MIRA INFORM REPORT

 

 

Report Date :

16.08.2013

 

IDENTIFICATION DETAILS

 

Name :

OUEDRAOGO RASSIDOU

 

 

Registered Office :

Rue Agostino Neto, Ouagadougou

 

 

Country :

Burkina Faso

 

 

Date of Incorporation :

11.04.2010

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Dealers in general merchandise such as FMCG products

 

 

No. of Employees :

10 employees.

 

 

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Burkina Faso

B2

B2

 

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

SUBJECT'S NAME   

 

Registered Name:                                  OUEDRAOGO RASSIDOU

Requested Name:                                  QUEDRAOGO RASSIDOU

Other Names:                                        None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  Rue Agostino Neto, Ouagadougou

Postal Address:                                     BP 6087

                                                            Ouagadougou 02,

Country:                                                Burkina Faso

Phone:                                                  226-50301771

Fax:                                                      226-70212708

Email:                                                   None

Website:                                               None

 

 

CREDIT OPINION

 

Financial Index as of December 2012 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           11-April-2010

Reg. Number:                                                 Burkina Faso

Tax Number:                                                   B2380398

Nominal Capital                                               CFA. 1,000,000

Subscribed Capital                                          CFA. 1,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

                                                                     Director                           

                                                                                                           

 

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 general merchandise such as FMCG products

Imports:                                                          Asia

Exports:                                                         None

Trademarks:                                                   None

Terms of sale:                                                 Cash (60%) and 25-90 days (40%), invoices.

                                                                    

Main Customers:                                             General Public  

Employees:                                                    10 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Burkina Faso

Location:                                                        Rented premises, 1,500 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          Information not available.

                                                                    

 

FINANCE 

 

Currency Reported:                                         West African Franc (CFA.)

Approx. Ex. Rate:                                           1 US Dollar = 493.57 West African Franc

Fiscal Year End:                                             December 31, 2012

Inflation:                                                         According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted                 

Profit and Loss (expressed in CFA.)

                                                                                 2012

Sales                                                                         45,000,000

 

 

BANK 

 

Bank Name:                                                   ECOBANK

Branch:                                                          Burkina Faso

Comments:                                                     None

                                                                    

 

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

Rs.61.51

UK Pound

1

Rs.94.98

Euro

1

Rs.81.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.