MIRA INFORM REPORT

Report No. :	508158
Report Date :	18.05.2018

IDENTIFICATION DETAILS

Name :	MAB SARL (SOCIEDADE MAB)
Registered Office :	Av. Das Nacoes Unidas, Bairro Sintra, Bissau
Country :	Guinea – Bissau
Date of Incorporation :	21.03.2004
Legal Form :	Societe Anonyme Responsabilitee Limitee
Line of Business :	Registered to operate as exporters of agricultural products such as raw cashew nuts, sesame seeds
No. of Employees :	35

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 :	Satisfactory
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Guinea – Bissau	C1	C1

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

GUINEA BISSAU - ECONOMIC OVERVIEW

Guinea-Bissau is highly dependent on subsistence agriculture, cashew nut exports, and foreign assistance. Two out of three Bissau-Guineans remain below the absolute poverty line. The legal economy is based on cashews and fishing. Illegal logging and trafficking in narcotics also play significant roles. The combination of limited economic prospects, weak institutions, and favorable geography have made this West African country a way station for drugs bound for Europe.

Guinea-Bissau has substantial potential for development of mineral resources, including phosphates, bauxite, and mineral sands. Offshore oil and gas exploration has begun. The country’s climate and soil make it feasible to grow a wide range of cash crops, fruit, vegetables, and tubers; however, cashews generate more than 80% of export receipts and are the main source of income for many rural communities.

With renewed donor support following elections in April-May 2014 and a successful regional bond issuance, the Government of Guinea-Bissau began to make progress paying salaries, settling domestic arrears, and gaining more control over revenues and expenditures, but it was deposed by the president in August 2015. A political stalemate since then has resulted in weak governance and reduced donor support.

The country is participating in a three-year, IMF extended credit facility program that was suspended because of a planned bank bailout. The program was renewed in 2017, but the major donors of direct budget support (the EU, World Bank, and African Development Bank) have halted their programs indefinitely. Diversification of the economy remains a key policy goal, but Guinea-Bissau’s poor infrastructure and business climate will constrain this effort.

Source : CIA

COMPANY NAME
Registered Name:	MAB SARL (SOCIEDADE MAB)
Requested Name:	SOCIEDADE MAB SARL
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Av. Das Nacoes Unidas, Bairro Sintra,
	Bissau,
Country:	Guinea-Bissau
Phone:	245-955268102/624399669/955271871
Fax:	245-955268102
Email:	mabbissau@gmail.com
Website:	None
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Societe Anonyme Responsabilitee Limitee
Date Incorporated:		21-March-2004
Reg. Number:		Guinea Bissau
Nominal Capital		CFA. 1,000,000
Subscribed Capital		CFA. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Boubacar Balde		MD		50%
Mr. Amadou Balde		Director		50%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
Mr. Boubacar Balde Mr. Amadou Balde		Shareholders of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as exporters of agricultural products such as raw cashew nuts, sesame seeds etc
Imports:		None
Exports:		India, Vietnam, Africa
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Distributors, firms and organizations
Employees:		35 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Guinea Bissau
Location:		Rented premises, 5,000 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			550,000,000
BANK
Bank Name:		Banco Da Uniao
Branch:		Guinea Bissau
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	INR 67.72
UK Pound	1	INR 91.65
Euro	1	INR 79.89
CFA	1	INR 0.12

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	KET

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)

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