MIRA INFORM REPORT

Report Date :

31.08.2014

IDENTIFICATION DETAILS

Name :	CONSOLIDATED CAMEROON FARMERS S.A
Registered Office :	2nd Floor Infinity Mansion Clarks Quarter Buea
Country :	Cameroon
Date of Incorporation :	10.03.1998
Legal Form :	Societe Anonyme
Line of Business :	Suppliers of Nuts, Seeds, Fruits And Vegetables
No of Employees :	50

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
Payment Behaviour :	No Complaints
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Cameroon	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

CAMEROON - ECONOMIC OVERVIEW

Because of its modest oil resources and favorable agricultural conditions, Cameroon has one of the best-endowed primary commodity economies in sub-Saharan Africa. Still, it faces many of the serious problems confronting other underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, and a generally unfavorable climate for business enterprise. Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF is pressing for more reforms, including increased budget transparency, privatization, and poverty reduction programs. Subsidies for electricity, food, and fuel have strained the budget. Cameroon has several large infrastructure projects under construction, including a deep sea port in Kribi and the Lom Pangar Hydropower Project. It also recently opened a natural gas powered electricity generating plant. Cameroon must attract more investment to improve its inadequate infrastructure, but its business environment is a deterrent to foreign investment.

Source : CIA

SUBJECT'S NAME
Registered Name:	CONSOLIDATED CAMEROON FARMERS S.A
Requested Name:	CONSOLIDATED CAMEROON FARMERS
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	2nd Floor Infinity Mansion Clarks Quarter Buea
Postal Address:	P. o. Box 12
	Buea South West
Country:	Cameroon
Phone:	237-75647903/98962720
Fax:	237-75647903
Email:	consolidatedcameroonfarmers@gmail.com
Website:	None
CREDIT OPINION
Financial Index as of December 2013 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Societe Anonyme
Date Incorporated:		10-March-1998
Reg. Number:		Cameroon
Nominal Capital		CFA. 1,000,000
Subscribed Capital		CFA. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Atem Emana		MD
Mr. Paul Ndinga		Director
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
Factory at Munyange		Branches of the firm
OPERATIONS
Registered to operate as suppliers of nuts, seeds,fruits and vegetables
Imports:		Asia
Exports:		North America, Europe,Southeast Asia
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Distributors, stores etc
Employees:		50 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Cameroon
Location:		Leased premises, 10,000 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 = 496.94 West African Franc
Fiscal Year End:		December 31, 2013
Inflation:		According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in CFA.)
			2013
Sales			1,391,420,000
BANK
Bank Name:		Atlantic Bank Cameroon
Branch:		Cameroon
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.60.47
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SHG

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%)

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