MIRA INFORM REPORT

 

 

Report No. :

336029

Report Date :

19.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SONICO IMPEX SARL

 

 

Registered Office :

Rue Grand Marche, Petrofa, Ouagadougou 10, 10 BP 546,  Ouagadougou 10,

 

 

Country :

Burkina Faso

 

 

Date of Incorporation :

01.01.1997

 

 

Com. Reg. No.:

BFAO1997B2596

 

 

Legal Form :

Societe Anonyme Responsabilitee Limitee

 

 

Line of Business :

Subject is operate as dealers in general merchandise such as FMCG products, hardware.

 

 

No. of Employee :

20

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Burkina Faso

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BURKINA FASO ECONOMIC OVERVIEW

 

Burkina Faso is a poor, landlocked country that depends on adequate rainfall. About 80% of the population is engaged in subsistence farming and cotton is the main cash crop. The country has few natural resources and a weak industrial base. Cotton and gold are Burkina Faso’s key exports and Burkina Faso’s economic growth and revenue depends on global prices for the two commodities. The Burkinabe economy experienced high levels of growth over the last few years and gold accounted for about three-quarters of the country’s total export revenues in 2013. The country has seen an upswing in gold exploration, production, and exports. Burkina Faso experienced a number of public protests over the high cost of living, corruption, and other socioeconomic issues in 2013 and the fall of the COMPAORE government in 2014 gave rise to laborers pushing for better pay and working conditions. A new three-year IMF program was approved in 2013 to focus on improving the quality of public investment and ensuring inclusive growth. Political insecurity in neighboring Mali, unreliable energy supplies, and poor transportation links pose long-term challenges.

 

Source : CIA

 

 

Company NAME

 

Registered Name:

SONICO IMPEX SARL

Requested Name:

SONICI SARL

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Rue Grand Marche, Petrofa, Ouagadougou 10,

Postal Address:

10 BP 546,

 

Ouagadougou 10,

Country:

Burkina Faso West Africa

Phone:

226-50307360

Fax:

226-50330849

Email:

soniexbf@yahoo.fr

Website:

None

 

 

CREDIT OPINION

 

Financial Index as of December 2014 shows subject firm with a medium risk of credit. We recommend Secured Credit.

 

 

LEGAL

 

Legal Form:

Societe Anonyme Responsabilitee Limitee

Date Incorporated:

01-Jan-1997

Reg. Number:

BFAO1997B2596

Nominal Capital

CFA. 1,000,000

Subscribed Capital

CFA. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Rajesh Punjabi

MD

 

Mr. P. Chandran

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 FMCG products, hardware

Imports:

Asia

Exports:

Neighboring countries

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Local agencies, stores, outlets

Employees:

20 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Burkina Faso

Location:

Rented 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 = 590.95 West African Franc

Fiscal Year End:

December 31, 2014

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

Sales

 

450,000,000

 

 

BANK

 

Bank Name:

Banque Internationale du Burkina (BIB)

Branch:

Burkina Faso

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.65.22

UK Pound

1

Rs.102.23

Euro

1

Rs.72.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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