MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	FOREST WOOD SERVICES SARL
Registered Office :	Avenue De Gaule, Bonapriso
Country :	Cameroon
Date of Incorporation :	15.05.2013
Com. Reg. No.:	RC/DLA/2013/B/3974
Legal Form :	Societe Anonyme Responsibilitee Limitee
Line of Business :	Exporters and suppliers of wood products
No of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
Payment Behaviour :	Unknown
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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Cameroon	B2	B2

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

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:	FOREST WOOD SERVICES SARL
Requested Name:	FOREST WOOD SERVICES SARL
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Avenue De Gaule, Bonapriso
Postal Address:	P. o. Box 15358
	Douala,
Country:	Cameroon
Phone:	237-76837117/55880857/22044966
Fax:	237-55880857
Email:	mbiki2000@yahoo.fr
Website:	www.forestwoodservices.com
CREDIT OPINION
Projected Financial Index as of December 2014 shows subject firm with a high risk of credit. We recommend Secured Credit.
LEGAL
Legal Form:		Societe Anonyme Responsibilitee Limitee
Date Incorporated:		15-May-2013
Reg. Number:		RC/DLA/2013/B/3974
Nominal Capital		CFA. 1,000,000
Subscribed Capital		CFA. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Mbiki Merlin		CEO
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as exporters and suppliers of wood products
Imports:		Asia
Exports:		Neighboring countries
Trademarks:		None
Terms of sale:		Cash (80%) and 25-90 days (20%), invoices.
Main Customers:		firms and organizations
Employees:		10 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Cameroon
Location:		Rented premises, 5,000 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 = 482.71 West African Franc
Projected Fiscal Year End:		December 31, 2014
Projected Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in CFA.)
			2014
Projected Sales			150,000,000
BANK
Bank Name:		Commercial Bank of Cameroon (CBC)
Branch:		Cameroon
Comments:		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. 59.72
UK Pound	1	Rs. 102.35
Euro	1	Rs. 81.38

INFORMATION DETAILS

Analysis Done by :	SMT
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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.