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Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOCIETE MEGAMONDE |
|
|
|
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Registered Office : |
Secteur 5, Avenue Kwame
N’krumah, Ouagadougou |
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|
|
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Country : |
Burkina Faso |
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|
|
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Year of Establishments: |
1998 |
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|
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Com. Reg. No.: |
BF OUA 2000 B 169 |
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|
|
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Legal Form : |
Limited Corporation |
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|
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Line of Business : |
production and distribution of motor cycles |
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No. of Employees : |
120 |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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|
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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 – 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 |
Registered Name: SOCIETE MEGAMONDE
Requested Name: MEGA
MONDE
Other
Names: GROUPE MEGA MONDE
Physical Address: Secteur 5, Avenue Kwame
N’krumah, Ouagadougou
Industrial offices: Kossodo Industrial Zone
Postal Address: 01BP 6018,
Ouagadougou 01,
Country: Burkina
Faso
Phone: 226-50131299/50317992/50357223
Fax: 226-50311303
Email: info@megamonde.com
Website: www.megamonde.com
Financial Index as of December 2012 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 06-February-2000
Started: 1998
Reg. Number: BF
OUA 2000 B 169
Nominal Capital CFA. 1,000,000,000
Subscribed Capital CFA. 1,000,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Basma Nasser President
Mr. Basma Rabih Vice President
Mr. Ba Ousmane MD
Mr. YAya Zakaria Finance Director
Mr. BAndre Francis Director
Mr. Ouattara Kady Director
Mr. Diallo
Aboubacar Director
Mr. Youssef
Youssef Director
None Parent company.
None Subsidiary company.
In Mali, Cote D’Ivoire and DRC Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate production and distribution of motor cycles
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: Local
agencies, outlets etc
Employees: 120
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Burkina
Faso
Location: Owned
premises, 50,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: West African Franc (CFA.)
Approx. Ex. Rate: 1 US Dollar = 498.22 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 1,520,000,000
Bank Name: Banque Atlantique Burkina Faso
Branch: Burkina Faso
Comments: None
Experiences: Good
None
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.59.69 |
|
UK Pound |
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
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.