFA. 1,000,000
	Subscribed Capital is Subscribed in the following form:
			Position		Shares
	Mr. Rakesh V.		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 dwaling with FMCG products, hardware etc
	Imports:		Asia
	Exports:		None
	Trademarks:		None
	Terms of sale:		Cash (60%) and 25-90 days (40%), invoices.
	Main Customers:		Local agencies, general public etc
	Employees:		10 employees.
	Vehicles:		Several motor vehicles.
	Territory of sales:		Benin
	Location:		Rented premises, 2,000 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 = 478.94 West African franc
	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 CFA.)
				2013
	Sales			150,000,000
	BANK
	Bank Name:		Bank Atlantique
	Branch:		Benin
	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. 58.86
UK Pound	1	Rs. 98.82
Euro	1	Rs. 80.71

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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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