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Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
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Name : |
COURTS (PNG) LTD |
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Registered Office : |
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Country : |
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Year of Establishments : |
1983 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
distributors of
Furniture and Electrical Products |
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No of Employees : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Guinea |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
guinea ECONOMIC OVERVIEW
Guinea is a
poor country that possesses major mineral, hydropower, solar power, and
agricultural resources. Guinea has historically been an exporter of agricultural
commodities, but in recent years has shifted to importing the majority of food
crops. Bauxite is Guinea’s main mineral resource as well as its main source of
foreign currency. Guinea is the second largest producer of bauxite in the world
and has the largest reserves of bauxite, estimated at 29 billion tons. The
country also has 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, significantly curtailed their development programs but,
following the December 2010 presidential elections, the IMF approved a new
3-year ECF arrangement in 2012. Guinea in September 2012 reached HIPC
completion point status. Further international assistance and investment are
contingent on the ability of the government to be transparent, combat
corruption, reform its banking system, improve its business environment, and
build infrastructure. International investors have expressed keen interest in
Guinea's vast iron ore reserves, which could propel the country's growth. The
government in April 2013 amended the September 2011 mining code to reduce taxes
and royalties. Longer range plans to deploy broadband Internet throughout the
country could spur economic growth as well. The biggest threats to Guinea’s
economy are political instability and low international commodity prices.
|
Source
: CIA |
Registered Name: COURTS (PNG) LTD
Requested Name: COURTS
(PNG) LTD
Other Names: None
Physical Address: Spring Garden Road Gordons N C
D,
Postal Address: P. o. Box 1233 Borok N C D,
Port Moresby,
Country: Papua New Guinea
Phone: 675-3255800/3055800/4725851
Fax: 675-3256345/4726877
Email: saleslae@courts.com.pg/
Website: www.carpenters.com.pg
Financial Index as of December 2013 shows subject firm with a medium
risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 1983
Reg. Number: Papua
New Guinea
Nominal Capital PGK. 100,000
Subscribed Capital PGK. 100,000
Subscribed Capital is Subscribed in the following form:
Position
R. B. Carpenter Group Chairman
Edith Anderson
Carpenter Director
W. Carpenter Director
Paul Jackson Director
Ayyamani Jagadish Director
WR Carpenter (PNG)
Group of Companies Holding Co.
WR Carpenter (PNG)
Group of Companies Parent company.
None Subsidiary company.
CARPENTER ESTATES,
COCONUT PRODUCTS,
BOROKO MOTORS,
BUDGET RENT A CAR SYSTEM, INC.,
TOBOI OIL MILL,
GLOBE CANNERY,
CARPENTERS HARDWARE,
DALTRON. Affiliated company.
None Shareholder of
subject firm.
Branches of the firm
-Port Moresby branch is located in Spring Garden Road, Gordons.
-Lae, our branch is located in Milford Haven Road
-Madang, our branch is located in Modilon Road
-Kokopo, our branch is located in Kamuk Street
-Goroka, our branch is located on the corner of McWilliams Street.
-Mt Hagen, our branch is located on Kuta Rd opposite Hagen Kofie
Registered to operate as distributors of furniture and electrical
products
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(50%) and 25-90 days (50%), invoices.
Main Customers: Local
agencies, firms and organizations
Employees: 500
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Papua
New Guinea
Location: Owned
premises, 20,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Papua New Guinean Kina (PGK.)
Approx. Ex. Rate: 1 US Dollar = 2.44 Papua New Guinean Kina
Fiscal Year End: December
31, 2013
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2013 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in PGK.)
2013
Sales 80,000,000
Bank Name: Bank South Pacific
Branch: Papua New Guinea
Comments: None
Experiences: Good
None
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 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.