MIRA INFORM REPORT

 

 

Report Date :

17.10.2014

 

IDENTIFICATION DETAILS

 

Name :

BANJUL CYCLE EXPRESS

 

 

Registered Office :

13, Picton Street, Banjul

 

 

Country :

Gambia

 

 

Date of Incorporation :

06.12.2001

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject operate as dealers in motor cycles, spare parts and related accessories

 

 

No. of Employees :

10

 

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 :

Slow but correct

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Gambia

B2

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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

 

 

 

 

Company name and address

 

SUBJECT'S NAME

 

Registered Name:

BANJUL CYCLE EXPRESS

Requested Name:

BANJUL CYCLE EXPRESS

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

13, Picton Street, Banjul

Country:

Gambia

Phone:

220-4224567/9921910

Fax:

220-4224567

Email:

None

Website:

None

 

LEGAL

           

Legal Form:

Sole Proprietorship

Date Incorporated:

06-Dec-2001

Reg. Number:

Gambia

Nominal Capital

GMD. 800,000

Subscribed Capital

GMD. 800,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Mamodou Samba Jallow

Director

100%

Mr. Omar Darboe

Manager

 

 

 

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 motor cycles, spare parts and related accessories

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (50%) and 25-90 days (50%), invoices.

 

 

Main Customers:

Local agencies, general public, firms etc  

Employees:

10 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Gambia

Location:

Rented premises, 5,000 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

 

45,000,000

 

 

BANK

                                                                    

Bank Name:

Arab Gambian Islamic 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.61.48

UK Pound

1

Rs.98.24

Euro

1

Rs.78.66

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.