MIRA INFORM REPORT

 

 

Report No. :

509917

Report Date :

23.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KOYADU INVESTMENT GROUP

 

 

Registered Office :

120, Bai Bureh Road, Kissy, Freetown

 

 

Country :

Sierra Leone

 

 

Financials (as on) :

2017 (Summarized)

 

 

Date of Incorporation :

02.06.2013

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

Subject operates as dealer in aluminium cans, scraps, gold bars, gold dust, rough diamonds.

 

 

No. of Employees :

115

 

 

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 :

Satisfactory

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sierra Leone

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

 

 

 

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. Until 2014, the government had relied on external assistance to support its budget, but it was gradually becoming more independent. The Ebola outbreak of 2014 and 2015, combined with falling global commodities prices, caused a significant contraction of economic activity in all areas. While the World Health Organization declared an end to the Ebola outbreak in Sierra Leone in November 2015, low commodity prices in 2015-2016 contributed to the country’s biggest fiscal shortfall since 2001. In 2017, increased iron ore exports, together with the end of the Ebola epidemic, supported a resumption of economic growth.

Continued economic growth will depend on rising commodities prices and increased efforts to diversify the sources of growth. Non-mining activities will remain constrained by inadequate infrastructure, such as power and roads, even though power sector projects may provide some additional electricity capacity in the near term. Pervasive corruption and undeveloped human capital will continue to deter foreign investors. Sustained international donor support in the near future will partially offset these fiscal constraints.

 

Source : CIA

 

 

 

 

 

 

SUBJECT'S NAME

 

Registered Name:

KOYADU INVESTMENT GROUP

Requested Name:

KOYADU INVESTMENT GROUP

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

120, Bai Bureh Road, Kissy,

 

Freetown,

Country:

Sierra Leone

Phone:

232-79962818

Fax:

232-79962818

Email:

info@koyaduinvestment.com 

Website:

www.koyaduinvestment.com

 

 

CREDIT OPINION

 

Financial Index as of December 2017 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:

Limited Corporation

Date Incorporated:

02-June-2013

Reg. Number:

--

Nominal Capital

SLL. 1,000,000

Subscribed Capital

SLL. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Ahmed Bangura

GM

 

 

 

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 inaluminium cans, scraps, gold bars, gold dust, rough diamonds.

 

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

firms and organizations  

Employees:

115 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Sierra Leone

Location:

Leased premises, 10,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

Currency Reported:

Sierra Leonen Leone (SLL.)

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 SLL.)

 

 

2017

Sales

 

625,200,000,000

 

 

BANK

 

Bank Name:

Sierra Leone Commercial Bank

Branch:

Sierra Leone

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 68.02

UK Pound

1

INR 91.25

Euro

1

INR 80.07

SLL

1

INR 0.0089

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

 

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.