MIRA INFORM REPORT

 

 

Report No. :

347741

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

MILLA GROUP (SL) LTD

 

 

Registered Office :

House Of Plastics, 2 Bai Bureh Road (Fisher Lane), Kissy, Freetown

 

 

Country :

Sierra Leone

 

 

Date of Incorporation :

15.05.2001

 

 

Com. Reg. No.:

12185

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

Subject operates manufacture and supply of plastics such as PVC pipes, water tanks, household plastic wares.

 

 

No. of Employees :

120

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Sierra Leone

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SIERRA LEONE - ECONOMIC OVERVIEW

 

Sierra Leone is extremely poor and nearly half of the working-age population engages in subsistence agriculture. The country possesses substantial mineral, agricultural, and fishery resources, but it is still recovering from a civil war that destroyed most institutions before ending in the early 2000s. In recent years economic growth has been driven by mining - particularly iron ore. The country’s principal exports are iron ore, diamonds, and rutile, and the economy is vulnerable to fluctuations in international prices. In 2014, rapid spread of Ebolavirus caused a contraction of economic activity in several areas, including transportation, health, and industrial production. Iron ore production dropped, due to low global prices and high costs, driven by the epidemic. A long-term shutdown of the industry would badly hurt the economy because it supports thousands of jobs and creates about 20% of GDP. Until 2014, the government had relied on external assistance to support its budget, but it was gradually becoming more independent. The epidemic has disrupted economic activity, deterred private investment, and forced the government to increase expenditures on health care, straining the budget and restricting other public investment projects. A rise in international donor support will partially offset these fiscal constraints.

 

Source : CIA

 

 

Company name

 

 

Registered Name:

MILLA GROUP (SL) LTD

Requested Name:

MILLA GROUP (SL) LTD

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

House Of Plastics, 2 Bai Bureh Road (Fisher Lane), Kissy,

 

Freetown,

Country:

Sierra Leone

Phone:

232-33674550/76674550/22224671

Fax:

232-22224671

Email:

officesl@milla-group.com/millagroup@yahoo.com

Website:

www.milla-group.com

 

CREDIT OPINION

 

 

Financial Index as of December 2014 shows subject firm with a medium risk of credit.

 

LEGAL

 

 

Legal Form:

Limited Corporation 

Date Incorporated:

15-May-2001

Reg. Number:

12185

Nominal Capital

SLL. 100,000,000

Subscribed Capital

SLL. 100,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Mahesh Nandwani

CEO

51%

Mr. Laxman Nandwani

Director

 

Mr. Sony Ramkrishnan

GM

 

Alhaji Ibrahim B. Kamara

Admin

 

PCS Group

Shareholder

49%

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

MILLA GROUP INC LIBERIA

Affiliated company.

Mr. Mahesh Nandwani

PCS Group

Shareholders of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate manufacture and supply of plastics such as PVC pipes, water tanks, household plastic wares

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Local agencies, firms and organizations

Employees:

120 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Sierra Leone

Location:

Rented premises, 1,500 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

Sierra Leonean Leone (SLL.)

Approx. Ex. Rate:

1 US Dollar = 4460.21 Sierra Leonean Leone

Fiscal Year End:

December 31, 2014

Inflation:

According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in USD.)

 

 

2014

Sales

 

25,000,000

 

BANK

 

 

Bank Name:

First International Bank of Sierra Leone

Branch:

Sierra Leone

Comments:

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.65.79

UK Pound

1

Rs.99.95

Euro

1

Rs.71.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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.