MIRA INFORM REPORT

 

 

Report Date :

25.10.2012

 

IDENTIFICATION DETAILS

 

Name :

SIMEEEL SARL

 

 

Registered Office :

06 BP 9346 Ouagadougou 06

 

 

Country :

Burkina Faso

 

 

Date of Incorporation :

10.08.1998

 

 

Legal Form :

Societe Anonyme Responsabilite Limitee.

 

 

Line of Business :

Electrical engineering and consultancy firm

 

 

No. of Employees :

60 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Burkina Faso

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Burkina Faso - ECONOMIC OVERVIEW

 

Burkina Faso is a poor, landlocked country that relies heavily on cotton and gold exports for revenue. The country has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop. Since 1998, Burkina Faso has embarked upon a gradual privatization of state-owned enterprises and in 2004 revised its investment code to attract foreign investment. As a result of this new code and other legislation favoring the mining sector, the country has seen an upswing in gold exploration and production. By 2010, gold had become the main source of export revenue. Gold mining production doubled between 2009 and 2010. Two new mining projects were launched the third quarter of 2011. Local community conflict persists in the mining and cotton sectors, but the Prime Minister has made efforts to defuse some of the economic cause of public discontent, including announcing income tax reductions, reparations for looting victims, and subsidies for basic food items and fertilizer. An IMF mission to Burkina Faso in October 2011 expressed general satisfaction with the measures. The risk of a mass exodus of the 3 to 4 million Burinabe who live and work in Cote D'Ivoire has dissipated and trade, power, and transport links are being restored.

 

Source : CIA

 

 

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

SIMEEEL SARL

Full Names:

SOCIETE D'INSTALLATION MAINTENANCE ET D'ETUDE D'EQUIPEMENT ELECTRIQUE SARL

Principal Address:

06 BP 9346 Ouagadougou 06, Burkina Faso

Telephone:

+226-50343778

Cell:

+226-70210501

Fax:

+226-50340137

Email:

simeeel@fasonet.bf

Internet:

None

Established:

10/08/1998

Registration:

Ouagadougou , Burkina Faso

Legal Form:

Societe Anonyme Responsabilite Limitee.

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

60

 

 

 

Office & Factories

Head offices

Av. de l'Olympisme, Gounghin, Ouagadougou , Burkina Faso

Branches

None

 

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

President/ CEO (1)

Name

Mr. Mathias Zoubga

Active in daily business:

Active

Current Title:

Managing Director

Country of residence

Burkina Faso

Remarks

Top Decision Maker

 

Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.

 

 

NEGATIVE INFORMATION

 

No negative information found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Share Capital

Nominal Capital

CFA. 663,000,000

Paid in Capital

CFA. 663,000,000

Subscribed Capital

CFA. 663,000,000

Shareholders

Name

Position

   Amount  

       Ratio

Mr. Mathias Zoubga

MD

 

 

Total

 

 

100.00%

 

 

PAYMENT INFORMATION

 

 

Terms of payment

Buying terms 

30% in cash, 70% on 30 day credit

Selling terms

80% in cash, 20% on credit

Suppliers

Various companies

Customers

NGO’s, Firms and organizations

 

 

Recent Sales

CFA. 685,000,000  (2011 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

20.0%

Domestic Market Share

10.0%

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

 

FINANCIAL INFORMATION

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = CFA. 503.23

 

ADDITIONAL INFORMATION

 

Established:

10/08/1998

Registration:

Ouagadougou , Burkina Faso

Legal Form:

Societe Anonyme Responsabilite Limitee.

Stock Listing:

Not Listed

Workforce:

2011

 

 

 

 

60

 

 

 

Office & Factories

Head offices

Av. de l'Olympisme, Gounghin, Ouagadougou , Burkina Faso

Branches

None

 

Business Activities

Electrical engineering and consultancy firm

Business Premises

2000 Sft

Type of occupation                                               

Leased

Location 

The subject is located close to a major road network                      

Premises used as                                               

Offices, Workshop

Banking relationship

Main Banks

Banque Atlantique Burkina Faso

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.59

UK Pound

1

Rs.85.81

Euro

1

Rs.69.91

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

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.