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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
LOTERIE NATIONALE DU BURUNDI |
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Registered Office : |
B P 1330, Bujumbura |
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Country : |
Burundi |
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Date of Incorporation : |
10.05.1999 |
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Com. Reg. No.: |
Not available |
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Legal Form : |
State Corporation |
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Line of Business : |
Subject operate as the national lottery in
Burundi |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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Burundi |
C2 |
C2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Burundi - ECONOMIC OVERVIEW
Burundi is a landlocked, resource-poor country with an underdeveloped
manufacturing sector. The economy is predominantly agricultural; agriculture
accounts for just over 30% of GDP and employs more than 90% of the population.
Burundi's primary exports are coffee and tea, which account for 90% of foreign
exchange earnings, though exports are a relatively small share of GDP.
Burundi's export earnings - and its ability to pay for imports - rests
primarily on weather conditions and international coffee and tea prices. An
ethnic-based war that lasted for over a decade resulted in more than 200,000
deaths, forced more than 48,000 refugees into Tanzania, and displaced 140,000
others internally. Only one in two children go to school, and approximately one
in 15 adults has HIV/AIDS. Food, medicine, and electricity remain in short
supply. Less than 2% of the population has electricity in its homes. Burundi's
GDP grew around 4% annually in 2006-12. Political stability and the end of the
civil war have improved aid flows and economic activity has increased, but
underlying weaknesses - a high poverty rate, poor education rates, a weak legal
system, a poor transportation network, overburdened utilities, and low
administrative capacity - risk undermining planned economic reforms. The
purchasing power of most Burundians has decreased as wage increases have not
kept up with inflation. Burundi will remain heavily dependent on aid from
bilateral and multilateral donors - foreign aid represents 42% of Burundi's
national income, the second highest rate in Sub-Saharan Africa. Burundi joined
the East African Community in 2009, which should boost Burundi's regional trade
ties, and also in 2009 received $700 million in debt relief. Government
corruption is hindering the development of a healthy private sector as
companies seek to navigate an environment with ever changing rules.
Source CIA
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COMPANY
REPORTED: |
LOTERIE
NATIONALE DU BURUNDI |
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Initials: |
LONA |
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Principal
Address: |
B
P 1330, Bujumbura, Republic of Burundi |
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Telephone:
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+257-22226935 |
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Fax: |
+257-22243686 |
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Email: |
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Internet: |
None |
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Established: |
10/05/1999 |
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Registration: |
Republic
of Burundi |
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Legal
Form: |
State
Corporation |
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Stock
Listing: |
Not
Listed |
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Workforce: |
2012 |
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60 |
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Office
& Factories |
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Head
offices |
Avenue
Des Euphorbes, Bujumbura, Republic of Burundi |
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Branches
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None |
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Management/
Directors |
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President/
CEO (1) |
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Name |
Mrs. Immaculée Bigirimana |
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Active in daily business: |
Active |
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Current Title: |
President |
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Country
of residence |
Burundi |
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Remarks |
Top Decision
Maker |
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President/
CEO (2) |
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Name |
Mr. Théophile Niyonsaba |
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Active in daily business: |
Active |
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Current Title: |
Vice President |
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Country
of residence |
Burundi |
Þ 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.
|
Credit
Check of Subject, President & CEO (as of report date) |
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Payment
Morale: |
In
the documents at our disposal nothing adverse has been shown so far. |
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CREDIT
RATING: |
Financial
situation is average. |
No negative information found.
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Company Profile: |
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Budget
Capital |
USD. 1,000,000 |
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Shareholders |
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Name |
Position |
Amount
|
Ratio |
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Mrs. Immaculée Bigirimana |
President |
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Mr. Théophile Niyonsaba |
Vice President |
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Mr. Jean Pierre Sinzinkayo |
Director |
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Mr. Jean Damascène Rukundo |
Director |
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Mrs. Spès Caritas Ndayiseng |
Director |
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Mr. Jean Marie Niyonkuru |
Secretary |
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Government of Burundi |
Shareholder |
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100.00% |
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Total
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100.00% |
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Terms of payment |
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Buying
terms |
30% in cash, 70% on credit |
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Selling
terms |
80% in cash, 20% on credit |
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Affiliated Companies |
None |
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Exchange Rate |
US$ 1 = BIF. 1547.00 |
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Business
Activities |
Operate as the national lottery in Burundi |
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Recent
Budget |
USD. 5,000,000 (2012 Estimated) |
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Business
Premises |
2000
Sft |
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Type
of occupation
|
Owned |
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Location |
The
subject is located close to a major road network |
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Premises
used as
|
Offices |
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Banking
relationship |
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Main
Banks |
Banque
de la République du Burundi |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.84 |
|
UK Pound |
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with
the strongest capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties
seems comparatively below average. |
Small |
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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 |
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<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.