MIRA INFORM REPORT

 

 

Report Date :

15.07.2011

 

IDENTIFICATION DETAILS

 

Name :

GITEX CO LTD

 

 

Registered Office :

11 Ross Road Freetown

 

 

Country :

Sierra Leone

 

 

Date of Incorporation :

15.02.2009

 

 

Legal Form :

Limited Liability Company, Limited by shares

 

 

Line of Business :

General trading company

 

 

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 :

Unknown

 

 

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Sierra Leone

C2

C2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

GITEX CO LTD

Principal Address:

11 Ross Road Freetown, Sierra Leone

Telephone:

+232-33-457777

Fax:

+232-33-457777

Email:

gitex@gitexco.com

Internet:

None

Established:

15/02/2009

Registration:

Freetown, Sierra Leone

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2010

 

 

 

 

25

 

 

 

Office & Factories

 

Head offices

11 Ross Road Freetown, Sierra Leone

Branches

None

Company Profile:

 

Nominal Capital

SLL. 1,000,000

Paid in Capital

SLL. 1,000,000

Subscribed Capital

SLL. 1,000,000

Shareholders

 

Name

Position

   Amount  

       Ratio

M Nader

Director

 

 

K Yadris

Director

 

 

Total

 

 

100.00%

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

 

President/ CEO (1)

 

Name

M Nader

Remarks

Top Decision Maker

 

Director (2)

 

Name

K Yadris

 

̃  Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive

director.

 

NEGATIVE INFORMATION

 

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders

 

Name

Position

   Amount  

       Ratio

M Nader

Director

 

 

K Yadris

Director

 

 

Total

 

 

100.00%

 

PAYMENT INFORMATION

 

Na

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

None

 

FINANCIAL INFORMATION

 

Na

 

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = SLL. 4320

 

ADDITIONAL INFORMATION

 

Business Activities

General trading company

 

Terms of payment

Buying terms 

30% in cash, 70% on credit

Selling terms

80% in cash, 20% on credit

 

 

Suppliers

Various Companies

Customers

firms and organizations

 

 

Recent Sales

SLL. 512,000,000  (2010 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

20.0%

Domestic Market Share

10.0%

Business Premises

2000 Sft

Type of occupation                                              

Leased

Location 

The subject is located close to a major road network                      

Premises used as                                                

Offices, Warehouse, Workshop

Banking relationship

 

Main Banks

NDB Bank

 

NOTES & COMMENTS

 

COMMENTS

We propose Secured credit

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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.