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MIRA INFORM REPORT
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Report No. : |
486189 |
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Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE MHYRRE MINERALS AND METALS SPRL |
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Registered Office : |
1048, C/Annexe Lubumbashi, |
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Country : |
Democratic Republic of Congo |
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Date of Incorporation : |
15.03.1998 |
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Legal Form : |
Societe
Privee Responsabilitee Limitee |
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Line of Business : |
Subject
operate mining and exploration services |
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No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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Democratic Republic of Congo |
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 |
DEMOCRATIC
REPUBLIC OF CONGO - ECONOMIC OVERVIEW
The economy of the Democratic Republic of the Congo - a nation endowed with vast natural resource wealth - continues to struggle. Systemic corruption since independence in 1960, combined with countrywide instability and conflict that began in the early-90s, has dramatically reduced national output and government revenue and increased external debt. With the installation of a transitional government in 2003 after peace accords, economic conditions slowly began to improve as the transitional government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms.
Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth, but low commodity prices are leading to slower growth, rising inflation, and a growing fiscal deficit. An uncertain legal framework, corruption, and a lack of transparency in government policy are long-term problems for the large mining sector and for the economy as a whole.
Much economic activity still occurs in the informal sector and is not reflected in GDP data. The DRC signed a Poverty Reduction and Growth Facility with the IMF in 2009 and received $12 billion in multilateral and bilateral debt relief in 2010; but, at the end of 2012, the IMF suspended the last three payments under the loan facility - worth $240 million - because of concerns about the lack of transparency in mining contracts. In 2012, the DRC updated its business laws by adhering to OHADA, the Organization for the Harmonization of Business Law in Africa. The price of copper – the DRC’s primary export - plummeted in 2015 and remained at record lows during 2016-17, reducing government revenues, expenditures, and foreign exchange reserves.
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Source
: CIA |
Company
NAME
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Registered Name: |
SOCIETE
MHYRRE MINERALS AND METALS SPRL |
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Requested Name: |
MHYRRE MINERALS AND METALS SPRL |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
1048, C/Annexe |
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Lubumbashi, |
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Country: |
Democratic Republic of Congo |
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Phone: |
243-814777239 |
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Fax: |
243-814777239 |
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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 Credit of USD 50,000 on 90 days. |
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LEGAL
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Legal Form: |
Societe Privee
Responsabilitee Limitee |
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Date Incorporated: |
15-March-1998 |
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Reg. Number: |
Democratic Republic of Congo |
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Nominal Capital |
CDF. 1,000,000 |
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Subscribed Capital |
CDF. 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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Madeleine Mande |
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 mining and exploration services |
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Imports: |
Asia |
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Exports: |
Europe |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
firms and organizations |
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Employees: |
30 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Democratic Republic of Congo |
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Location: |
Rented premises, 2,500 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: |
Congo Franc (CDF.) |
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Approx. Ex. Rate: |
1 US Dollar =
1565.48 Congo Franc |
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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 CDF.) |
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2017 |
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Sales |
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11,500,000,000 |
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BANK
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Bank Name: |
Banque Internationale d'Afrique |
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Branch: |
Democratic Republic of Congo |
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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 63.72 |
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1 |
INR 88.64 |
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Euro |
1 |
INR 78.14 |
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CDF |
1 |
INR 0.040 |
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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PRA |
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Report Prepared
by : |
TRU |
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
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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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.