MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	BANK OF AFRICA SENEGAL
Registered Office :	Immeuble Elan, Route de Ngor,Zone 12, Quartier Des Almadies, Dakar
Country :	Senegal
Date of Incorporation :	11.03.2010
Legal Form :	Limited Corporation
Line of Business :	Subject is providers of banking and related financial services
No of Employees :	300 employees

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Senegal	B1	B1

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

SENEGAL ECONOMIC OVERVIEW

Senegal’s economy is driven by agriculture and that sector is the primary source of employment for the rural areas. The country's key export industries are phosphate mining, fertilizer production, and commercial fishing. The country is also working on iron ore and oil exploration projects. senegal relies heavily on donor assistance and foreign direct investment. President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with a weak infrastructure, challenging business environment, and a culture of overspending that still plagued the country in 2013. The IMF completed a non-dispersing, Policy Support Initiative program in December 2010 and approved a new three-year policy support instrument to assist with economic reforms. The economy continues to suffer from unreliable power supplies and rising costs of living, which has led to public protests and high unemployment and has prompted migrants to flee Senegal in search of better job opportunities in Europe.

Source : CIA

SUBJECT'S NAME
Registered Name:	BANK OF AFRICA SENEGAL
Requested Name:	BANK OF AFRICA SENEGAL
Other Names:	BOA BANK
ADDRESS AND TELECOMMUNICATION
Physical Address:	Immeuble Elan, Route de Ngor,Zone 12, Quartier Des Almadies, Dakar
Postal Address:	P. o. Box 1992
	Dakar,
Country:	Senegal
Phone:	221-33-8656467/73/8496240
Fax:	221-33-8491667/8204283
Email:	information@boasenegal.com
Website:	www.boasenegal.com/ www.bank-of-africa.net
CREDIT OPINION
Financial Index as of December 2013 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		11-March-2010
Reg. Number:		Senegal
Nominal Capital		CFA. 8,500,000,000
Subscribed Capital		CFA. 8,500,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Alioune Ndour Diouf		Group Chairman
Mr. Laurent Basque		MD
Mr. Mohamed Tahri		Director
Mr. Georges Nabi		Director
Mr. Alioune Diagne		Director
Groupe Bank of Africa		Holding Co.		100%
_______________________________________________________________________
RELATED COMPANIES
Groupe Bank of Africa		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
18 in Senegal		Branches of the firm
OPERATIONS
Registered to operate as providers of banking and related financial services
Imports:		Asia, Europe
Exports:		None
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		Individuals, firms and organizations
Employees:		300 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Senegal
Location:		Leased premises, 20,000 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 = 531.96 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			15,200,000,000
BANK
Bank Name:		Central Bank of West African States
Branch:		Senegal
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. 61.85
UK Pound	1	Rs. 96.73
Euro	1	Rs. 76.53

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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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