MIRA INFORM REPORT

 

 

Report No. :

481972.2

Report Date :

28.04.2018

 

IDENTIFICATION DETAILS

 

Name :

AF-CHEM SOFACO

 

 

Registered Office :

Zone 3 Treichville Angle Rue Du Canal /Rue Des Brasseurs, Abidjan 30 BP 674

Abidjan 30

 

 

Country :

Cote D’Ivoire

 

 

Financials (as on) :

2016 (Summarized)

 

 

Date of Incorporation :

11.03.2005

 

 

Com. Reg. No.:

CI-ABJ-2005-B-223

 

 

Legal Form :

Societe Anonyme Responsabilitee Limitee

 

 

Line of Business :

Subject operate formulation and packaging of phytosanitary products, fertilizers and small agricultural equipment

 

 

No. of Employees :

25

 

 

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Cote D’Ivoire

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

COTE D’IVOIRE - ECONOMIC OVERVIEW

 

Cote d'Ivoire is heavily dependent on agriculture and related activities, which engage roughly two-thirds of the population. Cote d'Ivoire is the world's largest producer and exporter of cocoa beans and a significant producer and exporter of coffee and palm oil. Consequently, the economy is highly sensitive to fluctuations in international prices for these products and to climatic conditions. Cocoa, oil, and coffee are the country's top export revenue earners, but the country has targeted agricultural processing of cocoa, cashews, mangoes, and other commodities as a high priority. Mining gold and exporting electricity are growing industries outside agriculture.

Following the end of more than a decade of civil conflict in 2011, Cote d’Ivoire has experienced a boom in foreign investment and economic growth. In June 2012, the IMF and the World Bank announced $4.4 billion in debt relief for Cote d'Ivoire under the Highly Indebted Poor Countries Initiative. For the last 5 years Cote d'Ivoire's growth rate has been among the highest in the world.

 

Source : CIA

 

Company NAME     

 

Registered Name:

AF-CHEM SOFACO

Requested Name:

AFCHEMSOFACO

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Zone 3 Treichville Angle Rue Du Canal /Rue Des Brasseurs, Abidjan

Postal Address:

30 BP 674

 

Abidjan 30,

Country:

Cote D’Ivoire

Phone:

225-21216370/1/21252361

Fax:

225-21252362

Email:

info@afchemsofaco.net/l.guede@afchemsofaco.net

Website:

None

 

 

CREDIT OPINION

 

 

Financial Index as of December 2016 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 Responsabilitee Limitee

Date Incorporated:

11-March-2005

Reg. Number:

CI-ABJ-2005-B-223

Nominal Capital

CFA. 2,000,000,000

Subscribed Capital

CFA. 2,000,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Bruno Bernos

MD

 

Patrice Talon

Director

 

Kassoum Ouattara

Director

 

Issa Coulibaly

Manager

 

 

 

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 formulation and packaging of phytosanitary products, fertilizers and small agricultural equipment

Imports:

Asia, Europe

Exports:

None

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

firms and organizations  

Employees:

25 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Cote D’Ivoire

Location:

Leased premises, 10,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

West African Franc (CFA.)

Fiscal Year End:

December 31, 2016

Inflation:

According to information given by independent sources, the inflation at December 31st, 2016 was of 13%.

 

Financial Information not Submitted

 

 

 

 

 

Profit and Loss (expressed in CFA.)

 

 

2016

Sales

 

3,500,000,000

 

 

BANK

 

 

Bank Name:

Societe Generale de Banques en Côte d'Ivoire (SGBCI)

Branch:

Cote D’Ivoire

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

INR 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

XOF

1

INR 0.12

                                                                  

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.