MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ALLSPICES LTD.

 

 

Registered Office :

Compound 1 Mangarano II Toamasina 501

 

 

Country :

Madagascar

 

 

Date of Incorporation :

1990

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as exporters of agricultural products such as cloves, black pepper, cinnamon, cashew nuts, cocoa beans, peanuts, black eyes beans, maize, and also car battery, zircon and Ilmenite

 

 

No. of Employees :

60 employees.

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Madagascar

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 slow during 2010 to 2013 although expansion in mining and agricultural sectors is expected to contribute to more growth in 2014. International organizations and foreign donors are expected to resume development aid to Madagascar once RAJAONARIMAMPIANINA appoints a new government.

 

Source : CIA

 

 

 

SUBJECT'S NAME   

 

Registered Name:

ALLSPICES LTD.

Requested Name:

ALLSPICES LTD.

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Compound 1 Mangarano II Toamasina 501

Country:

Madagascar

Phone:

261-33-1530961/1530957

Fax:

261-33-1530961

Email:

export@allspicesltd.com/ allspiceltd@gmail.com

Website:

www.allspicesltd.com

 

 

LEGAL

 

Legal Form:

Limited Corporation 

Date Incorporated:

1990

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

Mrs. Alice Andrianady

Director

 

Ms. Alice Ravaoarimalala

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 exporters of agricultural products such as cloves, black pepper, cinnamon, cashew nuts, cocoa beans, peanuts, black eyes beans, maize, etc and also car battery, zircon and Ilmenite

Imports:

Asia

Exports:

Europe, Asia

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

Distributors, firms and organizations  

Employees:

60 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Madagascar

Location:

Leased premises, 10,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

Currency Reported:

Madagascar Ariary (MGA.)

Approx. Ex. Rate:

1 US Dollar = 2383.95 Madagascar 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 MGA.)

 

 

2013

Sales

 

550,000,000

 

 

BANK

 

Bank Name:

BGFIBank Madagascar

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.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.34

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NNA

 

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.