MIRA INFORM REPORT

 

 

Report Date :

11.09.2014

 

IDENTIFICATION DETAILS

 

Name :

ELHADJ LACINE FOFANA

 

 

Registered Office :

Shop No. 0577, Silanimangbo, Conakry

 

 

Country :

Guinea

 

 

Date of Incorporation :

2002

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject operate as dealers in general merchandise such as food products, beverages

 

 

No of Employees :

12

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Guinea

C1

C1

 

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

 

 

GUINEA - ECONOMIC OVERVIEW

 

Guinea is a poor country that possesses major mineral, hydropower, solar power, and agricultural resources. Guinea has historically been an exporter of agricultural commodities, but in recent years has shifted to importing the majority of food crops. Bauxite is Guinea’s main mineral resource as well as its main source of foreign currency. Guinea is the second largest producer of bauxite in the world and has the largest reserves of bauxite, estimated at 29 billion tons. The country also has significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, significantly curtailed their development programs but, following the December 2010 presidential elections, the IMF approved a new 3-year ECF arrangement in 2012. Guinea in September 2012 reached HIPC completion point status. Further international assistance and investment are contingent on the ability of the government to be transparent, combat corruption, reform its banking system, improve its business environment, and build infrastructure. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could propel the country's growth. The government in April 2013 amended the September 2011 mining code to reduce taxes and royalties. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well. The biggest threats to Guinea’s economy are political instability and low international commodity prices.

 

Source : CIA

 

Company Name

 

 

Registered Name:

ELHADJ LACINE FOFANA

Requested Name:

ELHADJ LACINE FOFANA

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Shop No. 0577, Silanimangbo,

 

Conakry,

Country:

Guinea

Phone:

224-628492093

Fax:

224-628492093

Email:

mbfofana06@gmail.com

Website:

None

 

CREDIT OPINION

 

 

Financial Index as of December 2013 shows subject firm with a high risk of credit.

 

LEGAL

 

 

Legal Form:

Sole Proprietorship

Date Incorporated:

2002

Reg. Number:

Guinea

Nominal Capital

GNF. 1,000,000

Subscribed Capital

GNF. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. M. B. Fofana

Director

 

 

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 dealers in general merchandise such as food products, beverages

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

Local agencies, stores etc  

Employees:

12 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Guinea

Location:

Rented premises, 1,500 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE

 

 

Currency Reported:

Guinean Franc (GNF.)

Approx. Ex. Rate:

1 US Dollar = 7069.98 Guinean 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 GNF.)

 

 

2013

Sales

 

350,000,000

 

BANK

 

 

Bank Name:

Ecobank Guinee (EBG)

Branch:

Guinea

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.60.83

UK Pound

1

Rs.98.15

Euro

1

Rs.78.65

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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.