MIRA INFORM REPORT

 

 

Report No. :

328933

Report Date :

30.06.2015

 

IDENTIFICATION DETAILS

 

Name :

CIMBENIN S A

 

 

Registered Office :

PK 8 Route de Porto Novo, 01 BP 1124, Cotonou

 

 

Country :

Benin

 

 

Date of Incorporation :

01.03.1991       

 

 

Com. Reg. No.:

RB /COT/1991B251

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Subject is operate grinding plant and supplier, distributor and exporter of cement

 

 

No. of Employee :

150

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Benin

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory. In 2012, Benin became eligible for a second Compact under the Millennium Challenge Corporation, which is expected to be signed in 2015.

 

Source : CIA

 

 

Company NAME

 

 

Registered Name:

CIMBENIN S A

Requested Name:

CIMBENIN S A

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

PK 8 Route de Porto Novo

Postal Address:

01 BP 1124

 

Cotonou

Country:

Benin

Phone:

229-21330732

Fax:

229-21330245

Email:

cimbenin@hcafrica.com

Website:

www.heidelbergcement.com

 

 

CREDIT OPINION

 

 

Financial Index as of December 2014 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

 

Legal Form:

Societe Anonyme

Date Incorporated:

01-March-1991

Reg. Number:

RB /COT/1991B251

Nominal Capital

CFA. 1,950,000,000

Subscribed Capital

CFA. 1,950,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Alphonso Rodriguez

MD

 

Mr. Romain Lokossou

Finance Director

 

Mr. Rock-ghélus Semondji

Manager

 

Heidelberg Cement Group

Holding Co.

100%

 

 

RELATED COMPANIES

 

 

Heidelberg Cement Group

Parent company.

None

Subsidiary company.

In Africa

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate grinding plant and supplier, distributor and exporter of cement

Imports:

Asia, Europe

Exports:

Neighboring countries

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

Industries,firms and organizations  

Employees:

150 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Benin

Location:

Owned premises, 100,000 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 = 589.20 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

 

12,500,000,000

 

 

BANK

 

 

Bank Name:

Banque Atlantic Bénin

Branch:

Benin

Comments:

None

 

 

 

TRADE REFERENCES

 

 

Experiences:

Good

 

 

 

NOTARIAL BONDS

 

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.63.91

UK Pound

1

Rs.100.40

Euro

1

Rs.70.41

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.