MIRA INFORM REPORT

Report Date :

27.05.2014

IDENTIFICATION DETAILS

Name :	ETS SASSE AND CO IMPORT EXPORT
Registered Office :	Shop 14 15 Hill Street Banjul
Country :	Gambia
Date of Incorporation :	18.04.1998
Com. Reg. No.:	2145
Legal Form :	Sole Proprietorship
Line of Business :	Dealers in general merchandise such as construction materials, bicycles, tyres, tubes etc.
No of Employees :	18 employees

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 :	No Complaints
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 – September 30, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Gambia	B2	B2

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

GAMBIA - ECONOMIC OVERVIEW

The Gambia has sparse natural resource deposits and a limited agricultural base, and relies in part on remittances from workers overseas and tourist receipts. About three-quarters of the population depends on the agricultural sector for its livelihood and the sector provides for about one-fifth of GDP. The agricultural sector has untapped potential - less than half of arable land is cultivated. Small-scale manufacturing activity features the processing of peanuts, fish, and hides. The Gambia's natural beauty and proximity to Europe has made it one of the larger markets for tourism in West Africa, boosted by government and private sector investments in eco-tourism and upscale facilities. In 2012, however, sluggish tourism led to a decline in GDP. Tourism brings in about one-fifth of GDP. Agriculture also took a hit in 2012 due to unfavorable weather patterns. The Gambia's re-export trade accounts for almost 80% of goods exports. Unemployment and underemployment rates remain high. Economic progress depends on sustained bilateral and multilateral aid, on responsible government economic management, and on continued technical assistance from multilateral and bilateral donors. International donors and lenders continue to be concerned about the quality of fiscal management and The Gambia's debt burden

Source : CIA

SUBJECT'S NAME
Registered Name:	ETS SASSE AND CO IMPORT EXPORT
Requested Name:	ETS SASSE
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Shop 14 15 Hill Street Banjul
Postal Address:	P. o. Box
	Banjul
Country:	The Gambia
Phone:	220-4223697
Fax:	220-4222904
Email:	None
Website:	None
CREDIT OPINION
Financial Index as of December 2013 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Sole Proprietorship
Date Incorporated:		18-April-1998
Reg. Number:		2145
Nominal Capital		GMD. 100,000
Subscribed Capital		GMD. 100,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Abdoul K. Diallo		Director		100%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as dealers in general merchandise such as construction materials, bicycles, tyres, tubes etc
Imports:		Asia
Exports:		Neighboring countries
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, firms and organizations
Employees:		18 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Gambia
Location:		Leased premises, 2,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Gambian Dalasi (GMD.)
Approx. Ex. Rate:		1 US Dollar = 39.60 Gambian Dalasi
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 GMD.)
			2013
Sales			15,000,000
BANK
Bank Name:		Access Bank
Branch:		Gambia
Comments:		None
TRADE REFERENCES
Experiences:		Good
NOTARIAL BONDS		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	Rs. 58.58
UK Pound	1	Rs. 98.66
Euro	1	Rs. 79.81

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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%)

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