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Report No. : |
336851 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
OFFICE STAR SA |
|
|
|
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Registered Office : |
Angle Des Rues Ogé et Clerveaux, Complexe Maglio, Pétion-Ville |
|
|
|
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Country : |
Haiti |
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|
|
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Date of Incorporation : |
November 1995 |
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|
|
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Legal Form : |
Corporation For Profit |
|
|
|
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Line of Business : |
Import and Sale of Office Furniture. |
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|
|
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No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Haiti |
B2 |
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 $1.43 billion as of December 2014. The government relies
on formal international economic assistance for fiscal sustainability, with
over half of its annual budget coming from outside sources.
|
Source
: CIA |
STATUTORY
INFORMATION
|
|
|
Legal Name: |
OFFICE STAR SA |
|
Trade Name: |
OFFICE STAR |
|
NIF: |
000-916-322-6 |
|
Date Created: |
1995 |
|
Date Incorporated: |
nov-95 |
|
Legal Address: |
Angle des rues Ogé et Clerveaux, Complexe Maglio |
|
Operative Address: |
Angle des rues Ogé et Clerveaux, Complexe Maglio |
|
Telephone: |
509 2814 4800 |
|
Fax: |
509 3479-1321 |
|
Legal Form: |
Corporation for Profit |
|
Email: |
|
|
Registered in: |
Haiti |
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Website: |
|
|
Contact: |
Georges FARAH |
|
Staff: |
30 |
|
Activity: |
Office Supplies and furniture |
|
BANKS |
Banque de la République d'Haïti |
|
|
|
|
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The company does not disclose its banking data |
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History: |
|
|
|
The company was established in 1995. |
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|
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PRINCIPAL
ACTIVITY
|
|
|
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The company is dedicated to the import and sale of office furniture. |
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Products/Services description: |
Furniture |
|
Brands: |
ALKLIN |
|
Sales are: |
Wholesale |
|
Clients: |
OAS (OEA) |
|
Suppliers: |
MERCURY MFG. CO., LTD. |
|
Operations area: |
National |
|
The company imports from |
Taiwan, United States, India, China |
|
The company exports to |
No exports |
|
The subject employs |
30 |
|
Payments: |
Slow but correct |
|
Association Memberships: |
Chambre haïtienne de Commerce et d'Industrie (CCIH), Association
haïtienne de l'Industrie (ADIH), AGERCA |
|
|
|
LOCATION
|
|
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Headquarters : |
Angle des rues Ogé et Clerveaux, Complexe Maglio |
|
Branches: |
The company does not have branches |
|
|
|
GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
|
|
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Listed at the stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders: |
Owner: Georges FARAH |
|
Management: |
Georges FARAH, Director |
|
Related Companies: |
Skandra S.A. Haiti |
|
|
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FINANCIAL
INFORMATION
|
|
|
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This is a private company which does not make its financial public. |
|
|
|
|
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There are no financial records connected to the subject |
LEGAL
FILINGS
|
|
|
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There are nolegal records connected to the subject |
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SUMMARY
|
|
|
|
The company is dedicated to the import and sale of office furniture. It has 20 years of experience in the market with a small sized
structure. It mainly imports from Asia and Works for the local market. There are no negative records for the subject and its legal status is
active; however, we suggest considering the Haitian financial
situation. |
|
|
|
RISK
INFORMATION
|
|
|
|
Haiti remains the poorest country in the Americas and one of the
poorest in the world (with a GDP per capita of US$ 846 in 2014) with
significant needs in basic services. According to the latest household survey
(ECVMAS 2012), more than 6 million out of 10.4 million (59%) Haitians live
under the national poverty line of $ 2.44 per day and over 2.5 million (24%)
live under the national extreme poverty line of 1.24 dollar per day It is
also one of the most unequal countries, with a Gini coefficient of 0.61 as of
2012. |
|
DEBTS |
Controlled |
|
PAYMENTS |
Slow but correct |
|
CASH FLOW |
Normal |
|
STATUS |
This Corporation is in Good Standing |
|
|
|
|
INTERVIEW |
|
|
NAME |
NA |
|
POSITION |
Administrative |
|
COMMENTS |
She confirmed address and owner. She refused to provide further
information. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.