|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
NOVATEX |
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|
|
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Registered Office : |
BP 724, Bobo Dioulaso |
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|
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Country : |
Burkina Faso |
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|
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Date of Incorporation : |
02.06.1999 |
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|
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Com. Reg. No.: |
13254 B Burkina Faso |
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|
|
|
Legal Form : |
Société Anonyme Responsabilité Limitée |
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|
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Line of Business : |
Dealers in textiles and garments |
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|
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No. of Employees : |
80 |
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 : |
Usually Correct |
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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) |
|
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.
|
Source : CIA |
|
COMPANY
REPORTED: |
NOVATEX |
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Registered
Names: |
NOVATEX
SARL |
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Principal
Address: |
BP
724, Bobo Dioulaso, Burkina Faso |
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Telephone:
|
+226-20971506 |
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Fax: |
+226-20972459 |
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Email: |
None |
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Internet: |
None |
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|
Established: |
02/06/1999 |
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|
Registration: |
13254
B Burkina Faso |
|||
|
Legal
Form: |
Société
Anonyme Responsabilité Limitée |
|||
|
Stock
Listing: |
Not
Listed |
|||
|
Workforce: |
2012 |
|
|
|
|
|
80 |
|
|
|
|
Office
& Factories |
|
|||
|
Head
offices |
Ségédé
Sanou,Quartier Koko, Bobo Dioulaso, Burkina Faso |
|||
|
Branches
|
None |
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|
Management/
Directors |
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|
President/
CEO (1) |
|
|
Name |
Mr. R. Aboubacar |
|
Active in daily
business: |
Active |
|
Current Title: |
General Manager |
|
Country
of residence |
Burkina Faso |
|
Remarks |
Top Decision
Maker |
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) |
|
|
Payment
Morale: |
In
the documents at our disposal nothing adverse has been shown so far. |
|
CREDIT
RATING: |
Financial
situation is average. |
No negative information found.
|
Company
Profile: |
|
||
|
Nominal
Capital |
CFA. 1,000,000 |
||
|
Paid
in Capital |
CFA. 1,000,000 |
||
|
Subscribed
Capital |
CFA. 1,000,000 |
||
|
Shareholders |
|
||
|
Name |
Position |
Amount
|
Ratio |
|
Mr. R. Aboubacar |
GM |
|
|
|
Mr. Amidou Dramane |
Manager |
|
|
|
Total
|
|
|
100.00% |
|
|
Terms of payment |
|
Buying
terms |
30% in cash, 70% on credit |
|
Selling
terms |
80% in cash, 20% on credit |
|
Affiliated
Companies |
None |
|
Exchange
Rate |
US$
1 = CFA. 507.35 |
|
Business
Activities |
Dealers in textiles and garments |
|
Suppliers |
Various suppliers |
|
Customers |
Local agencies, stores, outlets, etc |
|
|
|
|
Recent
Sales |
CFA.
420,000,000 (2012 Estimated) |
|
Exports
|
None
|
|
Export
Ratio |
0.0% |
|
Import
Ratio |
20.0% |
|
Domestic
Market Share |
10.0% |
|
Business
Premises |
1000
Sft |
|
Type
of occupation
|
Leased
|
|
Location |
The
subject is located close to a major road network |
|
Premises
used as
|
Offices,
WorkShop |
|
Banking
relationship |
|
|
Main
Banks |
Banque
Atlantique Burkina Faso |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.37 |
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.