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MIRA INFORM REPORT
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Report No. : |
492549 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
FROM GAS |
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Registered Office : |
Sadjere District, Ndjamena |
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Country : |
Chad |
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Date of Incorporation : |
21.06.2014 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Registered to Operate as
Distributors of LPG |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Chad |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
CHAD - ECONOMIC OVERVIEW
Chad’s landlocked location results in high transportation costs for imported
goods and dependence on neighboring countries. Oil and agriculture are
mainstays of Chad’s economy. Oil provides about 60% of export revenues, while
cotton, cattle, livestock, and gum arabic provide the bulk of Chad's non-oil
export earnings. The services sector contributes less than one-third of GDP and
has attracted foreign investment mostly through telecommunications and banking.
Nearly all of Chad’s fuel is provided by one domestic refinery, and
unanticipated shutdowns occasionally result in shortages. The country regulates
the price of domestic fuel, providing an incentive for black market sales.
Although high oil prices and strong local harvests supported the economy
in the past, low oil prices now stress Chad’s fiscal position. Chad relies on
foreign assistance and foreign capital for most of its public and private
sector investment. Investment in Chad is difficult due to its limited
infrastructure, lack of trained workers, extensive government bureaucracy, and
corruption. Chad obtained a three-year extended credit facility from the IMF in
2014 and was granted debt relief under the Heavily Indebted Poor Countries
Initiative in April 2015.
In 2018, economic policy will be driven by efforts that started in 2016
to reverse the recession and to repair damage to public finances and exports.
The government is implementing an emergency action plan to counterbalance the
drop in oil revenue and to diversify the economy. Multinational partners, such
as the African Development Bank, the EU, and the World Bank are likely to
continue budget support in 2018, but Chad will remain at high debt risk, given
its dependence on oil revenue and pressure to spend on subsidies and security.
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Source
: CIA |
Company
name
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Registered Name: |
FROM GAS |
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Requested Name: |
FROM GAS |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Sadjere
District, |
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Ndjamena, |
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Country: |
Chad |
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Phone: |
235-66220272 |
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Fax: |
235-66220272 |
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Email: |
None |
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Website: |
None |
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CREDIT
OPINION
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Financial Index as of
December 2017 shows subject firm with a medium risk of credit. We recommend
Secured Credit. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
21-June-2014 |
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Nominal Capital |
CFA.
1,000,000 |
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Subscribed Capital |
CFA.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Ali Hussein |
Director |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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OPERATIONS
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Registered to operate as
distributors of LPG |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (60%) and 25-90 days (40%), invoices. |
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Main Customers: |
firms and organizations |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Chad |
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Location: |
Leased premises, 10,000 square feet, |
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AUDITORS
AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
West African Franc (CFA.) |
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Fiscal Year End: |
December 31, 2017 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2017 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in CFA.) |
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2017 |
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Sales |
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550,000,000 |
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BANK
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Bank Name: |
Banque
Internationale pour l'Afrique au Tchad (BIAT) |
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Branch: |
Chad |
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Comments: |
None |
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COMMENTS
/ ADDITIONAL INFORMATION
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This information was obtained
from outside sources other than the subject company itself and confirmed the
above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.94 |
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CFA |
1 |
INR 0.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.