|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
REGIE DES PRODUCTIONS PEDAGOGIQUES RPP |
|
|
|
|
Registered Office : |
Avenue du 18 septembre, Bp 3118 Bujumbura |
|
|
|
|
Country : |
Burundi |
|
|
|
|
Date of Incorporation : |
02.01.2008 |
|
|
|
|
Com. Reg. No.: |
67264 |
|
|
|
|
Legal Form : |
"SP" Public Company |
|
|
|
|
Line of Business : |
The RPP is a printing house engaged in printing of school books and children's books. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Undetermined |
|
Payment Behaviour : |
-- |
|
Litigation : |
-- |
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) |
|
Burundi |
C2 |
C2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 $700 million in debt relief. Government
corruption is hindering the development of a healthy private sector as
companies seek to navigate an environment with ever changing rules.
Source
: CIA
Regie des
Productions Pedagogiques RPP
ADDRESSES:
Main Address: Avenue du 18
septembre, Bp 3118
Zip code/City: Bujumbura, Burundi
Telephone: +257 22 22 26
31
Mobile: +257 77
75 16 85
Profile
Line of Business: Printing
Industry
Division: Manufacturing
Industry-code
(NACE): 1812 Other
printing
Banks: Not
disclosed.
Employees: unknown
CNPJ: -
Board of
Directors:
General Director SalvatorNizigiyimana
Chief
Administration Officer GezgezKasesa
(gkasesa@yahoo.fr)
Public
information:
-
Import and
Export:
-
Payment history:
No experience on record. The company did not pay the
annual fees for the registration with the Chamber of Commerce. It is not clear
whether this was because of financial problems or because they were no longer
interested in being registered. There are also many reports about financial
difficulties and a looming bankruptcy.
Owners/-s:
- Name(s) of the sharreholder(s) are not available.
Financial
information:
There are no accounts available.
Exchange rate:
US$
1,00 =
‘BIF 1.538 - Official rate on 12.06.2013
Main Activities:
The RPP is a printing house engaged in printing of
school books and children's books.
Operations & branches:
At the address, Avenue du 18 septembre, Bp 3118,
Bujumbura, we find the companies head office.
Untill 2012 was subject matter registered with the
Chamber of Commerce Burundi:
Register number: 67264
Date: 02.01.2008
Legal form: "SP" Public Company
The registration was reportedly discontinued due to
not paying the annual fees.
When contacting the company (General Director:
SalvatorNizigiyimana), they declined to provide any information by phone. As
per their request we have sent an email requesting further details. So far we
did not receive a response. Should we receive more information in the coming
few days, then we will send you an update.
News
The Minister of Basic and Secondary Education,
Education trades, Training and Literacy, Mr SeverinBuzingo was invited on
Tuesday the Senate to answer questions relating to the recovery of RPP
(governed educational productions) that unknown number of difficulties,
according to senators. Because of these difficulties, the company was forced to
reduce staff size. This reduction is carried out in accordance with the law and
on the basis of objective criteria, such as representatives of the people. At
the end of this session, senators recommended that the government make an
effort to repay the debt over a billion Burundian francs which he owes to the
public company. They also recommended that the government arrange for the audit
to clarify the financial and organizational situation of the RPP to find
solutions to its problems. Instead of being privatized as any company in
bankruptcy, senators proposed that it be transformed into a joint venture with
a view to its recovery. In this case, the transaction would be in the form of
ownership with a preponderance of the state so that it pays to do so. According
to the Minister Buzingo the idea of audit is to support, but this operation requires funds that are not yet
available. The last audit took place in 2009 when the RPP increased from
personalized administration of the State to the public company. In the meantime,
he should be encouraged to persevere it. As senators, the Minister in charge of
Basic Education commends the company for its secrecy tests and national
competitions. Minister Buzingo promised to submit to the Council of Ministers
any questions regarding the RPP. He still gave some relief proposals as
senators asked him as a person to make proposals to the Council of Ministers.
In addition to reimbursement when resources permit, he suggested other ways
out, among other exemption of raw materials, integrating the RPP editing
component as claimed in order to diversify its operations, the processing of
this a joint venture company in lieu of its privatization, the integration of
the reference rate, the agreement monopoly privilege for the needs of the state
as the production of identity cards and other cards. For him, the privatization
would be the last resort, but the decision will be taken by the Council of
Ministers.
Although there is no point to his comical end, even
if it comes to develop sophisticated new hyper machine, the board of
educational productions, RPP, is living its last days. As he did for the
textile complex Bujumbura, the People's Bank and other companies, the CNDD-FDD
is ready to sacrifice another public company at the altar of inassouvissables
appetites of the ruling party leaders. There is great concern among dozens of
workers of this company.
Last week, the CEO of PPR, DéogratiasRurimunzu
announced to staff in the month of June, it will much technically unemployed
for six months. Salaries will also be frozen from this period as the treasury
of the company is more cautious than ever.
The bankruptcy announcement surprised the staff.
"It is an artificial bankruptcy since the direction of the company has to spend
nearly half a billion in the purchase of new machines that are out there and
that does not even work, we believe that the company is mismanaged "said
the representative of the staff of the RPP. Management refuses to answer these
charges. Mum's the word.
But according to several sources, the company is
also in the process of being declared bankrupt to be taken by individuals. But
in the meantime, the staff will have been on the street as was the case for
COTEBU. Businessmen from Mauritius just completed a visit to the RPP. They are
approached as potential buyers.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.