MIRA INFORM REPORT

Report No. :	326287
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	BANCO COMERCIAL DO ATLANTICO
Registered Office :	Praca Alexandre Albuquerque, Praia
Country :	Cape Verde
Date of Incorporation :	01.09.1993
Com. Reg. No.:	43/93
Legal Form :	Limited Corporation
Line of Business :	Subject is providers of banking and related financial services
No of Employees :	50 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Cape Verde	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

CAPE VERDE ECONOMIC OVERVIEW

Cabo Verde’s economy is vulnerable to external shocks and depends on development aid, foreign investment, remittances, and tourism. The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Tourism is the mainstay of the economy and depends on conditions in the euro zone countries. Although about 40% of the population lives in rural areas, the share of food production in GDP is low. The island economy suffers from a poor natural resource base, including serious water shortages, exacerbated by cycles of long-term drought, and poor soil for growing food on several of the islands, requiring it to import most of what it consumes. The fishing potential, mostly lobster and tuna, is not fully exploited. Cabo Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances as a share of GDP are one of the highest in sub-Saharan Africa. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. The government’s elevated debt levels have limited its capacity to finance any shortfalls.

Source : CIA

SUBJECT'S NAME
Registered Name:	BANCO COMERCIAL DO ATLANTICO
Requested Name:	BANCO COMERCIAL DO ATLANTICO
Other Names:	None
_______________________________________________________________________
ADDRESS AND TELECOMMUNICATION
Physical Address:	Praca Alexandre Albuquerque, Praia,
Postal Address:	C.P. 474
	Praia,
Country:	Cape Verde
Phone:	238-2600960/2600900
Fax:	238-2600900
Email:	bca@bca.cv
Website:	www.bca.cv
_______________________________________________________________________
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
_______________________________________________________________________
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		01-Sept-1993
Reg. Number:		43/93
SWIFT Code:		BCATCVCV
Nominal Capital		CVE. 1,324,765,000
Subscribed Capital		CVE. 1,324,765,000
Subscribed Capital is Subscribed in the following form:
		Position	Shares
Mr. António Jose de Castro Guerra		Chairman
Mr. Fernando Jorge Livramento Santos Moeda		Admin
Mrs. Maria Eduarda Simões Lopes Branco Vicente		Admin
Mr. Avelino Bonifácio Fernandes Lopes		Admin
Mrs. Ana Isabel Pais Vinagre Tomazio		Admin
Employees Scheme		Shareholder	2.41%
Airport and Air Security, LPC		Shareholder	2.17%
Government of Cape Verde		Shareholder	10.00%
Garantia, LLC		Shareholder	12.52%
Caixa Geral de Depósitos		Holding Co.	52.50%
_______________________________________________________________________
RELATED COMPANIES
Caixa Geral de Depósitos		Parent company.
None		Subsidiary company.
None		Affiliated company.
Employees Scheme Airport and Air Security, LPC Government of Cape Verde Garantia, LLC		Shareholders of subject firm.
23 in Cape Verde		Branches of the firm
___________________________________________________________________________
OPERATIONS
Registered to operate as providers of banking and related financial services
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		General Public
Employees:		50 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Cape Verde
Location:		Leased premises, 20,000 square feet,
_______________________________________________________________________
AUDITORS AND INSURANCE
Auditors:		Deloitte & Associados SROC
Insurance Brokers:		Information not available.
_______________________________________________________________________
FINANCE
Currency Reported:		Cape Verde Escudo (CVE.)
Approx. Ex. Rate:		1 US Dollar = 98.41 Cape Verde Escudo
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 Submitted Below
_______________________________________________________________________
BANK
Bank Name:		Banco de Cabo Verde
Branch:		Cape Verde
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. 63.93
UK Pound	1	Rs. 98.26
Euro	1	Rs. 72.36

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