MIRA INFORM REPORT

 

 

Report Date :

19.11.2014

 

IDENTIFICATION DETAILS

 

Name :

UNITED BANK FOR AFRICA SENEGAL SA

 

 

Registered Office :

Route  Des Almadie Zone 12-Lot D,Dakar B.P. 11.476 Dakar Peytavin Dakar

 

 

Country :

Senegal

 

 

Financials (as on) :

2013 (Consolidated Statement - Group)

 

 

Date of Incorporation :

12.05.2009

 

 

Legal Form :

Societe Anonyme

 

 

Line of Business :

Subject operate as providers of commercial banking services and related solutions

 

 

No. of Employees :

200 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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Senegal

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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:

UNITED BANK FOR AFRICA SENEGAL SA

Requested Name:

UNITED BANK FOR AFRICA SENEGAL SA

Other Names:

UBA SENEGAL

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Route  Des Almadie Zone 12-Lot D,Dakar

Postal Address:

B.P. 11.476 Dakar Peytavin

 

Dakar,

Country:

Senegal

Phone:

221-33-8520201/8692000/8595130/8595301/8495001

Cell:

221-771438072/773333988/778193410

Fax:

221-33-8206010

Email:

ubasenegal@ubagroup.com

Website:

www.ubagroup.com

 

 

LEGAL

 

Legal Form:

Societe Anonyme

Date Incorporated:

12-May-2009

Reg. Number:

Senegal

Nominal Capital

CFA. 9,250,000,000

Subscribed Capital

CFA. 9,250,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Tony O. Elumelu, C.O.N

Group Chairman

 

Mr. Amb Joseph Chiedu Keshi

Group Vice Chairman

 

Mr. Phillips Oduoza

Group CEO & MD

 

Mr. Kennedy Uzoka

Group Dep. MD

 

Mr. Apollos Ikpobe

Group Dep. MD

 

Mrs. Rose Ada Okwechime

Director

 

Ms. Obi Ibekwe

Director

 

Mr. Emeke E. Iweriebor

Director

 

Other Investors

Shareholder

14%

United Bank for Africa Plc (UBA)

Holding Co.

86%

 

 

RELATED COMPANIES

 

United Bank for Africa Plc (UBA)

Parent company.

None

Subsidiary company.

Various in group

Affiliated companies.

Other Investors

Shareholder of subject firm.

-Almadies Road Area 12, Almades, Senegal

-Bourguiba Street, Avenue Bourguiba Immeuble LT – Près Jet d’Eau, Bourguiba, Senegal

-Roundabout Case BI, Parcelles, Senegal

-Boulvard of republic Dakar, Plateau, Senegal

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as providers of commercial banking services and related solutions

Imports:

Europe, Africa

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

Individuals, firms and organizations  

Employees:

200 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Senegal

Location:

Owned premises, 100,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

PRICEWATERHOUSE COOPERS

Insurance Brokers:

Information not available.

 

 

FINANCE

                                                                      

Currency Reported:

West African Franc (CFA.)

Approx. Ex. Rate:

1 US Dollar = 527.47 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%.

 

Group Financial Information Submitted below

 

 

 

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.

The Holding Company of the Subject is as a result of the merger between old UBA, Standard Trust Bank Plc (STB) and a subsequent acquisition Continental Trust Bank Limited (CTB).

Subject has been awarded The Bank of the Year for two years consecutively.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.81

UK Pound

1

Rs.96.77

Euro

1

Rs.77.09

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

               

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.