MIRA INFORM REPORT

 

 

Report No. :

310145

Report Date :

07.03.2015

 

IDENTIFICATION DETAILS

 

Name :

CIMTOGO SA (CEMENT CORPORATION OF TOGO SA)

 

 

Registered Office :

Zone Industrielle Portuaire, Lome, P. O. Box 1637, Lome

 

 

Country :

Togo

 

 

Date of Incorporation :

02.05.1976

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

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

 

 

No. of Employees :

250 Employees

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Togo

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TOGO - ECONOMIC OVERVIEW

 

This small, sub-Saharan economy depends heavily on both commercial and subsistence agriculture, which provides employment for a significant share of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is among the world's largest producers of phosphate and Togo seeks to develop its carbonate phosphate reserves. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Foreign direct investment inflows have slowed over recent years. Togo completed its IMF Extended Credit Facility in 2011 and reached a HIPC debt relief completion point in 2010 at which 95% of the country's debt was forgiven. Togo continues to work with the IMF on structural reforms.

 

Source : CIA

 

 

SUBJECT'S NAME

 

Registered Name:

CIMTOGO SA (CEMENT CORPORATION OF TOGO SA)

Requested Name:

CIMTOGO S. A.

Trade Names:

CIMTOGO S. A.

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Zone Industrielle Portuaire, Lome

Postal Address:

P. o. Box 1637

 

Lome,

Country:

Togo

Phone:

228-2270859/0763/0745/0750/0683

Fax:

228-2227132

Email:

endre.rygh@hcafrica.com/herve.mesah@cimtogo.tg/cimtogo@hcafrica.com

Website:

None

 

 

LEGAL

 

Legal Form:

Societe Anonyme

Date Incorporated:

02-May-1976

Reg. Number:

Togo

Nominal Capital

CFA. 1,000,000

Subscribed Capital

CFA. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Endre Rygh

MD

 

Mr. Hervé Mensah

Director

 

Heidelberg Cement Group

Holding Co.

100%

 

 

RELATED COMPANIES

 

Heidelberg Cement Group

Parent company.

None

Subsidiary company.

In Africa

Affiliated companies.

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

Exports:

Neighboring countries

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

Local agencies, firms and organizations  

Employees:

250 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Togo

Location:

Owned premises, 200,000 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 = 598.34 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

 

10,250,000,000

 

 

BANK

 

Bank Name:

Banque Togolaise pour le Commerce et l'Industrie

Branch:

Togo

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.61.85

UK Pound

1

Rs.94.96

Euro

1

Rs.69.10

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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

 

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.