MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	RIKA 1 DISTRIBUTION
Registered Office :	Route Nationale # 1 Shodecosa, Hangar # 9 Port-au-Prince
Country :	Haiti
Date of Incorporation :	September 2009
Legal Form :	Corporation For Profit
Line of Business :	Subject operates as an importer and distributor of food products. It specializes in selling and distributing conserved foods such as spaghetti, milk and cooking oil.
No of Employees :	100

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Haiti	C1	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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.

Source : CIA

STATUTORY
Name:	RIKA NO 1
Address in the order:	Route Nationale #1Shodecosa Hangar Port - Au - PrinceQuest HT6110 Haiti
Legal Name:	RIKA 1 DISTRIBUTION
Trade Name:	RIKA 1
NIF:	TIN 0006034371
Date Created:	1991
Date Incorporated:	September 2009
Legal Address:	Route Nationale # 1 Shodecosa, Hangar # 9 Port-au-Prince Haiti
Operative Address:	Route Nationale # 1 Shodecosa, Hangar # 9 Port-au-Prince Haiti
Telephone:	509 3651-1212 / 509 3913-1212
Fax:	1 877 457-5224
Legal Form:	Corporation for Profit
Email:	rikaproducts@aol.com
Registered in:	Haiti
Website:	www.rikaproducts.com
Manager:	Mohanges Pouchon Elizee
Staff:	100
Activity:	Food Products Sales
SIC Codes:	5012
BANKS
BANK	Sogebank
	The company does not publish its banking information.
HISTORY
	Rika # 1 was founded in 1991.
	The company is a subsidiary of: TUCSON INTERNATIONAL CORP, USA
MAIN ACTIVITY
	The company may operate as an importer and distributor of food products. It specializes in selling and distributing conserved foods such as spaghetti, milk and cooking oil.
Products/Services:	PRODUCT LIST PORTFOLIO Evaporated Milk Triangular Cheese Powder Milk Vegeatable Oil Breakfast Cereal Pasta Tomato Paste Jack Mackerel Fish Anchoveta Fish Ketchup Cookies Crakers Candies Malta Batteries Tooth Paste Matches Powder juice Bouillon Cube
Brands:	Rika and Sesa
Sales:	Wholesale
Clients:	Retailers and distributors
Suppliers	ORIZON S.A. Chile LA FABRIL CIALTD ECUADOR Ecuador Bonn Food Industries India Industrias Teal SA Peru
Operations Area:	National
The company imports from	India, Peru, USA, Chile, China
The company does not export
The company employs	100 employees
Payments:	Regular-Checks, Bank Transfers
LOCATION
Headquarters :	Route Nationale # 1 Shodecosa, Hangar # 9 Port-au-Prince Haiti
Branches:	The company does not have branches
Business Industry:	Companies in this industry distribute food and related products on a wholesale basis. Demand is driven largely by demographic shifts, particularly trends in population and age, working women, race and ethnicity, household size, and levels of disposable income. The profitability of individual companies depends on a good product mix and efficient operations. Large distributors are advantaged by bulk purchasing and economies of scale in distribution. Smaller companies can compete effectively by specializing in certain products or focusing on a geographical area. Major products are frozen, processed, and prepared foods; dairy items; poultry, fish, and meat; fresh produce; and baked goods.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This would be a subsidiary of: TUCSON INTERNATIONAL CORP 1110 Brickell Avenue Suite 315 Miami, Florida 33131 USA Tucsoncorp@Gmail.com Tel: 1-305-371-8380 Fax: 1-305-371-8522 However; please note that we could not find TUCSON INTERNATIONAL CORP filed in Florida. We could not confirm its status or existence. There are no commercial of the same. The person connected to RIKA in Haiti, owner of the business would be Mohanges Pouchon Elizee.
Management:	Mohanges Pouchon Elizee, Owner of the location in Haiti.
Subsidiaries:	No subsidiaries
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public.
	The following information has been provided by outside sources.
2013
Currency	USD
Gross Revenue	100 000
LEGAL FILINGS
	There are no legal/criminal found for this company
SUMMARY
	Rika # 1 was founded in 1991 and it is based in Haiti. It has a medium sized structure and operates as an importer and distributor of food products. The company works nationally and it imports products from India, Peru, USA. According to its comercial data, it is a subsidiary of a US company called Tucson International Corp. However, we could not find the existence of said company ni Florida, USA. The sources consulted record no detrimental legal or labor court information. However, Haiti is undergoing a critical situation. Moreover, the person contcted refused to provide the information needed.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
ENTERVIEW
NAME	NA
POSITION	Operator
COMMENTS	He confirmed address and refused to provide us with more data due to confidential reasons.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.