MIRA INFORM REPORT

Report No. :	504496
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	BGFIBANK GABON, SA
Registered Office :	1295, Boulevard De Independence BP 2253, Libreville
Country :	Gabon
Financials (as on) :	2017 [Summarized]
Date of Incorporation :	11.03.2010
Com. Reg. No.:	2010 B 09140
Legal Form :	Societe Anonyme
Line of Business :	Registered to Operate as Providers of Banking and Financial Services
No. of Employees :	65

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Gabon	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

GABON - ECONOMIC OVERVIEW

Gabon enjoys a per capita income four times that of most sub-Saharan African nations, but because of high income inequality, a large proportion of the population remains poor. Gabon relied on timber and manganese exports until oil was discovered offshore in the early 1970s. From 2010 to 2016, oil accounted for approximately 80% of Gabon’s exports, 45% of its GDP, and 60% of its state budget revenues.

Gabon faces fluctuating international prices for its oil, timber, and manganese exports. A rebound of oil prices from 2001 to 2013 helped growth, but declining production, as some fields passed their peak production, has hampered Gabon from fully realizing potential gains. GDP grew nearly 6% per year over the 2010-14 period, but slowed significantly from 2014 to just 1% in 2017 as oil prices declined. Low oil prices also weakened government revenue and negatively affected the trade and current account balances. In the wake of lower revenue, Gabon signed a 3-year agreement with the IMF in June 2017.

Despite an abundance of natural wealth, poor fiscal management and over-reliance on oil has stifled the economy. Power cuts and water shortages are frequent. Gabon is reliant on imports and the government heavily subsidizes commodities, including food, but will be hard pressed to tamp down public frustration with unemployment and corruption.

Source : CIA

Company name
Registered Name:	BGFIBANK GABON, SA
Requested Name:	BGFI BANK
Other Names:	BGFI BANK GABON
ADDRESS AND TELECOMMUNICATION
Physical Address:	1295, Boulevard de independence
Postal Address:	BP 2253,
	Libreville
Country:	Gabon
Phone:	241-02995188/01796388
Fax:	241-01744456
Email:	Contact@bgfi.com
Website:	www.gabon.groupebgfibank.com
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Societe Anonyme
Date Incorporated:		11-March-2010
Reg. Number:		2010 B 09140
VAT Number:		071282F
Nominal Capital		CFA. 75,006,332
Subscribed Capital		CFA. 75,006,332
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Henri-Claude Oyima		President/CEO
Mr. Malick Ndiaye		GM
Mrs. Huguette Oyini		Deputy GM
BGFIBank Group S.A.		Holding Co.		100%
RELATED COMPANIES
BGFIBank Group S.A.		Parent company.
None		Subsidiary company.
BGFIBank Benin BGFIBank Cameroon BGFIBank Ivory Coast BGFIBank Congo BGFIBank Europe BGFIBank Equatorial Guinea BGFIBank Madagascar BGFIBank RD Congo BGFIBank Sao Tome and Principe BGFIBank Senegal BGFIBourse BGFICapital Finatra Hedenia Loxia		Affiliated companies.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as providers of banking and financial services
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		65 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Gabon
Location:		Owned premises, 20,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		West African Franc (CFA.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in CFA.)
			2017
Sales			14,800,000,000
BANK
Bank Name:		Self
Branch:		Gabon
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	INR 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.37
CFA	1	INR 0.12

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.