MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	COCYTA
Registered Office :	Route Nationale # 1, Shodecosa Hanga Port Au Prince 12345
Country :	Haiti
Date of Incorporation :	2005 (not confirmed)
Legal Form :	Corporation for Profit
Line of Business :	Import and distribution of food and beverages
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
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
Legal Name:	COCYTA
Trade Name:	Cocyta Import Export
NIF:	NA
Date Created:	2005 (not confirmed)
Date Incorporated:	NA
Legal Address:	ROUTE NATIONALE # 1,SHODECOSA HANGA PORT AU PRINCE 12345 HAITI
Operative Address:	ROUTE NATIONALE # 1,SHODECOSA HANGA PORT AU PRINCE 12345 HAITI
Telephone:	509-3748-7575
Fax:	NA
Legal Form:	Corporation for Profit
Email:	NA
Registered in:	Haiti
Website:	NA
Manager:	NA
Staff:	NA
Activity:	Food and Beverage Distribution
SIC Codes:	5012
BANKS
BANK	Bank of the Republic of Haiti
	The company does not publish its banking information.
HISTORY
The company would have started business in 2005. However, this information could not be confirmed.
MAIN ACTIVITY
The company is dedicated to the import and distribution of food and beverages.
Products/Services:	Food Products and Beverages
Brands:	RIKA
Sales:	Wholesale
Clients:	Retailers, Supermarkets
Suppliers	BONN FOOD INDUSTRIES India AMMAN MATCH COMPANY PRIVATE LTD India ORIZON S.A. Chile
Operations Area:	National
The company imports from	Ecuador , New Zealand, Egypt, India
The company does not export	There are no export
The company employs	NA
Payments:	Regular
LOCATION
Headquarters :	ROUTE NATIONALE # 1,SHODECOSA HANGA PORT AU PRINCE 12345 HAITI
Branches:	The company does not report 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 %:	NA
Management:	NA
Subsidiaries:	NO
FINANCIAL INFORMATION
This is a private company which does not make its financial statements public.
The following information has been provided by outside sources.
The company imports from South America an average of FOB 178101,08 annually.
2013
Currency	USD
Gross Revenue	NA
LEGAL FILINGS
There are no legal/criminal found for this company.
SUMMARY
Cocyta is a company located in Haiti which is dedicated to the import and commerce of food and beverages. The company would have 9 years of experience in business. Despite our long search, we could not confirm financial data. The company does not have any website and its market profile is quite low. We recommend working with guarantees and monitoring the company for the following 12 months.
RISK INFORMATION
DEBTS	NA
PAYMENTS	NA
CASH FLOW	NA
ENTERVIEW
NAME	NA
POSITION	Owner
COMMENTS	He confirmed name of the company but we have called him several times and he always asked to call him later. We called him again today and he asked us to call him later in the afternoon. We will try again and inform immediately if we obtain more data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SMN

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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