MIRA INFORM REPORT

Report No. :	323203
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	DJAMA YOUSSOUF KHAIREH GENERAL TRADING
Registered Office :	Place Mohamood Harbi,
Country :	Djibouti
Date of Incorporation :	10.01.1991
Com. Reg. No.:	3014/A
Legal Form :	Sole Proprietorship
Line of Business :	Dealers in general merchandise FMCG products such as food products, beverages
No of Employees :	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 :

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ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Djibouti	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

DJIBOUTI ECONOMIC OVERVIEW

Djibouti's economy is based on service activities connected with the country's strategic location as a deepwater port on the Red Sea. Three-fourths of Djibouti's inhabitants live in the capital city; the remainder are mostly nomadic herders. Scant rainfall limits crop production to small quantities of fruits and vegetables, and most food must be imported. Djibouti provides services as both a transit port for the region and an international transshipment and refueling center. Imports, exports, and reexports - primarily of coffee from landlocked neighbor Ethiopia - represent 70% of port activity at Djibouti's container terminal. Djibouti has few natural resources and little industry. The nation is, therefore, heavily dependent on foreign assistance to help support its balance of payments and to finance development projects. An unemployment rate of nearly 60% continues to be a major problem. While inflation is not a concern, due to the fixed tie of the Djiboutian franc to the US dollar, the artificially high value of the Djiboutian franc adversely affects Djibouti's balance of payments. Djibouti’s reliance on diesel-generated electricity and imported food and water leave average consumers vulnerable to global price shocks. The government has emphasized infrastructure development for transportation and energy and Djibouti – with the help of foreign partners – has begun to increase and modernize its port capacity.

Source : CIA

SUBJECT'S NAME
Registered Name:	DJAMA YOUSSOUF KHAIREH GENERAL TRADING
Requested Name:	DJAMA YOUSSOUF KHAIREH GENERAL TRADING
Other Names:	None
_______________________________________________________________________
ADDRESS AND TELECOMMUNICATION
Physical Address:	Place Mohamood Harbi
Postal Address:	P. o. Box 2562
Country:	Djibouti Ville
Phone:	253-21353004
Fax:	253-21353030
Email:	None
Website:	None
_______________________________________________________________________
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit.
_______________________________________________________________________
LEGAL
Legal Form:		Sole Proprietorship
Date Incorporated:		10-Jan-1991
Reg. Number:		3014/A
Nominal Capital		DJF. 500,000
Subscribed Capital		DJF. 500,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Djama Youssouf Khaireh		MD		100%
_______________________________________________________________________
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 merchandise FMCG products such as food products, beverages etc
Imports:		Asia, Middle East
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, stores, etc
Employees:		10 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Djibouti
Location:		Rented premises, 5,000 square feet,
_______________________________________________________________________
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
_______________________________________________________________________
FINANCE
Currency Reported:		Djibouti Franc (DJF.)
Approx. Ex. Rate:		1 US Dollar = 176.94 Djibouti 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 DJF.)
			2014
Sales			250,000,000
_______________________________________________________________________
BANK
Bank Name:		Banque pour le Commerce et l'Industrie - Mer Rouge
Branch:		Djibouti
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. 63.84
UK Pound	1	Rs. 98.37
Euro	1	Rs. 69.64

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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%)

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