MIRA INFORM REPORT

 

 

Report Date :

23.04.2007

 

IDENTIFICATION DETAILS

 

Name :

Kimo  Limited

 

 

Registered Office :

Hn  Endeco House, opposite State Transport Company South Industrial Area, Accra

 

 

Country :

Ghana

 

 

Date of Incorporation :

17th March, 1992

 

 

Com. Reg. No.:

C45136

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

General merchandise (Import and Export)

 

 

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 :

Usually correct

 

 

Litigation :

Clear

 

 

Name

 

Kimo  Limited

 

 

Address

 

Hn  Endeco House, opposite State Transport Company South Industrial Area, Accra-Ghana 

Telephone:  23321 232 91014

Email :  Information was not provided

 

 

Date of Incorporation

 

17th March, 1992

 

 

Rc No

 

C45136

 

 

Share Capital

 

cedi 10,000,000

 

 

Legal Form

 

Private Limited Liability Company

 

 

Managing Director

 

Mr Mohamed  Kassam

 

 

Line of Business

 

General merchandise (Import and Export)

 

 

Products

 

Selling of Roofing Sheets, Tiles, Sanitary, office Furniture

 

 

Number of Employee

 

Twenty

 

 

Business Risks

 

Subjects  Business Environment

Presently, Ghanaian economy is improving with the higher capacity utilization in industries and low inflationary trends and there are influx of foreign investors into the country.

 

 

Nature of subject Business

 

Kimo Limited has been in the business of Importation of Tiles, Sanitary, Roofing Sheets and office Furniture since 1992 in Accra, Ghana

 

 

Subject and its industry

 

Subject is a major and Viable player within the industry. The industry is dominated by foreign companies

 

 

Cash Flow and Profitability

 

Despite our visit to subject office Financial Business information was not provided

 

 

Market Coverage

 

Kimo Limited Products covers the entire Ghana

 

 

Directors

 

Mohamed   Kassam

Hassan      Kassam

comment: shares alloted was not stated at the register General in Accra

 

 

Competitors

 

Pg's Company  Limited

Melcom Ghana Limited

Bernetts  Furnitures Limited

Luis Ghana Limited.

Batimat  Ghana  Limited

 

Economic Trend                 2007

 

Foreign  Exchange  Rate to US Dollar CEDI                                 9,400

Interest Rate ( Lending )                                                             14.5 percent

 

 

Financial Information

 

Financial Information was not provided despite our visit to subject office

 

 

Banker

 

EcoBANK Ghana

 

 

Stock Market share Movement

 

Subject is a private Limited Liability Company, its shares are not quoted on the floor of Ghana Stock Exchange

 

 

CONCLUSION AND RECOMMENDATION

 

Kimo Limited was incorporated in Ghana as a private Limited liability company. it is a going concern business.

We recommend for normal business relationship.  

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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