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Report No. : |
317988 |
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Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SWATI AND SWATI EXPORT SARL |
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Registered Office : |
Route
De l’Aeroport, Parakou, BP 675, Parakaou |
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Country : |
Benin |
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Date of Incorporation : |
17.06.2008 |
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Legal Form : |
Societe Anonyme responsability Limited |
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Line of Business : |
Subject is engaged in export of agricultural
products such as cashew nut and timber |
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No. of Employee : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Benin |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 exceeded
that level in 2013-14. 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. An insufficient
electrical supply continues to hamper 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
Company
NAME
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Registered Name: |
SWATI AND SWATI
EXPORT SARL |
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Requested Name: |
SWATI AND SWATI EXPORT SARL |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Route
De l’Aeroport, Parakou, |
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Postal Address: |
BP
675 |
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Parakaou, |
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Country: |
Benin |
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Phone: |
229-94926868 |
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Fax: |
229-94926868 |
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Email: |
rishabh@swatiandswatiexports.com/ sarang@swatiandswatiexports.com/ gaurav@swatiandswatiexports.com |
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Website: |
www.swatiandswatiexports.com |
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CREDIT
OPINION
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Financial Index as of
December 2014 shows subject firm with a medium risk of credit. |
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LEGAL
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Legal Form: |
Societe Anonyme
responsability Limited |
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Date Incorporated: |
17-June-2008 |
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Reg. Number: |
Benin |
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Nominal Capital |
CFA.
1,000,000 |
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Subscribed Capital |
CFA.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Rishabh Agarwal |
MD |
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Mr. Sarang Jain |
Director |
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Mr. Gaurav Saxena |
Director |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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OPERATIONS
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Registered to operate as exporters
of agricultural products such as cashew nut and timber |
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Imports: |
Asia |
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Exports: |
Neighboring countries |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Local agencies, distributors etc |
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Employees: |
20 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Benin |
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Location: |
Leased premises, 10,000 square feet, |
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AUDITORS
AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
West African Franc (CFA.) |
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Approx. Ex. Rate: |
1 US Dollar = 608.95 West
African Franc |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in CFA.) |
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2014 |
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Sales |
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450,000,000 |
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BANK
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Bank Name: |
Banque
de l'Habitat du Bénin |
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Branch: |
Benin |
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Comments: |
None |
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COMMENTS
/ ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and confirmed
the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.19 |
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|
1 |
Rs.94.94 |
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Euro |
1 |
Rs.67.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.