MIRA INFORM REPORT

 

 

Report No. :

497796

Report Date :

22.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

INTER AGRO & ENGINEERING SERVICES GAMBIA CO. LTD.

 

 

Registered Office :

Opp GGC, Denton Bridge, P. o. Box Banjul

 

 

Country :

Gambia

 

 

Financials (as on) :

2017

 

 

Date of Incorporation :

05.05.1995

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as exporters of agricultural peroducts such as cashew nuts, beans, pulses and related products

 

 

No. of Employees :

42

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Gambia

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

GAMBIA - ECONOMIC OVERVIEW

 

The government has invested in the agriculture sector because three-quarters of the population depends on the sector for its livelihood and agriculture provides for about one-third of GDP, making The Gambia largely reliant on sufficient rainfall. The agricultural sector has untapped potential - less than half of arable land is cultivated and agricultural productivity is low. Small-scale manufacturing activity features the processing of cashews, groundnuts, fish, and hides. The Gambia's reexport trade accounts for almost 80% of goods exports and China has been its largest trade partner for both exports and imports for several years.

The Gambia has sparse natural resource deposits. It relies heavily on remittances from workers overseas and tourist receipts. Remittance inflows to The Gambia amount to about one-fifth of the country’s GDP. The Gambia's location on the ocean and proximity to Europe has made it one of the most frequented tourist destinations in West Africa, boosted by private sector investments in eco-tourism and facilities. Tourism normally brings in about 20% of GDP, but it suffered in 2014 from tourists’ fears of Ebola virus in neighboring West African countries. Unemployment and underemployment 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 were concerned about the quality of fiscal management under the administration of former President Yahya JAMMEH, who reportedly stole hundreds of millions of dollars of the country’s funds during his 22 years in power, but anticipate significant improvements under the new administration of President Adama BARROW, who assumed power in early 2017. As of April 2017, the IMF, the World Bank, the European Union, and the African Development Bank were all negotiating with the new government of The Gambia to provide financial support in the coming months to ease the country’s financial crisis.

The country faces a limited availability of foreign exchange, weak agricultural output, a border closure with Senegal, a slowdown in tourism, high inflation, a large fiscal deficit, and a high domestic debt burden that has crowded out private sector investment and driven interest rates to new highs. The government has committed to taking steps to reduce the deficit, including through expenditure caps, debt consolidation, and reform of state-owned enterprises.

 

Source : CIA

 

 

Company  NAME

 

Registered Name:

INTER AGRO & ENGINEERING SERVICES GAMBIA CO. LTD.

Requested Name:

INTER AGRO & ENGINEERING ENTERPRISES

Other Names:

INTER AGRO & ENGINEERING ENTERPRISES

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Opp GGC, Denton Bridge,

Postal Address:

P. o. Box

 

Banjul,

Country:

The Gambia West Africa

Phone:

220-4225301/7796967/8/7903741/7199936/7905741/

7042323

Fax:

220-7199936

Email:

Dharmesh@interagroengent.com/GAMBIA@interagroengent.com/info@interagroengent.com/

mail@interagroengent.com/shyju@interagroengent.com

Website:

www.interagroengent.com

 

 

CREDIT OPINION

 

Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

 

Legal Form:

Limited Corporation 

Date Incorporated:

02-June-2001

Started:

05-May-1995

Reg. Number:

Gambia

Nominal Capital

GMD. 1,000,000

Subscribed Capital

GMD. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Dharmesh Ramesh Chandra Shah

MD/CEO

 

Mr. Jigar Thakkar

Director

 

Mr. Shyju Arangath

GM

 

Mr. Hardik H. Joshi

Manager

 

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

INTER AGRO CI SARL,

IMPERIEL COMMODITIES SARL,

ISCON AGRO COMMERCIAL LDA,

INTER AGRO GHANA LIMTED,

INTER AGRO SARL,

ISCON COMMODITIES (T) LIMITED,

INTER AGRO COMMODITIES PTE LTD,

INTER AGRO COMMODITIES LIMITED.

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as exporters of agricultural peroducts such as cashew nuts, beans, pulses and related products

Imports:

Asia

Exports:

Europe, UK

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

Distributors, firms and organizations  

Employees:

42 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Gambia

Location:

Rented premises, 20,000 square feet,

 

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

Gambian Dalasi (GMD.)

Fiscal Year End:

December 31, 2017

Inflation:

According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in GMD.)

 

 

2017

Sales

 

12,850,000

 

 

BANK

 

 

Bank Name:

International Commercial 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

INR 65.22

UK Pound

1

INR 91.33

Euro

1

INR 79.96

GMD

1

INR 1.37

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.