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Report No. : |
318131 |
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Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
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Name : |
LA SOCIETE CONTONNIERE DU TCHAD SOCIETE NOUVELLE |
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Registered Office : |
Siege Social N Djamena Rue Du Capitaine D'abzac, BP 1116 N'djamena |
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Country : |
Chad |
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Date of Incorporation : |
30.12.2011 |
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Legal Form : |
Parastatal |
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Line of Business : |
Subject operate purchase
and export of cotton |
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No. of Employees : |
3000 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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|
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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) |
|
Chad |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHAD - ECONOMIC
OVERVIEW
Chad’s landlocked location results in high transportation
costs for imported goods and dependence on neighboring countries. Oil and agriculture
are mainstays of Chad’s economy. At least 80% of Chad's population live on less
than $2 a day and rely on subsistence farming and livestock raising for their
livelihood. Oil provides about 60% of export revenues, while cotton, cattle,
and gum arabic provide the bulk of Chad's non-oil export earnings. Remittances
have also been an important source of income and Chad relies on foreign
assistance and foreign capital for most public and private sector investment.
The services sector contributes about one-third of GDP and has attracted
foreign investment mostly through telecommunications and banking. Chad’s fiscal
position is encumbered by declining oil prices and drought, though high oil
prices and strong local harvests supported the economy in recent years. Nearly
all of Chad’s fuel is provided by one refinery, and unanticipated shut-downs
frequently result in shortages. The country regulates the price of domestic
fuel, providing an incentive for black market sales. Chad's investment climate
remains challenging due to limited infrastructure, a lack of trained workers,
extensive government bureaucracy, and corruption. Chad obtained a three-year
extended credit facility from the IMF in 2014, and seeks to obtain debt relief
under the Heavily Indebted Poor Countries Initiative.
|
Source
: CIA |
|
Registered Name: |
LA SOCIETE
CONTONNIERE DU TCHAD SOCIETE NOUVELLE |
|
Requested Name: |
LA SOCIETE CONTONNIERE DU TCHAD SOCIETE NOUVELLE |
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Other Names: |
COTONTCHAD SN |
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Physical Address: |
Siege
Social N Djamena Rue Du Capitaine D'abzac |
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Postal Address: |
BP
1116 |
|
|
N'djamena |
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Country: |
Chad |
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Phone: |
235-22691555/516679 |
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Fax: |
235-22691332/523171 |
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Email: |
secret.dg@cotontchad.com/adoum@cotontchad.com/ adoumabba11@hotmail.com |
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Website: |
None |
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Legal Form: |
Parastatal |
|
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Date Incorporated: |
30-Dec-2011 |
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|
Reg. Number: |
Tchad |
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Registered Capital |
USD.
10,020,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Mahamat Adoum Ismael |
MD |
|
|
Mr. Djongali Yerolbe |
Director |
|
|
Mr. Monhasbeye Monhodjingar |
Manager |
|
|
Mr. Djinguebaye Fidele |
Manager |
|
|
French Development Agency |
Shareholder |
3% |
|
Banks Consortium |
Shareholder |
6% |
|
Compagnie Française pour le Développement des Textiles |
Shareholder |
16% |
|
Government of Tchad |
Holding
Co. |
75% |
|
Government of Tchad |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
BP. 151 Moundou, Tchad |
Branches of the firm |
|
Registered to operate
purchase and export of cotton |
|
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Imports: |
Asia, Middle East |
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Exports: |
Worldwide |
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Trademarks: |
None |
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Terms of sale: |
100% tenders |
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|
|
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Main Customers: |
Local agencies, distributors, stores, firms and organizations |
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Employees: |
3000 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tchad |
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Location: |
Owned premises, 200,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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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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||
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Financial Information not
Submitted |
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|
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Profit and Loss
(expressed in USD.) |
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|
|
2014 |
|
Income |
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20,000,000 |
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Bank Name: |
Commercial
Bank of Tchad (CBT) |
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Branch: |
Tchad |
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Comments: |
None |
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. COTONTCHAD was formed in
197 by the Government of Tchad. A succession
of different crises that interfered with COTONTCHAD led the Government, as
principal shareholder, to undertake, for the purpose of revitalizing cotton
production, a major restructuring of the company, in which the old company
was dissolved and a new one was created, COTONTCHAD Société Nouvelle
(COTONTCHAD SN), |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
NIT |
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 |
|
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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 |
-- |
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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.