MIRA INFORM REPORT

 

 

Report No. :

307329

Report Date :

12.02.2015

 

IDENTIFICATION DETAILS

 

Name :

TENKAY VENTURES

 

 

Registered Office :

BP-106  Franceville

 

 

Country :

Gabon

 

 

Date of Incorporation :

09.09.1996

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operates as dealers in general goods such as secondhand clothings and shoes.

 

 

No. of Employee :

10

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Gabon

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GABON ECONOMIC OVERVIEW

 

Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon depended on timber and manganese until oil was discovered offshore in the early 1970s. The economy was reliant on oil for about 50% of its GDP, about 70% of revenues, and 87% of goods exports for 2010, although some fields have passed their peak production. A rebound of oil prices from 1999 to 2008 helped growth, but declining production has hampered Gabon from fully realizing potential gains. Gabon signed a 14-month Stand-By Arrangement with the IMF in May 2007, and later that year issued a $1 billion sovereign bond to buy back a sizable portion of its Paris Club debt. Gabon continues to face fluctuating prices for its oil, timber, and manganese exports. Despite the abundance of natural wealth, poor fiscal management has stifled the economy. However, President BONGO ONDIMBA has made efforts to increase transparency and is taking steps to make Gabon a more attractive investment destination to diversify the economy. BONGO ONDIMBA has attempted to boost growth by increasing government investment in human resources and infrastructure. GDP grew more than 6% per year over the 2010-13 period.

 

Source : CIA

 

 

Company NAME

Registered Name:

TENKAY VENTURES

Requested Name:

TENKAY VENUTRES

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

CTR Potos, Franceville

Postal Address:

BP-106

 

Franceville

Country:

Gabon

Phone:

241-06-248945

Fax:

241-67-1215

Email:

None

Website:

None

 

 

CREDIT OPINION

 

Financial Index as of December 2014 shows subject firm with a medium risk of credit. We recommend Secured Credit.

 

 

LEGAL

 

 

Legal Form:

Limited Corporation 

Date Incorporated:

09-Sept-1996

Reg. Number:

Gabon

Nominal Capital

CFA. 500,000

Subscribed Capital

CFA. 500,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Kalu Oleh Innocent

Director

 

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as dealers in general goods such as secondhand clothings and shoes etc

Imports:

Europe

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

General Public  

Employees:

10 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Gabon

Location:

Rented premises, 1,500 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

West African Franc (CFA.)

Approx. Ex. Rate:

1 US Dollar = 580.65 West African Franc

Fiscal Year End:

December 31, 2014

Inflation:

According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.

 

Financial Information not Submitted

 

 

 

 

 

Profit and Loss (expressed in CFA.)

 

 

2014

Sales

 

50,000,000

 

 

BANK

 

 

Bank Name:

BGFI Bank

Branch:

Gabon

Comments:

None

 

 

COMMENTS / ADDITIONAL INFORMATION

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.15

UK Pound

1

Rs.94.72

Euro

1

Rs.70.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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