MIRA INFORM REPORT

Report No. :	511616
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	ETS NOMADE TRADE
Registered Office :	Rue 5 Akwa BP 30920 Douala
Country :	Cameroon
Financials (as on) :	2017 (Summarized)
Date of Incorporation :	05.07.2007
Legal Form :	Sole proprietorship
Line of Business :	Subject operate as dealers in agricultural products such as wood logs and timber / lumber, cashew nuts, copper cathode, black pepper, coffee bean, green mung beans
No. of Employees :	20

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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)
Cameroon	B2	B2

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

CAMEROON - ECONOMIC OVERVIEW

Cameroon’s market-based, diversified economy features oil and gas, timber, aluminum, agriculture, mining and the service sector. Oil remains Cameroon’s main export commodity, and despite falling global oil prices, still accounts for nearly 40% of exports. Cameroon’s economy suffers from factors that often impact underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, continuing inefficiencies of a large parastatal system in key sectors, and a generally unfavorable climate for business enterprise.

Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF continues to press for economic reforms, including increased budget transparency, privatization, and poverty reduction programs. The Government of Cameroon provides subsidies for electricity, food, and fuel that have strained the federal budget and diverted funds from education, healthcare, and infrastructure projects, as low oil prices have led to lower revenues.

Cameroon devotes significant resources to several large infrastructure projects currently under construction, including a deep seaport in Kribi and the Lom Pangar Hydropower Project. Cameroon’s energy sector continues to diversify, recently opening a natural gas-powered electricity generating plant. Cameroon continues to seek foreign investment to improve its inadequate infrastructure, create jobs, and improve its economic footprint, but its unfavorable business environment remains a significant deterrent to foreign investment.

Source : CIA

Company NAME

Registered Name:	ETS NOMADE TRADE
Requested Name:	ETS NOMADE TRADE
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Rue 5 Akwa
Postal Address:	BP 30920
	Douala,
Country:	Cameroon
Phone:	237-656051251/673063460
Fax:	237-656051251
Email:	nomadetradeets@gmail.com/ info@etsnomadetrade.com
Website:	www.etsnomadetrade.com
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Sole proprietorship
Date Incorporated:		05-July-2007
Reg. Number:		Cameroon
Nominal Capital		CFA. 1,000,000
Subscribed Capital		CFA. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Atu Johnson		MD
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 agricultural products such as wood logs and timber / lumber, cashew nuts, copper cathode, black pepper, coffee bean, green mung beans
Imports:		None
Exports:		Europe, Asia
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Distributors, firms and organizations
Employees:		20 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Cameroon
Location:		Leased premises, 20,000 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, 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 CFA.)
			2017
Sales			725,000,000
BANK
Bank Name:		National Financial Credit Bank (NFC)
Branch:		Cameroon
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	INR 67.44
UK Pound	1	INR 89.89
Euro	1	INR 79.00
CFA	1	INR 0.12

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

INFORMATION DETAILS

Analysis Done by :	PRA
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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.