|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYNERGY ENTERPRISES |
|
|
|
|
Registered Office : |
Grande Marche Av De La Grande Mosque, Ouagadougou
|
|
|
|
|
Country : |
Burkina Faso |
|
|
|
|
Date of Incorporation : |
16.01.2009 |
|
|
|
|
Legal Form : |
Limited Liability Company, Limited by shares |
|
|
|
|
Line of Business : |
General Trading company Dealing in Food and Household Products |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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. Burkina Faso experienced a
severe drought in 2011 which decimated grazing land and decreased harvests,
creating food insecurity and damaging the country's agricultural base.
|
Source : CIA |
|
COMPANY REPORTED: |
SYNERGY ENTERPRISES |
|||
|
Principal Address: |
Grande Marche Av De La Grande Mosque,
Ouagadougou, Burkina Faso |
|||
|
Telephone: |
+226 74824493/ +226-51312965 |
|||
|
Fax: |
+226-51312965 |
|||
|
Email: |
||||
|
Internet: |
None |
|||
|
Established: |
16/01/2009 |
|||
|
Registration: |
Ouagadougou, Burkina Faso |
|||
|
Legal Form: |
Limited Liability Company, Limited by shares |
|||
|
Stock Listing: |
Not Listed |
|||
|
Workforce: |
2012 |
|
|
|
|
|
20 |
|
|
|
|
Office & Factories |
|
|||
|
Head offices |
Grande Marche Av De La Grande Mosque, Ouagadougou, Burkina Faso |
|||
|
Branches |
None |
|||
|
Management/
Directors |
|
|
President/
CEO (1) |
|
|
Name |
Mr.
Girish Mansinghani |
|
Remarks |
Top Decision Maker |
|
Credit Check of
Subject, President & CEO (as of report date) |
|
|
Payment Morale: |
In the documents at our disposal nothing adverse has been shown so
far. |
|
Financial situation is average. |
|
No negative information found.
|
Company Profile: |
|
||
|
Nominal Capital |
CFA. 1,000,000 |
||
|
Subscribed Capital |
CFA. 1,000,000 |
||
|
Shareholders |
|
||
|
Name |
Position |
Amount
|
Ratio |
|
Mr. Girish Mansinghani |
Director |
|
|
|
Mr. M Sulaiman |
Manager |
|
|
|
Total |
|
|
100.00% |
|
|
Terms of
payment |
|
Buying
terms |
None Stated |
|
Selling
terms |
80% in
cash, 20% on 30 day credit |
|
Affiliated Companies |
None |
|
Exchange Rate |
US$ 1 = CFA. 528 |
|
Business Activities |
|
|
General Trading company Dealing in Food and Household Products |
|
|
Suppliers |
None Stated |
|
Customers |
Firms
and organizations |
|
|
|
|
Recent
Sales |
CFA.
668,000,000 (Estimated 2011) |
|
Exports |
None |
|
Export
Ratio |
0.0% |
|
Imports |
Asia, India |
|
Import
Ratio |
40.0% |
|
Domestic
Market Share |
20.0% |
|
Business Premises |
1000 Sft |
|
Type of occupation
|
Rented |
|
Location |
The subject is located close to a major road network |
|
Premises used as |
Offices |
|
Banking
relationship |
|
|
Main
Banks |
Ecobank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.