MIRA INFORM REPORT

 

 

Report No. :

512714

Report Date :

01.06.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BELTEXCO S.A.R.L.

 

 

Registered Office :

1087 Av Du Marche Et Bas Congo,  BP 8915 Kinshasa

 

 

Country :

Congo

 

 

Financials (as on) :

2017 (Summarized)

 

 

Date of Incorporation :

01.01.1922

 

 

Com. Reg. No.:

KIN 3155

 

 

Legal Form :

Societe Anonyme Responsabilitee Limitee 

 

 

Line of Business :

Distributors of FMCG Products.

 

 

No. of Employees :

850

 

 

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

 

 

Maximum Credit Limit :

USD 165,000

 

 

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.

 

 

CONGO - ECONOMIC OVERVIEW

 

The economy of the Democratic Republic of the Congo - a nation endowed with vast natural resource wealth - continues to perform poorly. Systemic corruption since independence in 1960, combined with countrywide instability and intermittent conflict that began in the early-90s, has 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 government reopened relations with international financial institutions and international donors, and President KABILA began implementing reforms. Progress on implementing substantive economic reforms remains slow because of political instability, bureaucratic inefficiency, corruption, and patronage, which also dampen international investment prospects.

Renewed activity in the mining sector, the source of most export income, boosted Kinshasa's fiscal position and GDP growth until 2015, but low commodity prices have led to slower growth, volatile inflation, currency depreciation, 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.

Poverty remains widespread in DRC, and the country failed to meet any Millennium Development Goals by 2015. DRC also concluded its program with the IMF in 2015. 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, while inflation reached nearly 50% in mid-2017 – its highest level since the early 2000s.

 

Source : CIA

 

 

 

 

SUBJECT'S NAME

 

Registered Name:

BELTEXCO S.A.R.L.

Requested Name:

BELTECO SARL

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

1087 Av Du Marche Et Bas Congo,

Postal Address:

BP 8915

 

Kinshasa

Country:

Democratic Republic of Congo(DRC)

Phone:

243-89901234/999938899/+322 41666666

Fax:

243-89901234

Email:

btxkin@beltexco.com

Website:

www.beltexco.com

 

 

CREDIT OPINION

 

Financial Index as of December 2017 shows subject firm with a medium risk of credit. We recommend Credit of USD 165,000 on 90 days.

 

 

LEGAL

 

Legal Form:

Societe Anonyme Responsabilitee Limitee 

Date Incorporated:

01-Jan-1922

Reg. Number:

KIN 3155

Tax Number:

A0700293 C

VAT Number:

0009421

Nominal Capital

CDF. 100,000,000

Subscribed Capital

CDF. 100,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Mustaque Rawji      

CEO

40%

Mr. Rajesh Nambiar

MD

30%

Mr. Ali Rawji

Director

30%

Mr. Zahir Rawji

Director

 

Mr. Mazhar Rawji

Director

 

Mr. Jignesh Parashar

Manager

 

 

 

RELATED COMPANIES

 

None

Parent company.

EMAXYCOM LDA,

PRODIMPEX S.A.R.L.,

HEXAGON,

RAW BANK.

Subsidiary companies.

None

Affiliated company.

Mr. Mustaque Rawji      

Mr. Rajesh Nambiar

Mr. Ali Rawji

Shareholders of subject firm.

Various in Democratic Republic of Congo(DRC)

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as distributors of FMCG products

Imports:

Asia, Middle East, South Africa

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

Local agencies, stores, outlets etc  

Employees:

850 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Democratic Republic of Congo(DRC)

Location:

Owned premises, 220,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

Currency Reported:

Congo Franc (CDF.)

Fiscal Year End:

December 31, 2017

Inflation:

According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in CDF.)

 

 

2017

Sales

 

18,500,000,000

 

 

BANK

 

Bank Name:

BGFIBank DRC

Branch:

Democratic Republic of Congo(DRC)

Comments:

Other Banks

 

RAW BANK

 

 

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 67.45

UK Pound

1

INR 89.79

Euro

1

INR 78.79

CDF

1

INR 0.042

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

NIT

 

 

 

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.