MIRA INFORM REPORT

 

 

Report Date :

07.05.2013

 

IDENTIFICATION DETAILS

 

Name :

CBF CUSTOMS AGENCY

 

 

Registered Office :

P O Box 279, Lae 411, morobe Province Papua New Guinea

 

 

Country :

Guinea

 

 

Date of Incorporation :

11.08.2007

 

 

Com. Reg. No.:

1-75947

 

 

Legal Form :

Limited Liability  Company 

 

 

Line of Business :

Not Available

 

 

No. of Employees :

7

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Guinea

C2

C2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GUINEA - ECONOMIC OVERVIEW

 

Guinea is a poor country that possesses major mineral, hydropower, and agricultural resources. The country has almost half of the world's bauxite reserves and significant iron ore, gold, and diamond reserves. However, Guinea has been unable to profit from this potential, as rampant corruption, dilapidated infrastructure, and political uncertainty have drained investor confidence. In the time since a 2008 coup following the death of long-term President Lansana CONTE, international donors, including the G-8, the IMF, and the World Bank, have significantly curtailed their development programs. Throughout 2009, policies of the ruling military junta severely weakened the economy. The junta leaders spent and printed money at an accelerating rate, driving inflation and debt to perilously high levels. In early 2010, the junta collapsed and was replaced by a Transition Government, which ceded power in December 2010 to the country's first-ever democratically elected president, Alpha CONDE. International assistance and investment are expected to return to Guinea, but the levels will depend upon the ability of the new government to combat corruption, reform its banking system, improve its business environment, and build infrastructure. IMF and World Bank programs will be especially critical as Guinea attempts to gain debt relief. International investors have expressed keen interest in Guinea's vast iron ore reserves, which could further propel the country's growth. The government put forward a new mining code in September 2011 that includes provisions to combat corruption, protect the environment, and review all existing mining contracts. Longer range plans to deploy broadband Internet throughout the country could spur economic growth as well.

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Contact Information

 

Company Name

CBF CUSTOMS AGENCY

Address

P O Box 279, Lae 411, morobe Province Papua New Guinea

Postal Address

-

Telephone

 +675 4792821 / +675 71963797/+675 70162747

Fax

+675 4792821

Email

danielbalingi@gmail.com

Website

-

Other Information

 

 

 

DIRECTORS/MANAGEMENT

 

Board/Executive

 

Name

Mr.Daniel Wilson Balingi

Position within the company

CEO

Country of Birth

Papua New Guinea

Nationality

Papua New Guinean

Can fluently speak

English

 

Name

Mr.Benjamin Scott

Position within the company

Branch Manager

Country of Birth

The United State

Nationality

American

Can fluently speak

English

 

Name

Mr.SoubanaDiallo

Position within the company

Senior Economist

Country of Birth

Papua New Guinea

Nationality

Papua New Guinean

Can fluently speak

English

 

 

NEGATIVE INFORMATION

 

Litigation

None Recorded

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Authorized Capital

35,000 Papua New Guinea

 

PAYMENT INFORMATION

 

Export/Import (Countries, goods and total values for the period)

 

Imports From

Europe

Importing Terms

Letters of Credit

Import % and type of product

5%- Finished Goods  

 

Exports To

-

Exporting Terms

-

Export % and type of product

-

 

Remarks on Payment

No Complaints

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Registration Data

 

Date of Registration

11 Aug, 2007

Registration number

1-75947

Legal address

P O Box 279, Lae 411, morobe Province Papua New Guinea

Legal Form

Limited Liability  Company 

Other Registration Data

-

 

 

Changes in Registration Data

None recorded

 

Activities ( realistic and officials)

Supplier of scrap metals.

 

Staff

 

Number of staff employed

 

7

 

Facilities

 

Rented

Offices, Warehouses

Premises Size

- 

 

Branches

 

148 UNION STREET, OldHam,Lancashire,  UK

Tel: +44 701 0020914

 

 

4101 Odonnell St, Baltimore, MD 21222 Baltimore Maryland 21222 United States

Tel: +1 607 5950192

 

Bankers

 

Bank

ANZ Banking Group (PNG) Limited

Branch

lae Branch

Address

P O Box 1152, Port Moresby, Habour City,  Guinea

Telephone

-

 

 

NOTES & COMMENTS

 

Reporter Comments

 

Comments Date

30/04/2013

Comments

In the interview conducted withMr.Daniel Wilson Balingi(CEO),herejected to cooperate with us.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.84.03

Euro

1

Rs.70.72

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.